Remarks by Mr Adrian Orr, Governor of the Reserve Bank of New Zealand, delivered to a virtual roundtable, 28 May 2020.
Talofa lava, tēnā koutou katoa, welcome everyone
Thank you to the organisers - McGuinness Institute, Simpson Grierson, and the Climate Disclosure Standards Board - for gathering us all for this important discussion.
Thank you also to Mr Mark Carney. I want to acknowledge your role in shifting the global financial system to a more sustainable perspective. You shook us awake with your 'Breaking the Tragedy of the Horizons' speech in 2015. Now, only five years on from your speech, a common topic across central banks and financial regulators more broadly ishow can we best assess and address climate risks.
I also acknowledge the Climate Change Minister, James Shaw, and his personal commitment, financial expertise and leadership on this very important issue.
Today I will speak briefly to three points:
• Why climate matters to New Zealand's financial stability;
• The Reserve Bank's climate strategy; and
• The impact of COVID-19 in terms of risks and current opportunities.
(Full Text Available at BIS, 05 June 2020)