NZ CS (Aotearoa New Zealand Climate Standards)

The Aotearoa New Zealand Climate Standards (NZ CS) are a set of standards based on the recommendations of the TCFD, developed by the External Reporting Board (XRB), to guide climate-related disclosures by entities in New Zealand.

The NZ CS consists of three main standards:

1. NZ CS 1: Climate-related Disclosures, which outlines the specific disclosures required under the TCFD's four thematic areas of governance, strategy, risk management, and metrics and targets. NZ CS 1 requires entities to conduct scenario analysis, including consideration of a 1.5°C scenario, to assess their climate-related risks and opportunities.
2. NZ CS 2: Adoption of Aotearoa New Zealand Climate Standards, which provides first-time adoption provisions and transitional relief for certain disclosures.
3. NZ CS 3: General Requirements for Climate-related Disclosures, which establishes principles and general requirements for climate reporting, including materiality assessments and disclosure of methodologies and assumptions.