New Zealand Puts in Place Laws to Combat Climate Change

 

Source: Scroll.in

The climate crisis along with the loss of biodiversity is the biggest challenge the world is currently facing.

Rising global average temperatures have a profound effect on the climate, and those effects will become more severe in the coming years.

What is The Climate Change?

The climate changes naturally and this is obvious through the irregularity of the seasons from year to year.

This is due to many factors interacting with each other, such as changes in ocean currents, volcanic activity, solar radiation, major climatic events like the strength of the Indian monsoons, etc.

Hence, climate change is a big and permanent change in the statistical distribution field of weather patterns. And this can happen over a period of decades to millions of years.

The global increase in temperatures and other signs of climate change have dire consequences which are threatening the lives of living things on planet Earth including humans.

The Worst Effects of Climate Change Include:

1. Melting of the ice mass at the poles: This melting leads to a rise in sea level which in turn causes floods, threatening islands and risking the disappearance of coastal cities.

2. Change in ecosystems and desertification: Changes in life conditions in natural environments cause death and disease for some species of plants and animals, mass migrations of animals, and the escalation of climate refugees.

3. Ocean oxidation: The absorption of too much carbon dioxide causes death and disease among fish, algae, coral reefs and other organisms in the sea.

4. Big damages due to weather phenomena: Due to global warming, the degree of effects of hurricanes, floods, droughts, rain and snow increases which leads to more deaths, victims, refugees and material damage.

It is expected that the number of climate migrants in the world in 2050 will reach one billion refugees!

5. Economic losses: Among the consequences of climate change is the destruction of the food chain and economic resources, especially in developing countries.

New Zealand Implement Climate Change Law for Financial Companies

New Zealand has become the first country in the world to put in place a law that compels its financial companies to report impacts linked to climate change. The country wants to be carbon neutral by 2050 and it says the financial sector needs to play its role, according to the BBC.

The Climate Change Minister James Shaw appeared at the press conference on Tuesday, April 13th, 2021.

Shaw said “All banks with total assets of more than NZ $ 1 billion / US $ 700 million, insurance companies with more than NZ $ 1 billion in total assets under management.

All issuers of shares and debts listed on the country's stock market have to report impacts which effect in climate change”this is his literal statement I can’t change it.

This new law will apply to about 200 of the biggest companies in New Zealand, as well as to many international companies which have resources exceeding NZ $ 1 billion.

The New Zealand minister tweeted, "We cannot tackle the climate crisis unless banks allocate money in a way that helps move to net zero carbon emissions in 2050, and unless the financial sector knows the magnitude of the impacts of investments on climate."this is his literal statement I can’t change it.

He added "New Zealand is the first country in the world to introduce a law to achieve this, and this means that every financial decision has become obligated to take climate change into account."this is his literal statement I can’t change it.

Financial companies must know how they can handle climate threats and opportunities, according to the project of this bill which has been introduced to Parliament and is expected to be read soon.

Companies will be expected to make financial statements for fiscal years beginning next year after the legislation is passed, which means the first reports will be filed in 2023 and any company that is unable to provide reports in this regard will be required to clarify why.

While the New Zealand government has implemented a number of policies aimed at reducing carbon emissions produced by the public sector, including the purchase of zero-emission public transportation buses by 2025.

According to Minister James Shaw's description in his interview with Radio New Zealand that:

“New Zealand has been hit by several crises due to climate change, because weather fluctuations lead to strong hurricanes, forest fires, severe precipitation, heat waves, droughts and other environmental hazards.”this is his literal statement I can’t change it

This prompted Parliament and the government to develop an action plan, as they were dissatisfied with the current response to the threats and problems that society and ecosystems face.

Climate change was described as "one of the biggest problems of our time" in the resolution, which was adopted by Parliament by a vote of 76 to 43.

Noting "the devastating impact that volatile and extreme weather will have on New Zealand",as well as the "worrying trend regarding vital species in nature."this is a literal statement I can’t change it

New Zealand's government has taken measures to improve irrigation and curb the spread of methane, as well as prohibiting new offshore oil and gas exploration schemes.



Written by – Noha Batayneh

Edited by – Adrija Saha