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Aotearoa New Zealand Climate Standard 1: Climate-related Disclosures (NZ CS 1)

New Zealand 2021

In September 2020, the New Zealand 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. Following passing and royal assent of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill, XRB now has a mandate to develop climate reporting standards.

Scope

Climate

Issuer name

External Reporting Board, New Zealand

Issuer notes

Tasked by the New Zealand Government to draft Climate Standards

More information

NZ CS 1 is the main disclosure standard and will be based on the recommendations of the Task Force on Climate-related Financial Disclosures. In October a public consultation was opened for feedback: https://www.xrb.govt.nz/extended-external-reporting/climate-related-disclosures/consultation-and-engagement/governance-and-risk-management-consultation-document/

Organizations covered by the instrument

Large private and listed companies

Industry scope

All/none specified

Industry scope notes

Climate-related disclosures will be mandatory for large listed companies with a market capitalisation of more than $60 million; large licensed insurers, registered banks, credit unions, building societies and managers of investment schemes with more than $1 billion in assets; and some Crown financial institutions (via letters of expectation).

ESG coverage - E (Environment)

Climate & GHG emissions

Country

New Zealand

Region

Asia Pacific

Date of publication

2021

Issuer type

Financial Market Regulators

Reporting requirements

Public law and regulation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

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