Greens welcome new ACC zero carbon plans, call for ruling out any future fossil fuel investment

The Green Party welcomes the ACC’s announcement to achieve net zero carbon emissions by 2050 but emphasises the need to go further, and faster to truly meet the climate change challenge.

ACC has unveiled a dual pathway plan of 60% corporate emissions reduction by 2025 from 2019 levels, and 50% divestment from carbon intensive investments by 2030 from 2019 levels.

Green Party MP Chlöe Swarbrick, who has a member’s bill in the ballot that would ensure that all public funds, including the ACC, divest from the extraction and production of fossil fuels, said:

“We welcome the increased effort by the ACC to be a good steward when it comes to climate action, and I look forward to seeing further detail in the coming months about their divestment plan.

“I’ll be looking for a guarantee that they will be leaving direct investment in fossil fuels in the past, at the very least.

“We know that to ensure we avoid the worst impacts of a climate crisis, we cannot afford to burn most of fossil fuels that have already been discovered. Responsible public entities should not be banking on global warming, but investing in our clean, green climate future.

“We’re working hard to create a future that we can be proud to pass on to our kids and our grandkids. That’s going to take a total divestment from fossil fuels over the coming decades.

“We’re glad to see ACC mention the Zero Carbon Act as its driver for today’s policy announcement. The Greens will continue our work to relegate fossil fuels to where they belong, in the history books.”

Notes:

  • ACC’s new announcement follows yesterday’s fix to the Emissions Trading Scheme, and builds on a ban to new off-shore oil and gas drilling, uncontested passage of the Zero Carbon Act and creation of the Independent Climate Commission.
  • Last year, the Greens secured a Select Committee briefing on ACC’s $1 billion investment in fossil fuels, and put public questions to the Minister of Finance requesting his use of discretion under the Public Finance Act to direct that move.

 

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