Climate change is an area of strategic focus for the Treasury because of the likely wide ranging implications it will have for our economy and society.
In keeping with our stewardship role, the Treasury is developing new reporting processes to enhance public transparency and accountability around both the costs of climate change, and government spending to address it.
Climate Economic and Fiscal Assessment
Ngā Kōrero Āhuarangi me te Ōhanga – Climate Economic and Fiscal Assessment brings together information on the economic and fiscal implications of climate change and New Zealand’s response to it. This report has been jointly produced by the Treasury and the Ministry for the Environment.
The Climate Emergency Response Fund
In late 2021 the Government established the Climate Emergency Response Fund (CERF), to provide funding for climate objectives.
The financial monitoring and reporting data for the initiatives funded from the CERF in Budget 2022 is now available. Subsequent updates will be provided regularly to enhance transparency over CERF spending and its progress toward climate objectives.
North Island Weather Event Recovery and Response Funding
In early 2023, Aotearoa New Zealand was hit by two weather events; the Auckland Anniversary floods and Cyclone Gabrielle. These caused widespread catastrophic flooding across large parts of the North Island, devastating communities and businesses in affected regions, and damaging land, infrastructure, and services. The Government has approved a range of investments to fund the response and recovery in the wake of these events.
The financial monitoring and reporting data for NIWE response and recovery expenditure is now available. Subsequent updates will be provided quarterly to ensure transparency over expenditure.