New Zealand proposes legislation to report on the impact on the environment

In New Zealand, Prime Minister Jacinta Artern proposed the new law. The Department of Finance must report on environmental impacts Caused by your investments.

The maritime country will also force banks, insurance companies and investment managers Explain how to manage risks and opportunities Linked to environmental impacts.

“Until we know what the impact of finance sector investment will be on climate change, we will not be able to achieve carbon neutrality by 2050. This law will place climate risk and regression at the heart of financial and business decisions,” Climate Change Minister David Clark said in a statement.

The Finance Act was amended in Parliament in Wellington, where Artern’s Labor party has an absolute majority. About 20 companies in the country have been submitting their reports since 2023. Clark, along with Consumer Affairs Minister James Shaw, said.

The law affects all registered banks, credit unions and mortgage companies, As well as investment managers and insurers with total assets of approximately $ 701 million.

Even measuring Affects all shares and lenders listed on the New Zealand Stock ExchangeNZX and NZ are $ 1 billion public companies

The Ordnance Labor Government has promised New Zealand achieves carbon neutrality by 2050 In December, it also declared a climate emergency in its region, as more than half of the country’s cars will be electric by 2035.

LG

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