tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, December 7th, 8:03AM

News

rss
News Bites

XRB on new international climate reporting standards

The External Reporting Board says new international sustainability disclosure standards do not replace the Aotearoa New Zealand Climate Standards.

Tuesday, July 11th 2023, 11:52AM 4 Comments

The XRB says the New Zealand climate standards which it released in December last year, remain the standard for climate reporting entities in this country and is aiming to do a comparison document with the new international version by September.

The International Sustainability Standards Board (ISSB), established by the IFRS Foundation in 2021, issued its first two sustainability disclosure standards last month.

These long awaited standards, the IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, will supposedly give more direction and certainty to climate related reporting around the world and are expected to pave the way for the introduction of  mandatory climate related disclosure in Australia.

So far New Zealand is the only country where large companies and entities are required by the government to include climate disclosure as part of their annual reporting.

« Aussie private equity fund added to ApexNew ticker for NZX »

Special Offers

Comments from our readers

On 11 July 2023 at 4:27 pm Amused said:
"So far New Zealand is the only country where large companies and entities are required by the government to include climate disclosure as part of their annual reporting."

Such is the ideology of this current Government. They believe that they can somehow impact global emissions by having companies within the New Zealand financial services industry include a climate related disclosure as part of their annual reporting. This is despite the fact that stats published by the Environmental Protection Authority in 2022 showed the biggest emitters were for milk, petrol, fossil (or natural) gas and meat businesses, with electricity, and steel companies rounding out the top group because of their fossil fuel use. By contrast, many of New Zealand’s biggest employers and profit makers (including banks, vineyards, telcos, healthcare companies and renewable energy providers) didn’t appear in the top climate polluter ranks because their emissions weren’t high enough to qualify for compulsory reporting. None of New Zealand's biggest climate polluters are associated with the financial services industry.

The reality is that the main drivers of climate change Co2 are global overpopulation & coal fired power stations. The planet clicked over 8 billion population recently and is heading to 10 billion population by 2045-2050. China has removed its one child policy and the Indian sub-continent can't accurately count their ever-increasing numbers. Each extra head adds around 60 tons of equivalent Co2 per year. Thousands of extra coal fired power stations are being built annually in the top 10 countries alone e.g. 1,100 additional in China and 480 in India.

Unfortunately, with the above in mind, what we do here in New Zealand to reduce our Co2 emissions makes no measurable difference at all to the planet. Sorry but you cannot ignore the facts. The new climate related disclosure (CRD) requirement for the financial services industry is yet another example then of this Government adding unnecessary cost and complexity to business. Banks and insurers etc. will now have to hire more staff specifically to meet their new climate disclosure requirements and these costs will inevitably get past on to their customers. The New Zealand consumer continues to be saddled with additional costs due to an avalanche of overregulation much of which has questionable benefit. The only people who seem to be winning from this additional regulation are the ever-burgeoning number of Wellington bureaucrats.




On 13 July 2023 at 8:52 am valkyrie6 said:
Being numbers people let’s look at those, on the latest world emissions chart New Zealand emits 0.07 % of world emissions which basically means if we stopped all carbon-based emissions today (cars, industry etc.) we would not even make a contribution to reducing climate change at all.
China on the other hand emits 32 % of the world emissions.
How may of the bureaucrats that made up this rubbish wear clothes and shoes and drive petrol and electric cars all made in China!
Hypocrisy at its finest.
On 13 July 2023 at 10:56 am w k said:
@amused: heard of this saying "a lizard talking like a crocodile"?
in nz's case, it's more like a spider talking like a giant octopus.
On 23 September 2023 at 1:07 pm FutureWorld said:
The article is incorrect. NZ is not the only country that has mandated. The UK has mandated the TCFD regime for large companies and all companies by 2025. Most other major economies are close to putting in place; EU, Brazil, Canada, Australia, Singapore, Switzerland, USA. Being first puts NZ exporters in a strong place to evidence to large global buyers - think Nestle or Tescos that our products are on a carbon reduction path (as inputs to their reporting) and meeting increasing consumer demand. Suggest advisers focus on understanding so they can explain fund manager reports to concerned clients. Perhaps you might also want to take a view on where your clients can safely buy a bach.......

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Latest Comments
  • Advisors must take note of supervisor guidelines on AML/CFT
    “When I read this, the following memory plucked a note. Venue was a US financial planning conference maybe 30 years ago. Speaker...”
    1 day ago by Murray Weatherston
  • Partners kills its matrix
    “@Backstage, thanks. I agree there is no relationship to CoFI, though, from a service perspective, I have two other providers...”
    4 days ago by JPHale
  • Partners kills its matrix
    “Partners Life has decided to stop using its COM for advisers as it believes the system may breach the CoFI regulations which...”
    4 days ago by Amused
  • Partners kills its matrix
    “Insurance companies should stick to their lane. They are not advisers and even those that employ advisers should not be crossing...”
    4 days ago by Tash
  • [GRTV] The nitty gritty of Smart’s ETFs
    “Advisors should consider all gateways into investment markets including cheaply priced ETFs to provide access to low priced...”
    5 days ago by Pragmatic
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online 6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.94 ▼5.75 ▼5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special ▲8.64 ▲6.74 ▲6.49 ▲6.39
Unity 7.64 ▼5.79 ▼5.55 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼7.70 ▼5.95 ▼5.75 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.54 5.99 5.89 5.69

Last updated: 6 December 2024 9:11am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com