WELLINGTON, Oct. 17 (Xinhua) -- The Reserve Bank of New Zealand (RBNZ) released its first climate-related disclosure on Thursday.
The disclosure detailed the steps to enhance RBNZ's resilience to risks while supporting the transition to a climate-resilient, low-emissions economy, said RBNZ Assistant Governor Simone Robbers.
Climate change has the potential to present significant risks to both the financial system and the real economy, particularly during downturns, Robbers said.
As RBNZ's first voluntary climate-related disclosure, which has become a mainstream industry practice globally, it outlines the progress in understanding, monitoring, and managing climate-related risks.
As guardians of New Zealand's financial ecosystem, RBNZ will continue to demonstrate transparency in future disclosures, playing its part in building a climate-resilient financial system, Robbers said. ■