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Financing climate action

Hon JAMES SHAW

Minister for Climate Change

13 April 2018
Key financial, business and environmental leaders meet to talk financing climate action

Key leaders from the finance, business, environment, church, government and academic communities met today to discuss economic opportunities arising from taking action on climate change.

Climate Change Minister James Shaw says he’s been impressed by the enthusiasm and leadership shown by the financial and business sector at the launch of a newClimate Finance Landscape Report in Auckland.

“The transition to a net zero emissions economy brings huge opportunities and the finance sector has a significant role to play making it happen.

“The Government is already working on several of the report’s recommendations, including establishing a Green Investment Fund, fixing the Emissions Trading Scheme to provide effective carbon pricing, and I have asked officials to look at options for disclosure and reporting of climate-related financial risks,” says James Shaw.

“New Zealand has committed to making sure finance flows go towards low emissions and climate resilient development as part of the Paris Agreement,” says Mr Shaw.

A report by economic research collective, Mōhio, commissioned by the Ministry for the Environment, confirms there are multiple opportunities for financial institutions and companies to take action to lower emissions – and many are already leading the way.

“Many businesses and investors can see that climate action and green activities are not only good for business – but are a crucial part of New Zealand achieving a low emissions, climate resilient future, while also reducing risks to the financial sector.

“Financing the clean economy is crucial to ensuring a just transition that creates jobs in new industries.

“Roughly two thirds of all climate finance globally comes from the private sector, so there is heavy reliance on them to take action.

“Climate finance activities are underway, progress is being made, but this is just the start of a long journey and we need to do more. We need to build on existing leadership and momentum.”

ends

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