At the invitation of the Minister of Climate Change, in May 2023, CSF convened a sector roundtable on the matter of reducing risk and embedding resilience into the economy, following cyclone Gabrielle and the North Island floods.
We were pleased to see in 2024 the incoming government announce that the Finance & Expenditure Select Committee would undertake a bipartisan Inquiry into climate adaptation, aiming to develop objectives and principles for a national adaptation framework and that an Independent Reference Group would be established to test policy ideas and explore the challenges under the current system experienced by Treaty partners, banks and insurers, local government and others.
The reference group members have skills, experience and knowledge of working in sectors that are, or are likely to be, particularly affected by natural hazards and climate change. The group was chaired by The Centre for Sustainable Finance’s chairperson Matt Whineray.
In July 2025, the Ministry released the reference group’s report, entitled: A proposed approach for New Zealand’s adaptation framework, which provides independent advice and recommendations for what an Adaptation Framework could look like. Whilst the group was convened to advise the govt and is not a Centre for Sustainable Finance initiative, we are wholly supportive of the process.
The report recommends that:
- New Zealanders need to have fair warning about the way natural hazards could impact them, so they can make informed decisions
- New Zealand should take the broadest interpretation of a ‘beneficiary pays’ approach in relation to contribution to risk reduction
- People and markets should adjust over time to a changing climate.
The report’s recommendations are now being considered by the Minister of Climate Change.
Watch this webinar where Matt Whineray and Rebekah Cain – who was an expert member of the group – discuss the reports recommendations.
View the full report here.
