Court SimonSIMON COURT (ACT): Thank you Minister. Now as far as climate-related disclosures go I'm assuming that this is the imposition on New Zealand businesses which requires them to identify whether their business activities might involve the use of say driving a car that uses petrol or diesel or whether they use energy in a manufacturing or an industrial process that might be derived from say natural gas—say for example there was a business that recycled all of the cardboard collected in New Zealand where to process it it required steam heat only able to be generated by hot coal or hot natural gas. But of course in New Zealand we're a modern developed country and we mostly rely on natural gas for industrial processes. So the climate-related disclosures component Minister—I mean I am surprised on behalf of the ACT Party that this appears here. In fact I'm looking down the list in Schedules 14 and 15 and I'm actually struggling to identify where that is. So like a lot of people who run businesses who just fairly assume that if they pay for their emissions by paying a carbon component for say petrol or diesel and it's about 23c a litre for diesel under the emissions trading scheme—if they're paying for their emissions why on earth do they have to go through this charade of carrying out a climate-related disclosure because if we think about it every single human activity on planet Earth involves doing something in the environment. Breathing out—a human being breathes in oxygen and breathes out carbon dioxide and why on earth is it necessary to include in this bill a register of companies' climate-related disclosures? I would have thought on behalf of the ACT Party that that's a matter between a company its board of directors its shareholders and its customers. If we think about the implications of including climate-related disclosures and forcing this Government agency the Ministry of Business Innovation and Employment to administer it won't that take away from their core function of administering companies and incorporated societies and building societies—and even New Zealand's auditors are under the companies register. Won't it take away from some of their core activities? There is nothing that's going to change about a company's emissions profile except the incentive that a price on carbon puts on a business that uses hot energy—like for example Oji Fibre which recycles all of New Zealand's cardboard and turns it into a product that's able to be reused. They know that they need natural gas for the process. They spend part of their revenue on the energy they pay for their emissions in part and then we get this lovely recycled cardboard product. Now having them make a climate-related disclosure and then being administered under this Act—and no doubt they'll be charged a levy for it—doesn't seem to make a lot of sense because they don't have any choices when it comes to their climate-related discharges except to stop recycling cardboard stop using natural gas and leave New Zealand and maybe go to a country like most countries in the world which don't waste the time of business people and their citizens with climate-related disclosures. So Minister would you please describe to the committee and to those who are listening to this urgent debate fascinated by the matters that have been raised here tonight or who are watching on Parliament TV at home—would you explain to the committee exactly where climate-related disclosures are mentioned in Part 2 and in the schedules and explain how much that's going to cost businesses subject to that regime Minister.