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Banks will have to publicize the climate impact of their investments

The archipelago said New Zealand will force banks to disclose the impact of their investments on climate change, becoming the archipelago the first country in the world to pass a law requiring the financial sector to be transparent in environmental matters.

Commerce Secretary David Clark noted that under this law, banks, insurance companies and investment firms will be required to report the consequences of their investments on climate change. “Being the first country in the world to introduce such a law means we have the opportunity to show real leadership and pave the way for other countries to make the release of climate information mandatory.‘, he did not say.

Mr. Clark explained that this provision would require financial institutions to consider the real impact of their investments on the climate and would allow residents to assess it. “It is important that every sector of New Zealand’s economy helps us reduce carbon emissions and move to a lower emissions future.“He did not say.”This legislation aims to ensure that financial institutions ultimately disclose and take action against the risks of climate change while seizing the opportunities.» Offered in the field.

Climate Change Secretary James Shaw said these annual reports should highlight the fact that high-carbon investments will become less attractive as emissions-reduction measures become mandatory. “We simply cannot achieve our 2050 carbon neutral goal if the financial sector does not know the climate impact of its investments“He did not say.”This law will put climate risk at the center of financial and business decisions.»

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The law was introduced on Monday and, if passed, will make reporting on climate issues mandatory by 2023. New Zealand’s Prime Minister Jacinda Ardern has pledged to achieve a carbon neutral 2050 goal and produce all of its energy from renewable sources by 2035.

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