New Zealand Becomes First Country in the World to Pass Climate Change Disclosure Law

Climate Change Minister and Green co-leader James Shaw speaks at a press conference announcing the government's reforms to clean up waterways, in Wellington, New Zealand, on May 28, 2020. Kevin Stent - Pool/Getty Images

New Zealand has become the first country in the world to pass a law ensuring financial organizations disclose and act on climate-related risks and opportunities, the government announced on Thursday.

The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill passed its third reading with the goal of driving New Zealand’s push toward carbon neutrality by 2050.