Page 5 - Marlborough Chamber of Commerce Voice Magazine Spring 2023
P. 5
In the first half of 2023, I was involved in a Over the next several years, increased reporting
research project undertaken by Organics requirements on these entities mean that they
Aotearoa New Zealand (OANZ) for the Our Land, will in turn impose similar levels of climate
Our Water / Toitū te Whenua, Toiora te Wai disclosure on their clients and suppliers. This will
National Science Challenge. This project effectively extend these reporting requirements
examined the potential effects of environmental to any business seeking commercial finance or
and sustainability policies in the EU on New insurance cover, and to all businesses in the
Zealand’s primary sectors, in the context of the supply chains of large listed companies.
New Zealand-EU FTA. This research uncovered
some interesting implications for New Zealand Given these trends, the imperative to develop a
producers. clear sustainability strategy, and to measure and
reduce the environmental and social impacts of
The EU is playing a leadership role in driving their activities, will become increasingly urgent
environmental and social outcomes in both its for all businesses, irrespective of their size of the
domestic policies and in its international trade industry in which they operate.
relations, and makes no secret of its objective of
utilising trade to support its domestic Over the next several months, the Chamber will
sustainability agenda, as defined in the European be developing materials and training
Green Deal. programmes to assist members in gaining a
better understanding of these issues. We will also
As a clear example, under the terms of the New continue to collaborate with our partners at
Zealand-EU FTA, continued market access for Marlborough District Council, Business Trust
New Zealand products into the EU is conditional Marlborough, local industry representative bodies
on New Zealand meeting its emissions reduction and other stakeholders, in making Marlborough a
commitments under the UNFCCC’s 2015 Paris more sustainable place to live, work and do
Agreement. business.
In addition to the pressures that will be placed on About the author
New Zealand companies by such international Alistair Schorn is a Marlborough-based
agreements, sustainability-related performance, sustainability economist, and the Development
measurement and disclosure requirements will Advisor at the Marlborough Chamber of
increasingly be required by clients, financial Commerce.
institutions and insurers.
As an example, the XRB’s climate-related
disclosure regulations currently apply directly
only to a limited number of companies (large
listed companies with a market capitalisation
value of more than NZ$60m), and to large
financial sector entities (banks, insurers, credit
unions, building societies, and investment
managers with more than $1 billion in assets).
