New Zealand Makes World’s 1st Climate Change Law For Financial Firms | Daily Current Affairs 2021
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New Zealand Makes World’s 1st Climate Change Law For Financial Firms

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New Zealand has become the first country to introduce a law that will require banks, insurers and investment managers to report the impacts of climate change on their business.

Aim:

The aim is to bring the financial sector on board with the efforts being made towards achieving the country’s target of becoming carbon neutral by 2050.

Background:

The New Zealand government first revealed its plans to compel the financial sector to make disclosures in September last year, informing that those unable to disclose would have to give explanations.

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