Bennett GlenGLEN BENNETT (Labour—New Plymouth): Kia ora Madam Speaker. Thank you for the opportunity to speak on this piece of legislation the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill. I'm a member of the Economic Development Science and Innovation Committee so was a part of the select committee process and hearing the 55 submissions—again as was spoken earlier about—all supporting the intent of this piece of legislation.Now just listening to our previous speaker Michael Woodhouse who's just resumed his seat I think this is a really timely piece of legislation and a piece of legislation that people are actually wanting. I did some research. I was looking around particularly in terms of people wanting to invest in companies people wanting to actually invest obviously for their own families for their own interests. And there was a US study back in 2019 that indicated that 85 percent of investors—85 percent of investors—expressed an interest in climate-related matters when it came to their investment portfolios what they looked at.Now here in New Zealand we have a high level of interest and most investors are still getting their climate information around companies they're looking at through the news at 49 percent; through companies' websites at 41 percent—rather than through a company's annual report which was around 36 percent or if a company had a sustainability report that was only 32 percent. So we can see that local investors here in New Zealand are still getting their information through news sources and websites rather than actually through the companies that they're looking at investing in. Now my colleague and chair of the select committee Jamie Strange commented—and then earlier we had the Hon Todd McClay who's also a member of our select committee who was obviously talking around the fact this piece of legislation is around disclosure but this piece of legislation wasn't necessarily about any actions or companies having to do anything. Now when I heard that comment it got me thinking that back in—I think it was the early 1990s when the fair trade brand the fair trade empire came into existence and suddenly it changed the way that people shopped. Suddenly it changed the way people purchased and went about their very lives not because a company had to tell anyone what they were doing but because people then sought out wanted to obviously support fair trade initiatives. So that's become a global brand where people are making decisions because they are informed and this piece of legislation is around informing people. The other one and for me personally as a member of KiwiSaver is that when I was for many years just passive on that service to suddenly realise I can actually look at where my investments are going—so I was able to look at ethical investments. And again I could have invested in whatever company I wanted but I could then look and see and I had opportunities. And again with this piece of legislation it allows people to look to see because it's around the future as the Hon James Shaw said. It's around looking at the generations coming through. This is around intergenerational equity. And so having this piece of legislation in place I think is really important for the future of New Zealand. I'm really proud as a member of Parliament that we're the first country in the world to be initiating this. I look forward to the continuing conversation as we move on to our third reading and I commend this bill to the House.