NZAM has returned with a new framing, and Ruffer will remain a signatory. In making this commitment, we recognise that the extent to which signatories (and the industry as a whole) can implement NZAM’s ambitions depends on a range of factors. These include clients and their approaches to climate change; the enabling environment, in particular the policies and regulations on climate change adopted by governments and other public actors; and the actions taken by companies and other entities.

Given innovation, regulation and cultural attitudes on the one hand and physical disruption on the other, investors should study climate risk like any other pertinent systemic or idiosyncratic risk. NZAM helps provide structure to the risk assessment.

Climate risk still deserves and demands our attention. Considering the changes to the initiative, we will monitor the situation and periodically assess our approach within the new framework, and we will update it as the landscape and our views develop.