Lawyers’ group welcomes Government endorsement of recommendations for climate change financial disclosure
Lawyers for Climate Action NZ Inc. today welcomed the New Zealand Government’s decision to endorse the recommendations of the Financial Stability Board Task Force on Climate-related Financial Disclosures (the TCFD) on establishing a framework for disclosure of climate-related risks in company financial reporting.
In a report issued this week, Transition to a low-emissions future – the Government response to the Productivity Commission’s Low Emissions Economy report, the Government accepted the Productivity Commission’s recommendation to endorse the June 2017 recommendations by the TCFD as one avenue for the disclosure of climate risk, and agreed that “High quality disclosures will help investors, lenders and insurers make more informed decisions. They will also provide reporting entities with incentives to manage risks and take advantage of opportunities.”
While the TCFD recommendations are voluntary, the report says that officials will work closely with a range of stakeholders over the coming months to consider how climate-related disclosure requirements should be implemented.
Read full press release here.