Climate Risks: CFIs Likely To Submit Report

James Shaw, Minister for Climate Change, NZ, has stated that Crown Financial Institutions (CFIs) are now anticipated to submit a report on their exposure to climate risk.

James Shaw, Minister for Climate Change, NZ, has stated that Crown Financial Institutions (CFIs) are now anticipated to submit a report on their exposure to climate risk.

Source: Copyright © 2021 Kalkine Media Pty Ltd

  • In 2020, New Zealand became the world’s first country to introduce an obligatory requisite for certain financial institutions to notify on climate risks. Legislation pertaining to the mandate is expected to pass before the closure of the year.

Further, it was also put forth that CFIs like Accident Compensation Corporation (ACC) and NZ Super Fund, with assets of more than $1 billion are expected to release reports on climate risks.

  • Ministry of Climate Change opined that the move is likely to be hailed by the NZ citizens as they will learn whether the investments made on their behalf are going towards sustainable projects or not and at the same time not harming the environment which their future generations will inherit.
  • With the guidance of the Climate Change Commission, NZ Government will create an “Emissions Reduction Plan” for a systematic curtailment in emissions across all the sections of the economy. The proposal would mark a remarkable change towards sustainable, clean, and green mechanism and enginery.
  • It is pointed out that the above transfiguration will have repercussion on some sectors that are not congruent with zero carbon emissions, while some sectors will see a surge in investments as they are part of sustainable and green projects.

Source: Copyright © 2021 Kalkine Media Pty Ltd

  • In 2020, New Zealand became the world’s first country to introduce an obligatory requisite for certain financial institutions to notify on climate risks. Legislation pertaining to the mandate is expected to pass before the closure of the year.

Further, it was also put forth that CFIs like Accident Compensation Corporation (ACC) and NZ Super Fund, with assets of more than $1 billion are expected to release reports on climate risks.

  • Ministry of Climate Change opined that the move is likely to be hailed by the NZ citizens as they will learn whether the investments made on their behalf are going towards sustainable projects or not and at the same time not harming the environment which their future generations will inherit.
  • With the guidance of the Climate Change Commission, NZ Government will create an “Emissions Reduction Plan” for a systematic curtailment in emissions across all the sections of the economy. The proposal would mark a remarkable change towards sustainable, clean, and green mechanism and enginery.
  • It is pointed out that the above transfiguration will have repercussion on some sectors that are not congruent with zero carbon emissions, while some sectors will see a surge in investments as they are part of sustainable and green projects.

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