Deloitte’s trends analysis of Aotearoa New Zealand’s first cycle of climate reporting provides key insights into the current state of climate reporting. This pulse check of the reporting regime offers key insights into areas in which reporting entities are performing well; and areas where there is room for improvement. Our trends analysis also provides insight into the headline physical and transition risks to which New Zealand’s Climate Reporting Entities are exposed and provides a spotlight on the key emerging risks for the financial services sector.