Draft climate reporting roadmap

Have your say on the future of climate reporting in New Zealand

image of a road

What we are proposing

The XRB has launched a consultation on a draft climate reporting roadmap, setting out a proposed strategic direction for climate reporting in New Zealand. The draft roadmap sets out what could change, why it matters, and when it could happen.

The draft roadmap proposes:

  • issuing a new climate standard: NZ IFRS S2 Climate-related Disclosures (NZ IFRS S2)
  • that NZ IFRS S2 will be:
    • internationally aligned by adopting IFRS S2 Climate-related Disclosures (IFRS S2)
    • harmonised with Australia by considering what approach to take where there are differences between IFRS S2 and the climate reporting obligations in Australia under AASB S2 Climate-related Disclosures and the Australian Corporations Act 2001
    • locally relevant by considering what modifications, if any, are needed to fit with New Zealand’s legislative and regulatory settings, reporting practice and market context

Why this matters

Climate reporting in New Zealand is at a turning point.

We are proposing a strategic direction for the next phase of climate reporting—one that aims to keep New Zealand aligned internationally, harmonised with Australia, and remain fit for our local context. 

Your feedback will directly shape that direction. No decisions have been made.

What we want your views on

We are seeking input on key questions, including:

  • Do you support the overall direction of travel?
  • Would adopting IFRS S2 improve the information available to primary users?
  • What are the practical implications for reporting entities?
  • How should we approach harmonisation with Australia?
  • Are any New Zealand-specific modifications needed?
  • Do you support the proposed timeline?

The draft roadmap proposes adopting IFRS S2, which is increasingly used globally.

If adopted:

  • climate reporting would become more internationally comparable
  • entities could reduce duplication when reporting across borders
  • investors and other primary users could better understand and compare disclosures

At the same time, there would be transition costs and implementation challenges, and we want to hear your views on how these should be managed.

The roadmap proposes a long transition period to balance change with stability:

  • Early adoption available from 1 October 2026
  • Mandatory application from 1 January 2033
  • Option to continue applying Aotearoa New Zealand Climate Standards (NZ CS) during the transition period

This reflects feedback calling for certainty and a phased approach to change.

How to have your say

We are seeking practical, evidence-based feedback from primary users, preparers, and other stakeholders.

Consultation closes Wednesday 30 September 2026.

You can provide feedback by attending a virtual or in-person feedback forum or you can write to us by emailing your submission to: sustainability@xrb.govt.nz

Before you respond

Please read:

Attend one of our information webinars

What happens next

Your feedback will:

  • Inform whether the draft roadmap is progressed
  • Shape the design of NZ IFRS S2
  • Influence decisions on Australian harmonisation and local modifications

If there is support, we will move to an exposure draft and further consultation before a climate standard is issued

Consultations