Start climate planning now, NZ boards warned
A recent report by law firm Bell Gully says New Zealand boards need to start planning for climate change now, or risk being caught out by the Zero Carbon Bill when it becomes law, likely late this year.
Until now, complying with the Emissions Trading Scheme has been more of an administration hassle than a serious cost of business, but that's about to change as unit prices rise sharply under proposed changes to the scheme, says the firm.
Bell Gully partner Simon Watt spoke to Newsroom about why he supports mandatory reporting of climate exposure in financial reports, and why he thinks Parliamentary Commissioner Simon Upton's ETS report was valuable but "too far head of where business is."
Still, he says the direction of travel is ultimately one-way: to a low-emissions economy. "Business must adapt or risk getting left behind."
* Bell Gully is a foundation supporter of Newsroom.