Latest Updates
Landmark moment in New Zealand’s transition to a low-emissions future
15 December 2022
Today, Michele Embling, Chair of the External Reporting Board (XRB), has announced that the Climate-related Disclosures standards have now been published.
Around 200 of New Zealand’s most economically significant entities will start reporting against the standards from 1 January 2023. Reporting on climate-related risks and opportunities is largely still in its infancy, but Ms Embling believes having formalised reporting standards will build momentum and catalyse change.
“By providing investors with the information they are increasingly demanding, such as a company’s greenhouse gas emissions, the reporting regime will help to drive capital towards activities that support the transition to a low-emissions future. It will also galvanize directors and management to start looking closely at their climate-related risks and opportunities and what strategies and plans they have in place to manage them.” Says Ms Embling
The reporting standards have been developed through three consultative iterations over the past 18 months according to the XRB’s Chief Executive, April Mackenzie.
“The level of active engagement on this work has been impressive. New Zealand organisations and individuals are clearly and rightfully very passionate about this topic. We are immensely grateful to everyone who got involved in this work and provided feedback—we couldn’t have done it without them.”
Ms Mackenzie says a number of changes to the draft standards have been made following the last round of consultation.
Find Aotearoa New Zealand Climate Standards here.
Media contact: Emily.marden@xrb.govt.nz 0274140340
Latest climate-related disclosures news, presentations, and publications.
28 July 2022
Shedding sunlight on climate risks and opportunities
Today the External Reporting Board (XRB) has released their final consultation on the Climate related Disclosure standards which around 200 of New Zealand’s largest entities will need to report against from next year.
Development of the reporting regime followed the Government’s announcement of its intention to introduce a world-first mandatory climate reporting regime. Currently, New Zealand’s largest entities provide limited information on how climate change could impact their future operations.
XRB Chief Executive April Mackenzie says today’s release is a significant milestone towards ensuring the effects of climate change are actively and routinely considered in business, investment, and lending decisions.
“Climate disclosures bring climate-related risks and opportunities front and centre so that entities are prompted to think about their strategy and business model and assess whether they can continue to create value in the long term, or whether they need to adapt.”
Mackenzie stresses that investors and shareholders are increasingly demanding greater transparency through the disclosure of climate-related risks and opportunities.
“The disclosures are about transparency and trust. These sit at the heart of decision making—for investors and the entities themselves.
Ultimately, it’s about driving investment and capital away from high-emissions activities and towards low-emissions activities. We are confident the disclosure regime we’ve developed will support that transition.” says Mackenzie.
The XRB’s consultation closes 26 September 2022 – further information can be found here.
Media contact: Emily.marden@xrb.govt.nz 0274140340
Previous Updates
New Zealand a step closer towards Climate reporting
16 March 2022
Today, the External Reporting Board has released the second part of the Climate-related Disclosure standards for public consultation.
First ever Climate change-related disclosure consultation begins
20 October 2021
The External Reporting Board (XRB) today began consultation with business on the first part of the Government’s proposed climate-related disclosure standards.
Emerging Questions
30 August 2021
As we finalise the first consultation paper on Governance and Risk Management (to be released on 20 October), work is also underway on the more complex Strategy and Targets & Metrics sections of the disclosure standards.
Second update on Parliamentary process
26 August 2021
Select Committee has reported back on its recommendations for the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill.
Update on Parliamentary process
8 July 2021
The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill is making its way through Parliament and is currently at Select Committee stage.
XRB appoints Climate Policy expert to lead disclosure work
17 June 2021
Today Chief Executive of the External Reporting Board, April Mackenzie, has announced the appointment of Dr Amelia Sharman as Director of Climate Reporting.