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 its ambitions depends on a range of factors including clients and their approaches to climate change; on the enabling environment, in particular the policies and regulations adopted by governments and other public actors relating to climate change; and on the actions taken by companies and other actors.

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. As we move forward, climate risk remains deserving of attention. Considering the changes to the initiative, we will continue to monitor the situation and periodically assess our approach within the new framework and will update as the landscape and our views develop.