Aotearoa New Zealand Climate Standards (NZ CS 1, 2, 3)
New Zealand's mandatory climate-related disclosure regime was introduced into the Financial Markets Conduct Act 2013 by a 2021 amendment. CREs report under the XRB's TCFD-based standards NZ CS 1, 2 and 3, and assurance of GHG disclosures follows NZ SAE 1. The XRB has proposed replacing these with an ISSB-based NZ IFRS S2.
- Enforcement
- Mandatory
- Effective date
- Reporting periods beginning on or after 1 January 2023
- Covered entities
- Climate reporting entities (CREs) under the Financial Markets Conduct Act 2013: large listed issuers (currently equity issuers above NZD 60 million market capitalization and debt issuers above NZD 60 million quoted face value), banks, building societies, insurers and investment scheme managers above set thresholds. The Financial Markets Conduct Amendment Bill proposes raising the listed-issuer threshold to NZD 1 billion for equity and debt issuers and removing managed investment schemes.