(Reuters] – New Zealand’s central banks said Tuesday they support the plans of an independent government body for strengthening climate-related disclosures in financial companies.

New Zealand was the first nation to adopt laws that required banks, insurance companies, and investment managers reporting on the effects of climate change.

Officials stated that disclosure standards will be based upon standards set by New Zealand’s Independent Accounting Body, the External Reporting Board, (XRB), responsible for implementing climate, auditing, and accounting standards.

The Reserve Bank of New Zealand, (RBNZ), stated Tuesday that it is working closely with XRB regarding how to apply the laws.

Simone Robbers (RBNZ assistant governor) stated that the goal was to help entities deal with climate-related risks transparently.