New Zealand becomes first country to mandate climate risk disclosures

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The Beehive, New Zealand’s parliament building

The Beehive, New Zealand’s parliament building

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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