Phys.org
April 14, 2021
New Zealand will force banks to reveal the impact their investments have on climate change under world-first legislation intended to make the financial sector's environmental record transparent, officials said.
Commerce Minister David Clark said the law would make climate reporting mandatory for banks, insurance companies and investment firms.
"Becoming the first country in the world to introduce a law like this means we have an opportunity to show real leadership and pave the way for other countries to make climate-related disclosures mandatory," he said.
Clark said it would force financial institutions to consider the real-world impact their investments have on the climate and allow the public to gauge their performance.