New Zealand passes "world-first" climate change disclosure law for banks

• This includes banks with "total assets of more than NZ$1 billion [$718.9 million]," Reuters notes.

Of note: Climate change minister James Shaw noted in a statement that the legislation makes New Zealand the "first country in the world to introduce mandatory climate-related reporting for the financial sector."

• NZ has "an opportunity to pave the way for other countries to make climate-related disclosures mandatory," he added.

Details: The law will require disclosures for financial years beginning in 2023, subject to the publication of climate standards from New Zealand’s independent accounting standard-setter, the External Reporting Board (XRB).

The big picture: Prime Minister Jacinda Ardern's government has committed to a series of policies aimed at tackling climate change and reducing emissions, including making the public sector carbon neutral by 2025.