New Zealand introduces world's first climate legislation for finance firms

A group gathers on Flagstaff Hill for the Sunrise Movement's Rally & March for Climate Justice, in Pittsburgh, USA, March 19, 2021.

Commerce Minister David Clark said the law would make climate reporting mandatory for banks, insurance companies and investment firms. "It is important that every part of New Zealand's economy is helping us cut emissions and transition to a low-carbon future," he said. Disclosures will be required for financial years beginning next year once the law is passed, meaning that the first reports will be made by companies in 2023.would become less attractive as measures to curb emissions took hold.

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