New Zealand has become the only country in the world to introduce a law that requires insurance companies, banks, and investment managers to report the climate impact of their business.
The legislation comes amid growing concerns for New Zealand to surmise with its CO2-belching agriculture industry. A report was released recently that found that industrial farming accounted for nearly half of the country’s emissions.
“This law will bring climate risks and resilience into the heart of financial and business decision-making,” said James Shaw, Climate Change Minister. “We simply cannot get to net-zero carbon emissions by 2050 unless the financial sector knows what impact their investments are having on the climate.”
