Photo by Ethan Hooson on Unsplash
The New Zealand Green Building Council has brought together industry leaders to identify key issues for those disclosing their climate-related financial risks.
The External Reporting Board has been enabled to develop mandatory climate disclosure standards for the New Zealand market.
These standards will be used as part of the climate-related disclosure framework which organisations will have to report against from as early as January 2023.
“This is a huge step for embedding climate action and impact assessment into some of the country’s biggest and most influential organisations,” Andrew Eagles says, chief executive of the New Zealand Green Building Council.
“Many are aware and are actively in the process of considering the impacts of climate change on their assets and organisation. Working together we’re helping identify and feedback what climate change will mean collectively for our sector”
With large financial institutions, materials and building companies, and property owners among those required to report, the NZGBC has been asked to bring together leaders and industry experts to analyse the climate related risks and opportunities for the property and construction sectors. This work will provide important guidance on the various climate related scenarios organisations must report against.
“We know there are very real physical implications brought about by climate change, and transitional risks as organisations are forced to change the way they work. Having these clearly identified and developed will be a huge boost for those required to report their climate related financial risks, and all the businesses that build, design or manage buildings or supply materials to have them built.”
A leadership group has been established to report back to the sector, informed by a technical working group analysing the effects of various temperature scenarios for property and construction.
“Supporting this work, we’re pleased to have the expertise of Beca who has been commissioned to provide the final report.”
The leadership group and technical working group have met regularly since they were established in August 2022. We anticipate the final report will be released in the second quarter of 2023.