New Zealand has become the first country to introduce a law that will require banks, insurers and investment managers to report the impacts of climate change on their business.

This will cover the following:

• All banks with total assets of more than NZ$1 billion ($703 million)
• Insurers with more than NZ$1 billion in total assets under management
• All equity and debt issuers listed on the NZ stock exchange
• 200 of the country’s biggest companies and several foreign firms that meet the NZ$1 billion threshold will come under the legislation

This legislation is in line with the government’s policy to create a NetZero country. NZ public sector will be carbon-neutral by 2025 and will also buy only zero-emissions public transport buses.