NZ Fin Companies Will Embrace Upcoming Climate Change Reporting Laws
New Zealand financial companies and organisations will embrace upcoming changes today announced by government for them to report on their annual emissions, FintechNZ general manager James Brown says.
Aotearoa NZ has become the first country in the world to introduce a law that requires the financial sector to disclose the impacts of climate change on their business.
Becoming the first country in the world to introduce a law like this means Aotearoa can pave the way for other countries to make climate-related disclosures mandatory.
The legislation will make climate-related disclosures mandatory for around 200 organisations, including most listed issuers, large banks, licensed insurers and managers of investment schemes.
“As we continue to see technology evolve, companies must also do the same,” Brown says.
“Open finance will enable a consumer to easily identify and track where their investments are being placed. This will create more transparency especially around fees and return.
“FinTech can have a significant positive impact on climate change, hence the reason the UK invested five billion pounds and opened the world’s first green fintech bank.
“We expect to see consumers begin to invest more in green fintech. These changes will help build some trust that was lost in the financial services sector as it won’t just be about the highest rate of return it will be about ethical investing,” Brown says.