There are important challenges to making disclosure effective in meeting New Zealand’s carbon reduction objectives - including standardised measures and climate scenarios, and sound data management and interpretation. We need to get this right. Recently we stepped up our supervisory engagement on the identification and management of climate risks amongst New Zealand financial institutions.
This work is underway, and many non-traditional datasets have already been found, but it is safe to assume a lot more can be done in this regard. Furthermore, we need to relax our assumptions about the extent to which we can rely on official statistics and accounting. Even if approved, it will take years until we have adequate environmental accounting on which to rely.