Smith StuartSTUART SMITH (National—Kaikōura): Thank you Mr Speaker. It is a pleasure to speak on the third reading of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill. I do want to start out though by actually referencing Mr Shaw's speech where he alluded to National breaking the bipartisan approach to climate change which is absolutely false. In fact I wouldn't have mentioned it otherwise but it was at my instigation that the National Party actually got a look at the climate change report before it came out. It was never offered—so much for a bipartisan approach. I had to actually seek a meeting with James Shaw to get a look at that report before it went out which I think was pretty poor form actually. Well you know no surprises I suppose. But there's been so much made of this by the Minister of Commerce and Consumer Affairs who I'd have to say has in the last couple of days seemed to have found a new lease on life. Dr Clark—his enthusiasm to take up the full 10 minutes and almost filibuster on every bill he's spoken on is in stark contrast to the other members on that side of the House who if they make two minutes it is actually quite a record. But anyway we'll give him marks for enthusiasm—that's great. This bill is important but the importance has been over-exaggerated quite significantly by quite some margin. I think Scott Simpson said it was a small step. I would describe it as one small step for New Zealand but a giant leap in terms of PR and spin. It will have limited effect if any on climate change. This is actually all about having something for James Shaw and the New Zealand Government to announce at Glasgow rather than anything that will make a material difference along the way. There were some significant issues for this bill that we could have tidied up. But unfortunately the Government members didn't support those and I think the Hon Todd McClay made a very good point about those businesses that don't actually have an exposure to climate change or any effect in their business by either their ownership of property that might be exposed to sea-level rise or flood risk or their investments and other matters that qualify under the bill. But by virtue of their size they have to report. By virtue of that requirement they may have to do some needless reporting. We don't know what the reporting is because we have to wait and see what the External Reporting Board is going to come up with. What is going to be the requirement we don't know. So we pointed out a few of those issues in the committee of the whole House yesterday but instead we're rushing this through. Quite clearly perhaps Mr Shaw is off to the airport at the moment with his other 19 or so comrades that are off to Glasgow. But the reporting standard procedures are important and we should have known about those. I think that businesses will move in this space as fast as their customers demand as fast as their competitors move—or perhaps a little faster if they see an advantage in it—and as fast as their investors will demand. All those forces are already in play and businesses if they are successful in any way—and all these businesses are or most of them anyway—are very aware of that every day. A lot of these businesses are financial institutions and insurance companies and all of those entities are in the business of measuring and assessing risk every day. This is just another risk. It's a very important risk but it is a risk and to actually package this as a giant step forward in the battle against climate change I think is a huge exaggeration. It doesn't serve any other purpose other than to give the Minister and the New Zealand Government something to trumpet at COP26 in a couple of weeks when we really should have been doing stuff. They declared a climate emergency and have done anything but act with urgency in this space and New Zealand's emissions which were tracking down under National have gone up significantly ever since they took over as Government in 2017. So with that it's a qualified commendation towards the House. Thank you.