zealand climate change research institute, and niwa niwa ( 2019 ) coastal flooding exposure under future sea - level rise for new zealand. accessed at https : / / www. deepsouthchallenge. co. nz / projects / national - flood - risks - climate - change. a second study, of modelling flooding from rainfall and rivers, estimated that around 411, 000 were currently exposed along with 20 airports and 3400km of electricity transmission lines. niwa ( 2019 ). new zealand fluvial and pluvial flood exposure. accessed at https : / / www. deepsouthchallenge. co. nz / projects / national - floodrisks - climate - change reserve bank climate change strategy working together to strengthen resilience, develop culture, and support economic recovery, a speech delivered by assistant governor simone robbers to the 16th financial markets law conference on 22 oct 2020 reserve bank annual report 2019 – 2020 ( see page 28 ) training our supervisors in climate - related risks and are integrating climate risks into our supervision frameworks. societal transformation at a societal level, change can be incremental or driven by a shock. for example, right now, the covid - 19 pandemic is a shock causing global change. from a financial perspective, covid - 19 has again highlighted why we need to guard against systemic risk. 10 the inescapable nature of the current global health crisis has parallels for what climate change may have in store for us. we need to think about the challenges and opportunities that lie ahead. we have opportunities for a more sustainable economic recovery form the ravages of covid - 19 by rebuilding our economies in a more environmentally sustainable manner. to build a more sustainable economy globally we are going to need all hands on the pump. public and private sector knowledge and capital must be mobilised together. no one party can afford to tackle the challenge alone. the un environment programme estimates, for example, that global greenhouse gas emissions must be cut by 7. 6 % a year from now until 2030 to meet a 1. 5°c temperature goal. 11 the international energy agency estimates that such action will require us $ 3. 5 trillion per annum until 2050 for energy sector investments alone. 12 collaboration and co - investment is necessary. after all, we live in a world with a global glut of savings and massive infrastructure deficits. we need to connect capital and opportunities. work is already underway in our pacific region – but it

association, and the g30. 18 our collaborative climate change work is also expanding with the new zealand council of financial regulators, as well as internationally as a member of the sustainable insurance forum ( sif ), and the network for greening the financial system ( ngfs ). and we are leveraging our contribution to these global fora to step up our understanding and supervision of climate - related risks. for example, last month we drew on resources from the ngfs and sif in training our supervisors in climate risk. last year we collaborated with the ngfs at the south pacific governors ’ annual meeting in sydney. conclusion you asked for my thoughts on transformational change. this means doing things differently as individuals, institutions, and society. climate change is a risk that requires a collective response. grounding a response in our collective knowledge, data and expertise will strengthen its effectiveness. the consideration of climate change needs to be a ‘ must do ’ not a ‘ nice to have ’, and we need to take every opportunity to succeed, such as in our current response to the covid - 19 virus - led economic challenge. kei te whanake, tangata rite. reserve bank : submission on the climate change response ( zero carbon ) amendment bill reserve bank : submission on the climate - related financial disclosures discussion document reserve bank financial stability reports a near horizon : seizing the opportunities and managing the risks in the transition to net zero : the importance of climate - related financial disclosures, remarks delivered by governor adrian orr to a virtual roundtable in may 2020 “ we are all of one race, we must adapt ” meitaki.