LCANZI Newsletter - October 2022

Kia ora koutou,

Please see our October newsletter below for an update of the last month.

LCANZI Panel: Kick-starting the transition in New Zealand - the role of corporate governance in the transition to a low-carbon economy

LCANZI’s Corporate Governance sub-committee hosted a free online panel yesterday. We had an outstanding, experienced panel with varied backgrounds and roles. Thank you to everyone who attended and to our panellists:

  • Simon Jensen (Buddle Findlay)

  • Jonathan Mason (Professional Director, Chapter Zero)

  • Julia Jackson (Kiwibank)

  • Laura Hillis (Investor Group on Climate Change)

  • Te Aroha Grace (Huatau, Ngāti Whātua Ōrākei)

If you registered for a ticket we will be sending out the recording and a write up including answers to questions asked in the Q&A function. We will also post the recording on our webinars page and link to it in our next newsletter. If you are interested in joining our Corporate Governance subcommittee please email admin@lawyersforclimateaction.nz.

Emma Geard facilitating our amazing panelist discussion

LCANZI Corporate Governance subcommittee member, Emma Geard, facilitating our amazing panelist discussion

Z Energy greenwashing complaint

Lawyers For Climate Action NZ Inc (LCANZI) has made a complaint against Z Energy to the Commerce Commission for greenwashing in its Moving With the Times campaign in which the petrol retailer claims it is “getting out of the petrol business” and positions itself as part of the transition away from fossil fuels.

“We need to hold these big companies to account - they need to be honest with what they are really selling. Playing with the hearts and minds of consumers who are are concerned about climate change and trying to do the right thing for the planet is unethical and we want to see some strong action taken.” says LCANZI President, Jenny Cooper KC.

You can read our press release here which includes our full complaint. Here is a stuff article covering the complaint including LCANZI, Commerce Commission and Z Energy’s responses.

LCANZI Climate-related Disclosures Final Consultation

The LCANZI financial disclosures subcommittee contributed to the External Reporting Board’s final consultation on climate-relation disclosures.

LCANZI is delighted that the XRB agrees with our submission that climate reporting entities (CREs) should be required to produce climate statements that contain at least three scenarios, including a mandatory “high physical risk” scenario of 3 degrees or more of global warming by 2100. LCANZI continues to believe that a “pessimistic but plausible” scenario such as this needs to be mandatory.

You can read the full submission here. You can also find all of our previous submissions in our projects and resources page. This submission was lead by LCANZI financial disclosure subcommittee member Michelle Tustin. If you are interested in joining our financial disclosures subcommittee please email admin@lawyersforclimateaction.nz.

LCANZI Emissions trading scheme (ETS) submission

LCANZI submitted on the 'Proposed changes to NZ ETS limit and price control settings for units 2022' on 6 October 2022. 

The emissions trading scheme is intended to be a key tool to ensure that New Zealand meets its international obligations, the emissions budgets and the 2050 target.  However, it is not currently fit for purpose.  The ETS is referred to as a “cap and trade” system, but it does not cap our emissions.  Furthermore, by treating forestry removals as equivalent to gross emissions it has encouraged forestry but has failed to reduce our gross emissions.  It is vital that these issues are addressed and resolved urgently.

One of the issues being consulted on is the level of auction volumes.  We consider that the proposed volumes are much higher than those implied by our commitments under the Paris Agreement.  We consider that the proposed settings could be susceptible to judicial review. 

You can read the full submission here. You can also find all of our previous submissions in our projects and resources page. This submission was written by LCANZI ETS subcommittee members; James Every-Palmer KC and Jeremiah McLanahan. If you are interested in joining our ETS subcommittee please email admin@lawyersforclimateaction.nz.

NZ Native Forest Restoration Trust board position

The NZ Native Forest Restoration Trust (NZFRT) are a community based organisation of several thousand supporters and volunteers that stand together to buy land and restore native forest and wetland in New Zealand.

One of their trustees, Warwick Brown, is retiring and the NZFRT board are looking to replace him, ideally with a lawyer with an interest in conservation. The Trust has grown to quite a big organisation, with 6 staff, 8000 ha of land and substantial funds invested, they feel it is necessary to have a lawyer on the board, to avoid them running unawares into legal, ethical and political minefields. In short, a watchdog role. The position is not very time consuming as all day-to-day matters are undertaken by staff and they have a very active Chairman and Treasurer. Formal legal advice and work is undertaken by their external lawyers. They have 6 meetings a year in Auckland and the Waikato area, some by Zoom. Residence in the Auckland or upper North island area would be desirable.

If you are interested in putting your name forward for consideration for a long-term trustee role please email Warwick Brown or you can call him on 0220217962.

Ngā mihi maioha for your support and we will update you again soon.

Kia pai tō rā whakatā! 

LCANZI Committee

LCANZI