Sharing lessons with Malaysia. How climate reporting can change decisions

The XRB was pleased to share insights with a group of senior officials in Wellington last month, from 19 Malaysian ministries, agencies and state governments, taking part in the ‘Governing for the Long-Term’ training programme.

The delegation had real policy challenges to solve and the mandate to act on what they learned. We  used the XRB’s reflections on how New Zealand implemented mandatory climate reporting as a case study of turning policy into practice. The reporting was designed to improve entity and investor consideration of climate-related risks and opportunities. 

The officials were brought to New Zealand by the Asian Strategy & Leadership Institute which works to strengthen leadership and advance societies across Asia through dialogue, leadership development, research and strategic engagement. New Zealand was chosen for its experience in long-term governance, independent institutions and delivering complex reform in a small, open economy.

The lessons were relevant well beyond climate reporting. Producing a report should not be the end goal. The real value comes from the thinking behind it: understanding the issues, strengthening governance and strategy, and making better decisions. 

It was also good to share that, three years into mandatory reporting in New Zealand, we’re hearing from business leaders that climate-related information is increasingly shaping governance, board discussions and transition planning.

The next question is how climate reporting develops from here while keeping pace with developments overseas. This remains an important consideration as XRB continues work on our climate reporting roadmap.