Aotearoa New Zealand Climate Standards

In 2021, legislation was passed making climate-related disclosures mandatory for more than 200 of the most economically significant entities in New Zealand. Reporting against the Aotearoa New Zealand climate standards is effective from 1 January 2023.

The reporting standards have been developed by the XRB through three consultative iterations over the past 18 months.

The IoD made a submission on each round of consultation:

• Governance and Risk Management
• Strategy and Metrics and Targets
• Exposure drafts

The XRB have produced a one-page summary of the changes made to the final versions of the standards as a result of the consultation.

In preparation for the standards being released the IoD  published an article to support affected organisations to prepare for the new disclosures. Watch out for more information to support directors to implement these changes.

The final standards were published by the XRB on 15 December 2022 and come into effect on 1 January 2023.