RBNZ climate stress test planned for 2023
Central bank faces challenges in adapting NGFS scenarios to New Zealand
The Reserve Bank of New Zealand is planning to conduct climate stress tests in 2023 as part of its latest climate strategy.
On October 26, the RBNZ outlined its approach to managing economic risks associated with climate change in a new report: Climate Changed 2021 and Beyond.
The central bank notes many of New Zealand’s banks and insurers expect climate change to have a “significant impact” on their businesses.
In 2021, the RBNZ added climate-related events to its existing stress test cycle
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