How Climate Reporting is Reshaping Businesses in New Zealand

New Zealand has taken a pioneering stance in sustainability reporting, becoming the first country in the world to mandate climate-related disclosures. This bold policy signals a long-term shift in how businesses must approach transparency, risk, and performance in relation to climate change.

The new regime is not a short-term compliance exercise. It requires companies to reconfigure their internal processes, data governance, and decision-making systems to align with emerging global expectations around sustainability. As climate risk becomes a key driver of financial and reputational value, the ability to report accurately, consistently, and confidently is becoming a core business competency.

Understanding New Zealand’s Climate Disclosure Mandate

The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 created a legal requirement for climate reporting among large financial market participants. Approximately 200 organisations, including registered banks, credit unions, insurers, licensed fund managers, and listed issuers above a certain threshold, are covered by the regulation.

These entities must publish climate statements that disclose the impact of climate change on their operations, strategies, and financial planning. Reporting is structured around four pillars originally defined by the Task Force on Climate-related Financial Disclosures (TCFD):

• Governance of climate-related risks and opportunities
• Strategy for managing climate-related impacts
• Risk management processes
• Metrics and targets used to assess and manage these risks

However, the landscape is evolving. New Zealand is transitioning from TCFD to the global baseline established by the International Sustainability Standards Board (ISSB) under IFRS S1 and S2. These new standards provide greater comparability across markets and will soon become the new benchmark for climate-related financial reporting.

What’s Changing in 2025?

Beginning in 2025, the Financial Markets Authority (FMA) will require all covered entities to obtain limited assurance over their greenhouse gas (GHG) emissions disclosures. This includes Scope 1 (direct), Scope 2 (indirect), and Scope 3 (value chain) emissions. While previous years focused on establishing the reporting infrastructure, this next step demands a higher level of audit preparedness.

Limited assurance means external verification of data and systems. It requires organisations to document how they calculate their emissions, validate the data sources, and provide sufficient internal controls to ensure data integrity. For many companies, this involves a fundamental transformation in how they manage sustainability data and link it to corporate reporting functions.

Why This Matters for Your Organisation

Climate disclosures are not just for the boardroom or regulators. They impact how your company is perceived by investors, lenders, customers, and even employees. With ESG performance increasingly tied to access to capital and contracts, being climate-literate is no longer optional.

For exporters and businesses integrated into international supply chains, aligning with best practice climate reporting is essential. Buyers and partners in markets like the EU and Australia are also moving toward mandatory disclosures and due diligence, and they expect transparency from their suppliers. New Zealand companies that can demonstrate strong climate risk management will stand out as trusted and future-ready partners.

Moreover, climate risk is financial risk. Failing to measure or disclose exposure to physical risks (such as flooding, drought, or sea-level rise) or transition risks (such as regulatory shifts or changing market preferences) leaves organisations vulnerable to disruption.

How Speeki Supports Climate Disclosure and Beyond

Speeki offers a single, integrated platform that helps New Zealand organisations meet the rising bar for climate reporting and sustainability performance. Our climate disclosure tools are designed to grow with you, from meeting initial reporting requirements to scaling enterprise-wide ESG strategy.

Here’s how we help:

• Alignment with XRB and ISSB: Stay on track with Aotearoa New Zealand Climate Standards and be fully prepared for the adoption of IFRS S1 and S2. Our platform is continuously updated to reflect changes in global and local requirements.
• GHG Emissions Data Collection: Capture, calculate, and categorise Scope 1, 2, and 3 emissions in a structured, consistent way. Ensure traceability and audit-readiness from the outset.
• Assurance Preparation: Build robust internal controls, manage documentation trails, and establish defensible methodologies that withstand external assurance processes.
• Sustainability Programme Building: Move beyond disclosure with guided tools to develop climate strategies, set targets, and track improvements across business functions.
• Report Creation for All Audiences: Generate reports for regulatory filings, investor communications, and stakeholder updates. From TCFD and ISSB-style reports to internal dashboards and country-specific summaries, Speeki helps you tailor messaging for each audience.

Speeki empowers New Zealand organisations not only to comply with regulations but to lead in sustainability through proactive, transparent, and effective climate reporting.

References

1. External Reporting Board (XRB) – Aotearoa New Zealand Climate Standards
2. https://www.xrb.govt.nz/standards/climate-related-disclosures/aotearoa-new-zealand-climate-standards/
3. Financial Markets Authority (FMA) – Climate-related Disclosures Guidance
4. https://www.fma.govt.nz/compliance/climate-related-disclosures/
5. Ministry for the Environment – Emissions Reduction Plan
6. https://environment.govt.nz/what-government-is-doing/areas-of-work/climate-change/emissions-reduction-plan/
7. IFRS Foundation – ISSB Overview and Standards
8. https://www.ifrs.org/issued-standards/list-of-standards/
9. PwC New Zealand – Climate Reporting Readiness Insights
10. https://www.pwc.co.nz/services/risk-assurance/sustainability-and-climate-change/climate-related-disclosure.html