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Reserve Bank Responds To Call For Climate Change Consultation

The Reserve Bank of New Zealand – Te Pūtea Matua has submitted a response to the Climate Change Commission’s Climate Action for Aotearoa consultation. This is the Commission’s first draft advice report to the Government on the steps New Zealand must take to reduce greenhouse gas emissions and address climate change.

“We welcome the Commission’s draft advice as a considered and substantial contribution to shifting New Zealand towards a more climate-resilient future.

“The draft advice makes a strong start at exploring linkages between investment and climate resilience, and we appreciate that it recognises the interplay between the environment, economics, finance and wellbeing. We agree that interventions in all areas need to be properly considered and coherent,” says Reserve Bank Governor Adrian Orr.

In making its submission, the Reserve Bank put emphasis on understanding and addressing the exposure of the financial sector to climate-related risks.

“We believe that climate change could lead to material economic and financial stability risks and as kaitiaki of the financial system, we have a strong interest in the effect that this will have on the economic wellbeing of New Zealanders for generations to come,” says Mr Orr.

“It’s important to take a collective approach and we expect the firms that we regulate to pay close attention to these critical issues and risks.

The Reserve Bank’s submission examines five key points:

  1. Climate change and how it impacts financial stability
  2. The role of finance
  3. Disclosure as a mechanism to improve the systemic management on climate risks
  4. The importance of investment
  5. A Te Ao Māori lens, and the need for a considered and aligned approach

The Reserve Bank launched its climate change strategy in 2018 to integrate climate considerations across its work. It has also joined 83 other central banks and supervisors to strengthen the global response to climate change through the Network for Greening the Financial System (NGFS).

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