New Zealand wants to force banks to disclose the impact of their investments on climate change. About 200 large companies in the country are expected to be affected. Only banks and insurance companies with assets of more than $1 billion (590 million euros) will be affected.
The New Zealand It is one of the few countries that has enshrined a goal in its law “zero carbon” by 2050. However, the latest annual report proves that greenhouse gas emissions have not decreased since then. In front of this remark, the Minister of Commerce David Clark He noted that under this law, banks, insurance companies and investment companies will have to report the consequences of their investments on climate change.
About 200 of the country’s largest companies, as well as many foreign companies, will be subject to this legislation.
The New Zealand government has decided not to include methane in its target “zero carbon”. Emissions of this gas, a by-product of agriculture, an essential sector of the economy, must fall only by order of 24% to 47%. However, methane accounts for more than 40% of carbon dioxide emissions New Zealand.
New Zealand will require banks, insurers and investment managers to report the impacts of their investments on climate change – the first country to do so.
The Minister of Climate Change said there is a need for information on the impact of the financial sector to achieve net zero emissions by 2050. pic.twitter.com/FRtz4cfVaQ
– AJ + (ajplus) April 14, 2021