New Zealand to Relax Climate Reporting Rules Over Cost Concerns

New Zealand is relaxing climate reporting rules on concerns over the cost to businesses, in another retreat from policies designed to limit greenhouse gas emissions.

Companies listed on the NZX, the country’s main exchange, will now only have to provide disclosures if their market capitalization is NZ$1 billion ($570 million) or more, Commerce Minister Scott Simpson said Wednesday in Wellington. The previous threshold was NZ$60 million. In addition, directors will no longer be deemed liable if companies break the reporting rules, he said.