FMA outlines how it will monitor climate reporting in draft guidance on record keeping
The FMA has put three documents up for consultation, aimed at helping climate reporting entities (CREs) meet their obligations to publish climate statements on their greenhouse gas emissions, the risks and opportunities imposed on them by climate change and their response.
The watchdog says in the first three years it will initially focus on high-level guidance on compliance expectations, and move to a more proactive regulatory role as the regime becomes more established. In the second year, the FMA will aim to support development of best practice and the third year will aim to be a steady state of guidance, monitoring and enforcement.
It expects a high level of public interest in climate statements, meaning it will need to respond to a high volume of enquiries and complaints and any enforcement action will be considered on a case-by-case basis.
The full set of documents the FMA has released are guidance for keeping proper CRD records, an outline of its CRD monitoring approach for the next three years, and the use of third party providers in CRD.
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