Should you worry about reporting requirements?
New Zealand has introduced mandatory climate-related financial disclosures for large financial market participants, with reporting starting from 1 January 2023.
These rules aim to bring consistency, improve transparency around climate risks, and support New Zealand’s transition to a low-emissions economy.
Organisations must prepare climate-related disclosures as part of their annual reporting, aligned with Aotearoa New Zealand Climate Standards (developed by the XRB and based on TCFD recommendations).
Reports must cover:
Greenhouse gas emissions reporting (Scope 1, 2, and later Scope 3) will also require independent assurance for accounting periods ending on or after 27 October 2024.
Roughly 200 entities are captured under the regime, including:
Overseas incorporated companies with qualifying NZ operations are also included.
The
Financial Markets Authority (FMA) is responsible for monitoring and enforcing compliance.
Disclosures will be
phased in, with some standards initially optional to allow time for capability building.
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