New Zealand becomes first country to mandate climate risk disclosures
Several governments are working to enshrine TCFD framework in law
New Zealand has become the first country to pass legislation requiring financial firms to declare their climate-related risks.
On September 15, James Shaw, minister for climate change, hailed the passage of the law as a step towards a “cleaner, safer planet”.
Financial firms will now be expected to comply with the framework laid down by the Task Force on Climate-related Financial Disclosures (TCFD). If businesses are unable to disclose certain data, they will be expected to explain why. The
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