Utikere TangiTANGI UTIKERE (Labour—Palmerston North): Tēnā koe Mr Speaker. It's a pleasure to take a call on the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill. I do want to acknowledge the optimism from the benches opposite although the previous speaker Andrew Bayly just seemed to indicate that actually investing in businesses that are supportive or promote green practices is a bad thing. Here on this side of the House we would think that it's quite opposite. Can I acknowledge Minister Clark and Minister Shaw for the work that they've done in this space in getting the bill to this particular point in time. This is an omnibus bill and it's an important one because it will effectively amend three pieces of legislation: the Financial Markets Conduct Act the Financial Reporting Act and the Public Audit Act. The implementation of what will be a broad policy across a number of important entities—the focus there is on the non-financial reporting components that this bill does provide. It will as previous speakers have indicated assist us as a country in getting to that net zero carbon emissions by 2050 as the starting point moving forward. Yes there is a lot around new Part 7A within the bill and the previous speaker touched on some of the offences. I'd perhaps like to adopt the view that strong offences will serve as a strong deterrent to ensure that there is compliance with what is expected of those in the sector.I want to just very briefly turn to the purpose of the bill which has been also touched on. There are as the documents indicate a number of specific purposes of the bill. The first is around ensuring that effectively there will be a new routine to business as usual when it comes to business investment lending and in the insurance sector the underwriting decisions that flow from that. Secondly a purpose is around helping reporting entities better demonstrate responsibility but actually forward thinking and foresight in terms of their consideration of the wider issues around the climate sector. The third one is around that smart approach and a more focused allocation of capital and how we smooth the transition as well to a more sustainable low-emissions economy.I accept Mr Woodhouse's earlier comments that there are a number of organisations in our community and in this country who are already doing some good work in terms of non-financial disclosures. There is absolutely a desire in the community sector and the not-for-profit sector and this piece of legislation as a proposal will effectively ensure that there is consistency within the business sector as well. Climate change will have a huge impact on businesses moving forward all around the country and the fact that not-for-profit sectors are already aware of that and businesses are as well will provide a helping hand in terms of moving us forward together which is obviously really really important.Previous speakers have touched on the requirement that the disclosure materials will need to have the three Cs being consistent being comparable and being clear about the information in that particular climate-related space. But also the information needs to be reliable and what's proposed in this bill will seek to deliver exactly that. So it is really really important in that particular space.Getting back to the requirements of the entities which fall within this bill they will be required to do at least four things and I don't intent to go through the list of those entities that would be part and parcel of this. But firstly it would require preparation—preparation of climate statements in accordance with climate standards. That's the first thing. The second is a requirement to obtain an assurance in situations where greenhouse gas emissions disclosures are made and there's a whole separate process that's outlined in the bill around that. The third is the publication of the statements which will allow for accountability in the public sector public sphere as well. The fourth thing is and it might come as some surprise to many actually keeping and retaining those records around the statements and the disclosures. What I've found really interesting is that the information that the Ministry of Business Innovation and Employment have provided indicates that actually the majority of large New Zealand entities provide little to no information on what climate change might mean to them or they are reporting in inconsistent ways. So I look forward to the select committee process. There seemed to be a little bit of a suggestion as to which select committee this may go to but part and parcel of this will be hearing from submitters. I commend the bill to the House.