New Zealand Makes 1st Climate Change Law of the World for Financial Firms

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New Zealand is about to turn out to be the worlds first country to carry the law into pressure that needs environmental accountability from economic corporations.

All banks with total assets

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of more than NZ$1 billion ($703 million), insurers with more than NZ$1 billion in total assets under management, and all and debt issuers listed on the countrys stock exchange will have to make disclosures.

Around 200 of the countrys biggest companies and several foreign firms that meet the NZ$1 billion threshold will come under the legislation.

The New Zealand government has introduced several policies to lower emissions during its second term including promising to make its public sector carbon-neutral by 2025 and buy only zero-emissions public transport buses from the middle of this decade.