We appreciate the actions taken to evolve the framework on 13 January 2025 given the changes in the global landscape and will be closely watching the review process.

Given innovation, regulation and cultural attitudes on the one hand, and physical disruption on the other, climate risk ought to be studied by investors as any other pertinent systemic or idiosyncratic risk. NZAM helps provide structure to the risk assessment. Climate risk remains a risk deserving of attention whether or not NZAM exists as a convening entity.