Democracy is a great thing, isn’t it? We vote in people who then control EVERY facet of life! Ronald Reagan was so right when he said the scariest words are ‘I’m from the government, and I’m here to help you’. Well, the New Zealand government’s announcement for mandatory disclosures of climate-related risks for financial institutions and companies has made the ‘…announcement of of climate-related risks for companies and financial institutions is arguably the New Zealand government’s most significant climate policy — even more so than the Zero Carbon Act itself.
The new policy will come into effect in 2023. It requires all banks, asset managers and insurance companies with more than NZ$1 billion in assets to disclose their climate risks, in line with the emerging global standard from the Task Force on Climate-related Financial Disclosures (TCFD). This is a smart move, as it ties risk disclosure to international best practice, which is likely to evolve in the coming years.
There will be a collective gulp in bank boards and company risk management departments of the roughly 200 affected entities, but initiatives such as the Aotearoa Circle Sustainable Finance Forum show a growing proportion of the financial sector understands climate risk disclosures are necessary.’https://theconversation.com/new-zealand-will-make-big-banks-insurers-and-firms-disclose-their-climate-risk-its-time-other-countries-did-too-146392?utm_medium=email&utm_campaign=Latest%20from%20The%20Conversation%20for%20September%2018%202020%20-%201734816775&utm_content=Latest%20from%20The%20Conversation%20for%20September%2018%202020%20-%201734816775+CID_c9dc693f625461c59b2990e0c47ab6cb&utm_source=campaign_monitor&utm_term=New%20Zealand%20will%20make%20big%20banks%20insurers%20and%20firms%20disclose%20their%20climate%20risk%20Its%20time%20other%20countries%20did%20too
This is total Lunacy by one of the Wests most Left leaning, Looney, Lovies elected democracies.