New Zealand has become the first country to pass laws requiring banks, insurers and investment managers to report the impacts of climate change on their business. About 200 of the largest financial firms in New Zealand, including banks with total assets of NS$1 billion ($718.90 million), large insurers and equity and debt issuers listed on the country’s stock exchange will have to make disclosures beginning in 2023. The new law requires financial firms to explain how they would manage climate-related risks and opportunities.

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