How was the impact of climate change reflected in the financial statements of NZX50 March 2023 reporters?

Our latest analysis compares 2022 and 2023 reporters

In the past year we have released a series of reports looking into how climate change has been reflected in the financial statements of NZX50 companies. Our series includes March, June and December 2022 reporters. In our latest edition, we revisit March reporters to see how, and what, they are reporting in 2023. 

Our analysis includes an examination of how climate-related impacts on the financial statements have been disclosed and how auditors are considering climate-related impacts in key audit matters (KAMs).

The companies included in this latest report are in sectors that are likely to be impacted by climate-related risks such as real estate, energy and logistics. 

Have climate change disclosures in the financial statements increased? Have the effects of the recent extreme weather-related events in Aotearoa New Zealand led to any changes in reporting?

Key findings

13 (2022: 14) businesses on the NZX50 with 31 March year ends have published their annual reports.

0 (2022: 0) businesses included a quantification of the impacts of climate risk (physical or transition risks) in their financial statements.

4 (2022: 0) reporters elected to voluntarily report against the Aotearoa New Zealand Climate Standards for FY23 noting that compliant reporting is required from FY24. Another 8 reporters mentioned the fact that the New Zealand Climate Standards will become mandatory from FY24.

2 (2022: 2) audit reports included mention of climate change in KAMs.


6 (2022: 3) reporters discussed the impact of climate-related risks in their financial statements.

10 (2022: 8) reporters included some non-financial climate-related information outside of the financial statements.

4 (2022: 4) businesses reported the use of green finance.

Contact us

Karen Shires

Karen Shires

Chief Risk & Reputation Officer, PwC New Zealand

Tel: +64 21 501 043

Jonathan Skilton

Jonathan Skilton

Partner, Sustainability Reporting & Assurance Leader, PwC New Zealand

Tel: +64 21 355 879

Tiniya du Plessis

Tiniya du Plessis

Partner, PwC New Zealand

Tel: +64 21 495 856

Mariann Trieber

Mariann Trieber

Executive Director, PwC New Zealand

Tel: +64 21 062 1812

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