New Zealand becomes first country to force finance companies to act on climate risks

Country hopes to ensure effects of climate crisis are always considered in business, investment, lending and insurance decisions

New Zealand has become the first country in the world to pass a law forcing financial institutions to disclose and, the government says, act on climate-related risks and opportunities.

We have an opportunity to pave the way for other countries to make climate-related disclosures mandatory," climate change minister James Shaw said. New Zealand is a world-leader in this area and the first country in the world to introduce mandatory climate-related reporting for the financial sector."