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London (CNN Business) New Zealand is set to consider legislation that would require banks, insurers and asset managers to disclose the impacts of climate change on their businesses as the country tries to slash its carbon emissions.
The government said in a statement Tuesday that the bill is the first of its kind to be proposed anywhere in the world.
It will receive its first reading in parliament this week, and it would make climate-related disclosures mandatory for around 200 organizations.
"We simply cannot get to net-zero carbon emissions by 2050 unless the financial sector knows what impact their investments are having on the climate," Climate Change Minister James Shaw said in a statement.
"This law will bring climate risks and resilience into the heart of financial and business decision making."
The legislation would require financial firms to disclose how climate change affects their business, and explain how they will manage climate-related risks and opportunities.
If the bill is passed, the first disclosure reports would be published by companies as soon as 2023.
"Requiring the financial sector to disclose the impacts of climate change will help businesses identify the high-emitting activities that pose a risk to their future prosperity," Shaw said, "as well as the opportunities presented by action on climate change and new low carbon technologies."
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