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Network for Greening the Financial System Pledge

Our commitments under the three components of our climate change strategy.

1. Get our house in order: Monitoring and managing our own climate impacts

  • implementing an emission reduction pathway from 2022
  • assessing carbon-related risks to our portfolio and considering how to incorporate sustainability objectives into our balance sheet (while maintaining our ability to effectively execute our policy objectives)
  • developing the building blocks for our own TCFD report

2. Get the settings in place: Mainstreaming climate by understanding and incorporating the impact of climate change on our core functions

  • issuing a guidance note on climate risk management in line with the timeframe for guidance being developed by other agencies as part of the mandatory climate-risk disclosure legislation
  • an industry-wide climate stress test exercise in 2023
  • ongoing analysis to understand the linkages between climate risks and financial stability (including using the NGFS scenarios) and highlighting these in our financial stability reports
  • further embed climate risk into our supervisory frameworks, data collection and internal training of supervisors (timing: ongoing)
  • working with our regulated entities to facilitate high quality disclosure under the forthcoming mandatory climate-risk disclosure legislation
  • monitoring progress on climate-related disclosures, including an industry survey in 2022
  • ongoing analysis to understand the linkages between climate risks and monetary policy (including using the NGFS scenarios) and highlighting these in our Monetary Policy Statements

3. Show the way: Leading through collaboration

  • continuing to raise awareness and understanding of the climate-related risks to financial stability
  • working nationally with industry, scientists, public sector agencies and Iwi/Maori to contribute to an urgent, aligned and collaborative approach.
  • working internationally with the NGFS, Sustainable Insurance Forum and others to contribute to an aligned approach
  • leading the New Zealand Council of Financial Regulators’ Climate Change Community of Practice to build coordination and capacity
  • making use of the NGFS training materials to equip our employees with the necessary skills and knowledge on climate