The External Reporting Board (XRB) is proud to play its part in addressing climate change through the establishment of a climate-related disclosures framework for Aotearoa New Zealand. The XRB has created guidance and resources to support entities when applying Aotearoa New Zealand Climate Standards.

Previous consultation documents, exposure drafts and supporting documents can be found on our consultation page.



Transition Planning - Questions to get started

This short guidance note explains transition planning, where to start, and some misconceptions to avoid.

Download the PDF version.


All Sector Staff Guidance for NZ CS

To support entities required to prepare disclosures in accordance with NZ CS. It illustrates how an entity may approach the required disclosures.

Download the PDF version.


MIS Manager Staff Guidance for NZ CS

To support managers of registered investment schemes (MIS Managers) required to prepare disclosures in accordance with NZ CS.

It illustrates how an MIS Manager might approach the required disclosures.

Download the PDF version.

Transition planning - How to get started 

What is transition planning, where to start, and some common misconceptions.

Download the PDF version.

Staff Guidance Expected publication date
Entity-level scenario analysis September 2023
Transition planning - working draft for feedback End 2023
Guidance for banks / Guidance for insurers In discussions with stakeholders as to whether specific guidance is required, and if so, in what format

Additional Material

Getting started on measuring your emissions

This document defines scope 1, 2 and 3 emissions sources and details the steps on measuring and disclosing them. 

Read more here, or download the PDF version below. 

Director Preparation guide

This guide is intended to provide directors with a quick reference for key things they need to know about Aotearoa
New Zealand's Climate-related Disclosures regime.

Read more here, or download the PDF version below. 

Scenario analysis fact sheet

The scenario analysis fact sheet clarifies the definition and purpose of scenario analysis for Aotearoa New Zealand Climate Standard 1: Climate-related Disclosures (NZ CS 1).

Read more here, or download the PDF version below. 

Scenario analysis: Getting started at the sector level

How to develop consistent and comparable sectoral scenarios for Climate-related Disclosures under NZ CS 1.

Download the PDF version below. 

Sector Scenario Analysis

Sector-level scenario analysis

For information on what's happening with sector scenario analysis click here.


Sector-level scenario analysis

For informationon what's happening with sector scenario analysis click here.


Climate-related disclosures are mandatory for large listed companies (large meaning with a market capitalisation of more than $60 million); large registered banks, licensed insurers, credit unions, building societies, and managers of investment schemes (large meaning with more than $1 billion in assets).

Some Crown financial institutions (via letters of expectation) are also expected to report.

The mandatory reporting regime takes effect for accounting periods that start on or after the 1 January 2023. This means that entities will be required to disclose according to the standard for accounting periods that start on or after 1 January 2023. For example:

  • A reporting entity with a 31 December balance date (i.e., reporting period 1 January to 31 December), would be required to prepare their first climate statement as part of their 31 December 2023 reporting.
  • A reporting entity with a 30 June balance date (i.e. reporting period 1 July to 30 June), would be required to prepare their first climate statement as part of their 30 June 2024 reporting.

The Financial Markets Authority (FMA) are responsible for monitoring, regulation and enforcement.

We are keeping a close eye on international developments in climate disclosures, such as the work coming out of the International Sustainability Standards Board, on its development of IFRS S2 climate-related disclosures.

It is a fast-evolving space and we will continue to monitor international developments.

You do not need to wait for the standards to get started on your climate reporting journey. Have a look at our page on Getting started on climate risk reporting for some tips.

Scenario analysis is primarily a tool to enhance strategic thinking on climate-related risk and opportunity.

Climate-related scenarios are plausible, challenging descriptions of how the future may unfold. These descriptions are based on coherent and internally consistent sets of assumptions about the drivers of future physical and transition risk and opportunity (and the relationships between them).


Undergoing a scenario analysis is to an organisation what a wind tunnel is to a plane: This is about exploring how it could behave under challenging but plausible conditions it may face and how the aircraft can be improved.

The purpose of scenario analysis under NZ CS 1 is to help entities to explore the climate-related risks and opportunities they may face and the resilience of their business model and strategy.

This exploratory analysis must include, at a minimum, a 1.5°C climate-related scenario, a 3°C or greater climate-related scenario, and a third climate-related scenario. These scenarios should integrate elements of physical and transition risk and opportunity.

Entities are required to undertake their own scenario analysis at entity level as part of NZ CS 1, not sector level scenario analysis. However, sector specific scenarios will facilitate this process and reduce the overall resource required to undertake the analysis and will allow entities to focus on its specific risks and opportunities, business model and strategy.

The TCFD has published comprehensive guidance on the use of scenario analysis in disclosing climate-related risks and opportunities. Further information is also available in the External Reporting Board’s Guidance for All Sectors.


Sectors can develop climate-related scenarios. To be plausible and decision-relevant for Climate Reporting Entities (CREs), sectoral scenario analysis benefits from participation of the entire sector. The expertise, experience, and perspectives of the sector, in combination with insights and perspectives from outside the sector, provide the key ingredients for relevant and compelling scenarios.


Primary users, including investors, have indicated a strong desire for comparability in disclosures, which is one of the main drivers for the introduction of Aotearoa New Zealand’s mandatory regime. The challenge for CREs is to bridge the divide between the scales of analysis available globally and nationally, and what is relevant to them as an individual entity. Sectoral scenarios offer the most practical and flexible means of doing so. Although not a mandatory approach, sectoral collaboration is likely to provide greater comparability and lead to higher quality scenarios, while imposing fewer resource demands on CREs.

Figure 1: The role of sectoral scenarios in creating a shared scenario architecture for the use of CREs in New Zealand

In Appendix 1 of the Guidance on Getting Started on Scenario Analysis at the Sector Level, the XRB has developed guidance on broadly aligned sets of scenarios, pathways and projections that can form a shared architecture for sectoral scenarios. These are loosely based on the structure of the NGFS climate scenarios. This approach to envisioning futures which are differentiated by the scale of physical and transition risk they embody is gaining traction globally. Adopting it as the structure for sectoral scenarios in New Zealand will help to align sectors with global financial climate-related risk analysis practices. These cones provide high-level assumptions and building blocks which are plausible and broadly coherent, and can be used to paint a picture of the world an entity might find itself in.


In September 2020, the Government announced its intention to implement mandatory reporting on climate risks and tasked the XRB with developing reporting standards to support the new reporting regime.

In October 2021, the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill was passed and received Royal Assent. As a result, the XRB had a mandate to issue climate standards as part of a climate-related disclosures framework, and guidance on non-financial matters.