NZ introduces climate change law for financial firms

World’s first: Ardern (right) with minister for climate change Shaw in Wellington. — Reuters

SYDNEY: New Zealand has become the first country to introduce a law that will require banks, insurers and investment managers to report the impacts of climate change on their business, minister for climate change James Shaw said yesterday.

All banks with total assets of more than NZ$1bil (US$703mil or RM2.8bil), insurers with more than NZ$1bil in total assets under management, and all equity and debt issuers listed on the country’s stock exchange will have to make disclosures.