Greens call on Super Fund to divest from fossil fuels

The Green Party today called on the New Zealand Superannuation Fund (the Fund) to divest from fossil fuels, starting immediately with coal

The call was accompanied with a new report, Making money from a climate catastrophe: The case for divesting from fossil fuels, which pulls together a significant number of resources to make the ethical and financial case for divesting from companies directly involved in the mining and production of coal, oil, and gas. The Fund currently has $676 million in fossil fuel companies, comprising of approximately 2 percent of the Fund’s assets under management.

“The Guardians of the New Zealand Superannuation Fund are betting our money on a climate catastrophe,” said Green Party Co-leader Dr Russel Norman.

“The Guardians are meant to be investing for the long term, but by investing over $676 million into fossil fuel companies, they’re hedging that the world will take no action on the climate — a world for our kids where it’s not worth living to retirement age.

“It is now a well-established fact that if all the world’s known reserves of coal, oil, and gas are burned, our climate is toast. At least three-quarters of these reserves will have to stay in the ground, wiping much of the current value of the fossil fuel sector.

“Getting out of fossil fuels is not only the right thing to do, it makes financial sense too.”

The world’s largest pension fund — Norway’s $1.2 trillion Government Pension Fund — began divesting from fossil fuels this week citing ‘elevated levels of risk to our investments in the long term’. It joins a rapidly growing list of funds, banks, cities, universities, and churches that have divested from fossil fuels for ethical and financial reasons since 2011.

“The New Zealand Superannuation Fund is widely regarded as one of the most ethical funds in the world, having previously divested from nuclear weapons manufacturers, big tobacco, illegal munitions manufacturers, and Japanese whalers,” said Dr Norman.

“Yet climate change is the ethical issue of our times. We can join together with a growing divestment movement around the world and put pressure where it matters — on polluting fossil fuel producers.

“Money released from divestment can be reinvested in the rapidly growing renewable energy and energy efficiency sectors, helping to hasten the transition of our economy to a low-carbon future.

“This century will be the century of sustainability. The countries and the businesses that lead that shift to sustainability will dominate.”

Read the report: Making money from a climate catastrophe: The case for divesting from fossil fuels.

 

 

Latest Superannuation Announcements

Policy

Prohibition of Investment of Public Funds in Fossil Fuels Bill

This Member’s Bill sets out the Green Party’s plan to move Aotearoa New Zealand towards a safe climate future, by divesting all public funds from f...
See More

Story

Super Fund tilts towards clean energy

The New Zealand Superannuation Fund’s commitment to invest NZ$540 million in clean energy is its clearest signal yet that they are taking climate c...
Read More

Story

Super Fund backs coal while the world rushes to dump it

The New Zealand Superannuation Fund has been increasing its investment in the world’s dirtiest coal companies over the last three years despite lar...
Read More

Latest Climate Change Announcements

Story

Work to do on climate adaptation

The Finance and Expenditure Committee’s inquiry into climate adaptation is something that must be built on for an enduring framework to manage clim...
Read More

Story

Green Government will revoke oil and gas permits

The Green Party vows to reinstate the oil and gas ban and revoke permits when it returns to government following the coalition’s introduction of le...
Read More

Story

Govt must act to avoid the worst of NIWA’s climate projections

New climate projections from NIWA underscore how urgently climate action is needed.
Read More

Story

Government back off track on climate action

Today’s Draft Emissions Reduction Plan shows the Government couldn’t care less about a liveable climate for all.
Read More

Story

Failure of climate auction highlights government inaction

The lack of bids at today’s ETS auction is a sad indictment on this Government's staggering indifference to the climate crisis and their lack of a ...
Read More

Story

Budget cuts chances of liveable future

Scrutiny of Budget 24 and advice to the Minister of Finance shows the Government is knowingly increasing emissions and shredding climate action.
Read More