Under New Zealand legislation announced in September 2020, large financial institutions would be required to report annually on governance, risk management and strategies for mitigating climate change impacts. The mandatory disclosure requirements, which are based on the Task Force on Climate-Related Disclosure (TCFD) framework, would be the first of their kind in the world.
The Prime Minister’s Cabinet agreed to introduce a mandatory regime through an amendment to the Financial Markets Conduct Act (2013). If approved by Parliament, financial entities could be required to make disclosures in 2023 at the earliest.