Low emissions economy
This section is about our work to improve energy efficiency, including lowering greenhouse gas emissions and fostering growth in renewable energy.
Climate-related financial disclosures
Climate change presents increasing financial risks to a large number of businesses due to the potential for direct damage to assets and indirect impacts from supply chain disruption. There are also litigation, technology, market and reputational risks.
At the same time, efforts to mitigate and adapt to climate change are providing business opportunities, for example, through resource efficiency and cost savings, the development of new products and services, access to markets, and building resilience along the supply chain.
For the most part, the financial impacts of these risks and opportunities are not being disclosed to investors, insurers and other users of annual reports. As stated by the Governor of the Bank of England, Mark Carney, for markets to do what they do best – allocate capital effectively and dynamically – they need the right information. When risks are unknown or ill-defined, the market cannot allocate resources in an efficient and profitable manner.
MBIE and the Ministry for the Environment published a discussion document on Climate-related Financial Disclosures on 31 October 2019. Submissions closed on 13 December 2019. MBIE and MfE are analysing submissions and will report to Ministers in the first half of 2020.
Related information: Discussion document and cabinet papers (Ministry for the Environment website)
- Climate-related financial disclosures – Understanding your business risks and opportunities related to climate change(external link)
- Cabinet paper: Release of discussion document: Climate-related financial disclosures - Understanding your business risks and opportunities related to climate change(external link)
- Cabinet committee minute: Release of discussion document: Climate-related financial disclosures - Understanding your business risks and opportunities related to climate change(external link)
Related information: Other documents
- Chapman Tripp legal opinion: Climate change risk – Implications for New Zealand company directors and managed investment scheme providers (October 2019)(external link)
- Final Report: Recommendations of the Task Force on Climate-related Financial Disclosures (June 2017)(external link)
- Sustainable Finance Forum interim report 2019 (October 2019)(external link)
Environmental management work
The Ministry for the Environment is the government's principal adviser on environmental and climate change issues. However, we also contribute to the development of environmental and climate change policies because of their relevance to energy efficiency and resource development, including:
- Resource Management Act 1991(external link)
- National Policy Statements(external link)
- National Environmental Standards(external link)
- Exclusive Economic Zone and Continental Shelf (Environmental Effects) Act 2012(external link)
- Regulations under the Exclusive Economic Zone and Continental Shelf (Environmental Effects) Act 2012(external link)
- New Zealand Emissions Trading Scheme (external link)
In this section
We’re responsible for advising the Government on energy efficiency policy for New Zealand. EECA is responsible for implementing programmes to improve the energy efficiency of New Zealand homes and business.
Carbon capture and storage (CCS) is the process to remove carbon dioxide, from waste gases produced in large-scale industrial processes and permanently store it underground.
We are working with the Energy Efficiency and Conservation Authority to improve process heat's energy efficiency and increase the input from renewable energy.
The Cabinet has approved funding to investigate possible energy storage solutions to New Zealand’s dry year electricity problem.