Well done to the Kiwi banks and insurers that have already released, or will release over the next few months, their first climate statements prepared in compliance with the new Climate Standards.
The New Zealand standards were released in December 2022 and it is no mean feat to get to the point of being able to state compliance in less than two years - putting Aotearoa New Zealand a step ahead of the largest banks and insurers globally.
An interesting difference between the New Zealand reports and the global reports is that the global ones are branching out to include also nature-related disclosures (97% of banks vs 88% of insurers) and social considerations (69% of banks).
Consistent with our findings in New Zealand (Impressions of the first Aotearoa New Zealand Climate Statements-missed opportunity), the key next steps are to find the right balance between the level of detail by focusing on what is important to users, and then joining the dots between metrics and targets and how they relate to your strategy.
KPMG international has completed benchmarking analysis of 47 major insurers’ and 35 major banks’ climate-related disclosures.
We look forward to discussing the findings with you.
