We are in a global climate emergency that requires all sectors of society to understand their obligations, and to act to ensure New Zealand can achieve the emission reductions to stay within 1.5-degrees of warming as required under the Paris Agreement.
As part of building an understanding of our emissions, and ensuring our organisations and businesses are playing their part, Te Kāwai Ārahi Pūrongo Mōwaho, the External Reporting Board (XRB), has been tasked by the Financial Markets Authority (FMA) to develop climate disclosure standards for the New Zealand market, build capability and influence compliance towards the first reporting deadline.
In December (once current consultation is complete) the XRB will have a mandate to issue climate standards and the framework for climate-related disclosure.
Once the XRB issues its first climate standard, climate-related disclosures will be mandatory for:
large, listed companies with a market capitalisation of more than $60 million
large, licensed insurers
registered banks
credit unions
building societies
managers of investment schemes with more than $1 billion in assets
some Crown financial institutions (via letters of expectation)
These Climate Reporting Entities (CREs) will be required to make disclosures alongside wider year end reporting in 2023 at the earliest. The XRB is keen to develop consistency within sectors and is encouraging a number of industries to collaborate and analysis various on climate related scenarios.
Given Aotearoa's built environment accounts for approximately 20% of the country's emissions, there is a duty for asset holders, developers, and building stakeholders to reduce emissions and support.
As such, the NZGBC has established a leadership group to support the important work being done by XRB, and to provide guidance on climate scenarios for the construction and property sector.
The members of the leadership group are:
Dr Alex Thompson - NIWA - General Manager - Research Strategy
Amanda Whiting – IAG NZ - CEO
Antonia Watson – ANZ - CEO
Earl Gasparich – Metlifecare - CEO
Hamish McBeath - Fletcher Building - Chief Executive of Building Products
John Dakin – Goodman Property - CEO
Peter Mence – Argosy Property Trust - CEO
Phil Littlewood – Stride Property Group – CEO
Richard Jefferies – Tanui Group Holdings Limited - CFO
Members of the leadership group, as well as other stakeholders, met for the first time on 23 August.
We'll have more to say on the group's work in the months to come
Not all members of the Leadership Group are in this photo. Left to Right: Hamish McBeath, John Dakin, Phil Littlewood, Kathleen Bell, Peter Mence, Alex Cutler, Andrew Eagles, Bryce Davies