In New Zealand, the climate risk reporting regime is encountering a phenomenon termed 'greenhushing', where organizations deliberately limit their climate-related disclosures to avoid potential backlash or accusations of greenwashing. This trend has emerged despite the regime's goal of enhancing transparency and accountability. Since the law's introduction in 2021, the reporting threshold was raised, exempting many organizations from disclosure requirements, which has drawn criticism from climate advocates. The regime mandates entities to conduct climate scenario analyses to evaluate potential risks, yet the inherent uncertainty in climate predictions complicates their application in decision-making. Many financial institutions have adopted basic measures like sustainable finance targets but are still hesitant to fully integrate climate risks into their lending policies. This cautious culture may hinder the regime's original intent to foster open discussions about climate risks. To address these challenges, regulators and industry bodies must prioritize actionable analysis over compliance, ensuring that climate considerations inform financial decisions effectively.