The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has published its implementation approach for the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill (CRD Bill).
The document outlines the FMA’s approach to enforcing and monitoring the CRD regime over a period of approximately four years, through to 2025/26. It sets out the roles and responsibilities of the various government agencies, to help the industry understand which agency is responsible for what.
In developing the implementation approach, the FMA consulted with the Ministry of Business, Innovation and Employment (MBIE), Ministry for the Environment (MfE) and External Reporting Board (XRB).
The new legislation will require certain entities, to be known as climate reporting entities (CREs), to produce annual climate statements that identify and report on the impact of climate change on their organisations and disclose greenhouse gas emissions. The Bill received Royal Assent on 27 October 2021.