Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Meridian Energy first to release climate change risk report


22 July 2019

Meridian Energy has released New Zealand’s first corporate report disclosing risks to its business resulting from climate change.

Prepared in accordance with guidance from the Taskforce on Climate-related Financial Disclosures (TCFD), the report lays out the physical risks Meridian faces from a rise in global temperature, as well as the impacts of transitioning to a low carbon future.

Chief Financial Officer Mike Roan says climate change has urgent implications for companies and investors, and the time has come for businesses to be open and honest about the risks they will face.

“Globally, markets and investors have woken up to climate risk. There’s a growing movement to reconsider investments in companies and sectors who are heavily exposed, whether that’s from sea level changes, industry disruption, the uptake of new technology or public policies and legislation.

“Being a strong corporate advocate for climate action means understanding and acknowledging our risks and encouraging others to do the same. It’s the ethical and responsible thing to do for our investors and all New Zealanders,” says Roan.

TCFD reporting also requires companies to report their governance oversight of climate risks, the expected impacts on their business strategy, and targets they use to manage the risks.

Meridian’s report comes ahead of the Embark event in Auckland this week celebrating the one-year anniversary of the Climate Leaders Coalition, where businesses come together to share ideas on how to take positive action to reduce emissions.

Roan says understanding and reporting climate risk will be an ongoing commitment from Meridian and is integral to the company’s work on reducing emissions, supporting accelerated action on renewables and decarbonisation, and engaging staff and suppliers to improve sustainability.

“Risk reporting is now a key part of our broader climate action programme and we’re ready to help others understand the very real risks climate change poses for businesses and organisations.

“The more New Zealand businesses understand the climate risks they face and report openly about them, the better equipped and capable investors are to make sound decisions,” Roan says.

Meridian’s full report can be found here.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

New Reports: Flood Risk From Rain And Sea Under Climate Change

One report looks at what would happen when rivers are flooded by heavy rain and storms, while the other examines flooding exposure in coastal and harbour areas and how that might change with sea-level rise. More>>

ALSO:

Super Fund/Canada Bid v NZTA: Tow Preferred Bidders For Auckland Light Rail

The two preferred delivery partners for Auckland light rail have been chosen and a final decision on who will build this transformational infrastructure will be made early next year, Minister of Transport Phil Twyford announced. More>>

ALSO:

9.3 Percent: Gender Pay Gap Unchanged Since 2017

“While it has remained flat since 2017, the gender pay gap has been trending down since the series began in 1998, when it was 16.2 percent,” labour market statistics manager Scott Ussher said. More>>

ALSO:

Ex-KPEX: Stuff Pulls Pin On Media Companies' Joint Ad-Buying Business

A four-way automated advertising collaboration between the country's largest media companies is being wound up after one of the four - Australian-owned Stuff - pulled the pin on its involvement as part of a strategic review of its operations ... More>>