No More Investing In Oil Exploration
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- Date published:
10:47 am, March 10th, 2019 - 21 comments
Categories: climate change, Conservation, energy, Environment, global warming, sustainability, transport -
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Norway’s government has announced it is selling out of oil exploration. It will continue to invest in energy companies that have refineries and are engaged in distribution and retail sales of oil and gas products – with significant stakes in Shell, BP, Total and ExxonMobil, it’s nowhere near as strong a decision as it could have been. But this is a fund worth US$1 trillion and counting.
That is a market signal with global impact.
While Oslo said the move is based solely on financial considerations and that it does not reflect any particular view of the oil industry’s future prospects, it does provide a context Saudi Arabia’s late 2018 decision not to float shares in its own oil interests. Every major government social fund can see the horizon for investing in oil when your citizens’ future social welfare entitlements depend on it.
These are not signals that will halt climate change. Asian demand for oil appears pretty much insatiable. It’s too late to turn that around much. Even New Zealand demand for transport oil keeps trucking along so to speak. Our overall energy source mix and demand is here.
The New Zealand Superfund policies are all listed here if you’d like to compare.
New Zealand’s own fund currently excludes investments in companies involved in:
- the manufacture of cluster munitions
- the manufacture or testing of nuclear explosive devices (NEDs)
- the manufacture of anti-personnel mines
- the manufacture of tobacco
- the processing of whale meat
- recreational cannabis.
The NZSuperfund also states: “We also may decide to exclude individual companies for severe breaches of our responsible investments standards, such as the UN Global Compact, where we consider engagement is unlikely to be effective due to the context of the company’s operations or to a lack of responsiveness from the company to the issue.”
They should be firmer about the UN local Compact, as Norway’s fund is being. (You get even more detail if you are in the Kiwibank Kiwisaver fund, which lists every single company it’s into.)
McKinsey Group’s view of oil is that demand growth will stay healthy through to 2022 at least, demand growth will likely peak around 2030, and there will still be some need for shale and offshore exploration for 4-5% of new oil production sources.
But Norway is sending an almighty big political signal here, and it’s one we should heed. Oil exploration to meet demand may well continue, but governments don’t have to assist.
If in 2019 New Zealand does form a Labour+National agreement on carbon pricing in the upcoming legislation, there should be little argument against stronger direction from the government for NZSuperfund to divest itself from oil investment as a matter of policy, just like Norway. It will take across-House agreement on carbon taxes to do that, but that’s the outcome that Shaw and Ardern simply must deliver.
A policy for NZSuperfund that excluded oil and gas investment would be completely consistent with government policy stopping future blocks from exploration.
What we the public ought to expect from this government is a whole picture about its approach to carbon. We are already seeing the chaos that occurs because this government failed to manage NZSuper and NZTA’s low-oil transport initiative in light rail: NZSuper worked actively against NZTA’s own light rail proposal and stopped all progress this term. That simply can’t happen again.
We need this government to get in to NZSUperfund and get dirty. Send clear signals, and a lot stronger than they did with the Reserve Bank changes.
As part of coherent carbon policy, all our public funds including NZSuperfund, ACC Funds, EQC, and Parliamentary Super, must be part of forswearing investment in petroleum exploration.
The least we can do is be good followers.
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- Release: Working together on consistent support for veterans this Anzac DayOur two-tiered system for veterans’ support is out of step with our closest partners, and all parties in Parliament should work together to fix it, Labour veterans’ affairs spokesperson Greg O’Connor said. ...2 weeks ago
- Release: Penny drops – but what about Seymour and Peters?Stripping two Ministers of their portfolios just six months into the job shows Christopher Luxon’s management style is lacking, Labour Leader Chris Hipkins said. ...2 weeks ago
- Another ‘Stolen Generation’ enabled by court ruling on Waitangi Tribunal summonsTonight’s court decision to overturn the summons of the Children’s Minister has enabled the Crown to continue making decisions about Māori without evidence, says Te Pāti Māori spokesperson for Children, Mariameno Kapa-Kingi. “The judicial system has this evening told the nation that this government can do whatever they want when ...2 weeks ago
- Release: Budget blunder shows Nicola Willis could cut recovery fundingIt appears Nicola Willis is about to pull the rug out from under the feet of local communities still dealing with the aftermath of last year’s severe weather, and local councils relying on funding to build back from these disasters. ...2 weeks ago
- Further environmental mismanagement on the cardsThe Government’s resource management reforms will add to the heavy and ever-growing burden this Government is loading on to our environment. ...2 weeks ago
- Release: RMA changes will be a disaster for environmentThe Government is making short-sighted changes to the Resource Management Act (RMA) that will take away environmental protection in favour of short-term profits, Labour’s environment spokesperson Rachel Brooking said today. ...2 weeks ago
- Release: Labour supports urgent changes to emergency management systemLabour welcomes the release of the report into the North Island weather events and looks forward to working with the Government to ensure that New Zealand is as prepared as it can be for the next natural disaster. ...2 weeks ago
- Release: Labour calls for New Zealand to recognise PalestineThe Labour Party has called for the New Zealand Government to recognise Palestine, as a material step towards progressing the two-State solution needed to achieve a lasting peace in the region. ...2 weeks ago
- Release: Three strikes law political posturing of worst kindThe Government is bringing back a law that has little evidential backing just to look tough, Labour justice spokesperson Duncan Webb said. ...2 weeks ago
- Release: Government cuts unbelievably target child exploitation, violent extremism, ports and airpor...Some of our country’s most important work, stopping the sexual exploitation of children and violent extremism could go along with staff on the frontline at ports and airports. ...2 weeks ago
- Three strikes has failed before and will fail againResurrecting the archaic three-strikes legislation is an unwelcome return to a failed American-style approach to justice. ...2 weeks ago
- Release: Environmental protection vital, not ‘onerous’The Government’s Fast Track Approvals Bill will give projects such as new coal mines a ‘get out of jail free’ card to wreak havoc on the environment, Labour Leader Chris Hipkins said today. ...2 weeks ago
- Ferris – Three Strikes targets those ‘too brown to be white’The government's decision to reintroduce Three Strikes is a destructive and ineffective piece of law-making that will only exacerbate an inherently biased and racist criminal justice system, said Te Pāti Māori Justice Spokesperson, Tākuta Ferris, today. During the time Three Strikes was in place in Aotearoa, Māori and Pasifika received ...2 weeks ago
- Release: Govt cuts doctors and nurses in hiring freezeCuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...3 weeks ago
- Fast-track submissions period must be extendedThe Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...3 weeks ago
- Release: Progress on climate will be undone by GovtNew Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...3 weeks ago
- NZ – European Union ties more critical than ever
Your Excellency Ambassador Meredith, Members of the Diplomatic Corps and Ambassadors from European Union Member States, Ministerial colleagues, Members of Parliament, and other distinguished guests, Thank you everyone for joining us. Ladies and gentlemen - In diplomacy, we often speak of ‘close’ and ‘long-standing’ relations. ...5 hours ago - Therapeutic Products Act to be repealedThe Therapeutic Products Act (TPA) will be repealed this year so that a better regime can be put in place to provide New Zealanders safe and timely access to medicines, medical devices and health products, Associate Health Minister Casey Costello announced today. “The medicines and products we are talking about ...8 hours ago
- Decisions on Wellington City Council’s District PlanThe Minister Responsible for RMA Reform, Chris Bishop, today released his decision on twenty recommendations referred to him by the Wellington City Council relating to its Intensification Planning Instrument, after the Council rejected those recommendations of the Independent Hearings Panel and made alternative recommendations. “Wellington notified its District Plan on ...10 hours ago
- Rape Awareness Week: Government committed to action on sexual violenceRape Awareness Week (6-10 May) is an important opportunity to acknowledge the continued effort required by government and communities to ensure that all New Zealanders can live free from violence, say Ministers Karen Chhour and Louise Upston. “With 1 in 3 women and 1 in 8 men experiencing sexual violence ...10 hours ago
- Smarter lunch programme feeds more, costs lessAssociate Education Minister David Seymour has today announced that the Government will be delivering a more efficient Healthy School Lunches Programme, saving taxpayers approximately $107 million a year compared to how Labour funded it, by embracing innovation and commercial expertise. “We are delivering on our commitment to treat taxpayers’ money ...11 hours ago
- Report provides insights into marine recoveryNew research on the impacts of extreme weather on coastal marine habitats in Tairāwhiti and Hawke’s Bay will help fishery managers plan for and respond to any future events, Oceans and Fisheries Minister Shane Jones says. A report released today on research by Niwa on behalf of Fisheries New Zealand ...13 hours ago
- NZ to send political delegation to the PacificDeputy Prime Minister and Foreign Minister Winston Peters will lead a broad political delegation on a five-stop Pacific tour next week to strengthen New Zealand’s engagement with the region. The delegation will visit Solomon Islands, Papua New Guinea, Vanuatu, New Caledonia, and Tuvalu. “New Zealand has deep and ...13 hours ago
- Low gas production threatens energy securityThere has been a material decline in gas production according to figures released today by the Gas Industry Co. Figures released by the Gas Industry Company show that there was a 12.5 per cent reduction in gas production during 2023, and a 27.8 per cent reduction in gas production in the ...18 hours ago
- Defence industry talent, commitment recognisedDefence Minister Judith Collins tonight announced the recipients of the Minister of Defence Awards of Excellence for Industry, saying they all contribute to New Zealanders’ security and wellbeing. “Congratulations to this year’s recipients, whose innovative products and services play a critical role in the delivery of New Zealand’s defence capabilities, ...1 day ago
- Speech to the Minister of Defence Awards of Excellence for IndustryWelcome to you all - it is a pleasure to be here this evening.I would like to start by thanking Greg Lowe, Chair of the New Zealand Defence Industry Advisory Council, for co-hosting this reception with me. This evening is about recognising businesses from across New Zealand and overseas who in ...1 day ago
- Speech to the Sixth Annual New Zealand Government Data SummitIt is a pleasure to be speaking to you as the Minister for Digitising Government. I would like to thank Akolade for the invitation to address this Summit, and to acknowledge the great effort you are making to grow New Zealand’s digital future. Today, we stand at the cusp of ...1 day ago
- Ceasefire agreement needed now: PetersNew Zealand is urging both Israel and Hamas to agree to an immediate ceasefire to avoid the further humanitarian catastrophe that military action in Rafah would unleash, Foreign Minister Winston Peters says. “The immense suffering in Gaza cannot be allowed to worsen further. Both sides have a responsibility to ...1 day ago
- Daily school attendance data now availableA new online data dashboard released today as part of the Government’s school attendance action plan makes more timely daily attendance data available to the public and parents, says Associate Education Minister David Seymour. The interactive dashboard will be updated once a week to show a national average of how ...1 day ago
- Ambassador to United States appointedForeign Minister Winston Peters has announced Rosemary Banks will be New Zealand’s next Ambassador to the United States of America. “Our relationship with the United States is crucial for New Zealand in strategic, security and economic terms,” Mr Peters says. “New Zealand and the United States have a ...2 days ago
- New permit proposed for recreational gold miningThe Government is considering creating a new tier of minerals permitting that will make it easier for hobby miners to prospect for gold. “New Zealand was built on gold, it’s in our DNA. Our gold deposits, particularly in regions such as Otago and the West Coast have always attracted fortune-hunters. ...2 days ago
- NZ and the UAE launch FTA negotiationsMinister for Trade Todd McClay today announced that New Zealand and the United Arab Emirates (UAE) will commence negotiations on a free trade agreement (FTA). Minister McClay met with his counterpart UAE Trade Minister Dr Thani bin Ahmed Al Zeyoudi in Dubai, where they announced the launch of negotiations on a ...2 days ago
- New Zealand Sign Language Week an opportunity for anyone to signNew Zealand Sign Language Week is an excellent opportunity for all Kiwis to give the language a go, Disabilities Issues Minister Louise Upston says. This week (May 6 to 12) is New Zealand Sign Language (NZSL) Week. The theme is “an Aotearoa where anyone can sign anywhere” and aims to ...2 days ago
- Next stop NASA for New Zealand studentsSix tertiary students have been selected to work on NASA projects in the US through a New Zealand Space Scholarship, Space Minister Judith Collins announced today. “This is a fantastic opportunity for these talented students. They will undertake internships at NASA’s Ames Research Center or its Jet Propulsion Laboratory (JPL), where ...2 days ago
- $1.9 billion investment to keep NZ safe from crimeNew Zealanders will be safer because of a $1.9 billion investment in more frontline Corrections officers, more support for offenders to turn away from crime, and more prison capacity, Corrections Minister Mark Mitchell says. “Our Government said we would crack down on crime. We promised to restore law and order, ...2 days ago
- OECD reinforces need to control spendingThe OECD’s latest report on New Zealand reinforces the importance of bringing Government spending under control, Finance Minister Nicola Willis says. The OECD conducts country surveys every two years to review its members’ economic policies. The 2024 New Zealand survey was presented in Wellington today by OECD Chief Economist Clare Lombardelli. ...2 days ago
- Agreement delivers Local Water Done Well for AucklandThe Government has delivered on its election promise to provide a financially sustainable model for Auckland under its Local Water Done Well plan. The plan, which has been unanimously endorsed by Auckland Council’s Governing Body, will see Aucklanders avoid the previously projected 25.8 per cent water rates increases while retaining ...3 days ago
- Gaza and the Pacific on the agenda with GermanyForeign Minister Winston Peters discussed the need for an immediate ceasefire in Gaza, and enhanced cooperation in the Pacific with German Foreign Minister Annalena Baerbock during her first official visit to New Zealand today. "New Zealand and Germany enjoy shared interests and values, including the rule of law, democracy, respect for the international system ...4 days ago
- Decision allows for housing growth in Western Bay of PlentyThe Minister Responsible for RMA Reform, Chris Bishop today released his decision on four recommendations referred to him by the Western Bay of Plenty District Council, opening the door to housing growth in the area. The Council’s Plan Change 92 allows more homes to be built in existing and new ...5 days ago
- Speech to New Zealand China CouncilThank you, John McKinnon and the New Zealand China Council for the invitation to speak to you today. Thank you too, all members of the China Council. Your effort has played an essential role in helping to build, shape, and grow a balanced and resilient relationship between our two ...6 days ago
- Modern insurance law will protect Kiwi householdsThe Government is modernising insurance law to better protect Kiwis and provide security in the event of a disaster, Commerce and Consumer Affairs Minister Andrew Bayly announced today. “These reforms are long overdue. New Zealand’s insurance law is complicated and dated, some of which is more than 100 years old. ...6 days ago
- Government recommits to equal payThe coalition Government is refreshing its approach to supporting pay equity claims as time-limited funding for the Pay Equity Taskforce comes to an end, Public Service Minister Nicola Willis says. “Three years ago, the then-government introduced changes to the Equal Pay Act to support pay equity bargaining. The changes were ...6 days ago
- Transforming how our children learn to readStructured literacy will change the way New Zealand children learn to read - improving achievement and setting students up for success, Education Minister Erica Stanford says. “Being able to read and write is a fundamental life skill that too many young people are missing out on. Recent data shows that ...6 days ago
- NZ not backing down in Canada dairy disputeTrade Minister Todd McClay says Canada’s refusal to comply in full with a CPTPP trade dispute ruling in our favour over dairy trade is cynical and New Zealand has no intention of backing down. Mr McClay said he has asked for urgent legal advice in respect of our ‘next move’ ...6 days ago
- Stronger oversight for our most vulnerable childrenThe rights of our children and young people will be enhanced by changes the coalition Government will make to strengthen oversight of the Oranga Tamariki system, including restoring a single Children’s Commissioner. “The Government is committed to delivering better public services that care for our most at-risk young people and ...7 days ago
- Streamlining Building Consent ChangesThe Government is making it easier for minor changes to be made to a building consent so building a home is easier and more affordable, Building and Construction Minister Chris Penk says. “The coalition Government is focused on making it easier and cheaper to build homes so we can ...7 days ago
- Minister acknowledges passing of Sir Robert Martin (KNZM)New Zealand lost a true legend when internationally renowned disability advocate Sir Robert Martin (KNZM) passed away at his home in Whanganui last night, Disabilities Issues Minister Louise Upston says. “Our Government’s thoughts are with his wife Lynda, family and community, those he has worked with, the disability community in ...1 week ago
- Speech to New Zealand Institute of International Affairs, Parliament – Annual Lecture: Challenges ...Good evening – Before discussing the challenges and opportunities facing New Zealand’s foreign policy, we’d like to first acknowledge the New Zealand Institute of International Affairs. You have contributed to debates about New Zealand foreign policy over a long period of time, and we thank you for hosting us. ...1 week ago
- Accelerating airport security linesFrom today, passengers travelling internationally from Auckland Airport will be able to keep laptops and liquids in their carry-on bags for security screening thanks to new technology, Transport Minister Simeon Brown says. “Creating a more efficient and seamless travel experience is important for holidaymakers and businesses, enabling faster movement through ...1 week ago
- Community hui to talk about kina barrensPeople with an interest in the health of Northland’s marine ecosystems are invited to a public meeting to discuss how to deal with kina barrens, Oceans and Fisheries Minister Shane Jones says. Mr Jones will lead the discussion, which will take place on Friday, 10 May, at Awanui Hotel in ...1 week ago
- Kiwi exporters win as NZ-EU FTA enters into forceKiwi exporters are $100 million better off today with the NZ EU FTA entering into force says Trade Minister Todd McClay. “This is all part of our plan to grow the economy. New Zealand's prosperity depends on international trade, making up 60 per cent of the country’s total economic activity. ...1 week ago
- Mining resurgence a welcome signThere are heartening signs that the extractive sector is once again becoming an attractive prospect for investors and a source of economic prosperity for New Zealand, Resources Minister Shane Jones says. “The beginnings of a resurgence in extractive industries are apparent in media reports of the sector in the past ...1 week ago
- Ō-Rākau Remembrance Bill passes first readingThe return of the historic Ō-Rākau battle site to the descendants of those who fought there moved one step closer today with the first reading of Te Pire mō Ō-Rākau, Te Pae o Maumahara / The Ō-Rākau Remembrance Bill. The Bill will entrust the 9.7-hectare battle site, five kilometres west ...1 week ago
- Government to boost public EV charging networkEnergy Minister Simeon Brown has announced 25 new high-speed EV charging hubs along key routes between major urban centres and outlined the Government’s plan to supercharge New Zealand’s EV infrastructure. The hubs will each have several chargers and be capable of charging at least four – and up to 10 ...1 week ago
- Residential Property Managers Bill to not progressThe coalition Government will not proceed with the previous Government’s plans to regulate residential property managers, Housing Minister Chris Bishop says. “I have written to the Chairperson of the Social Services and Community Committee to inform him that the Government does not intend to support the Residential Property Managers Bill ...1 week ago
- Independent review into disability support servicesThe Government has announced an independent review into the disability support system funded by the Ministry of Disabled People – Whaikaha. Disability Issues Minister Louise Upston says the review will look at what can be done to strengthen the long-term sustainability of Disability Support Services to provide disabled people and ...1 week ago
- Politics with Michelle Grattan: James Paterson on prospects for passage of the government’s deport...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Next week the government will again next try to get its legislation through to deal with non-citizens who won’t cooperate with efforts to deport them. The bill, which the opposition and crossbench refused to rush ...3 hours ago - NZCTU Launch Project To Set Out Alternative Vision For Aotearoa
A long-term project that will set out an alternative vision for Aotearoa that looks beyond the narrow confines of the policy straight jacket adopted by successive governments. ...4 hours ago - Yes, Australia’s big supermarkets have been price gouging. But fixing the problem won’t be easySource: The Conversation (Au and NZ) – By Bree Hurst, Associate Professor, Faculty of Business and Law, QUT, Queensland University of Technology TK Kurikawa/Shutterstock A much-awaited report into Coles and Woolworths has found what many customers have long believed – Australia’s big supermarkets engage in price gouging. What started ...5 hours ago
- The government wanted to avoid an inquiry into its deportation bill. Given the findings, it’s easy...Source: The Conversation (Au and NZ) – By Daniel Ghezelbash, Associate Professor and Deputy Director, Kaldor Centre for International Refugee Law, UNSW Law & Justice, UNSW Sydney The Albanese government wanted to avoid an inquiry into its migration amendment bill. The report, handed down yesterday by a senate committee that ...5 hours ago
- Senate report on lobbying passes the buck on improving transparency or legislationSource: The Conversation (Au and NZ) – By Joo-Cheong Tham, Professor, Melbourne Law School, The University of Melbourne Lobbying is at the heart of government. Who has access to and influence over key government officials shapes the decisions governments make – and how they make them. The ability to influence ...5 hours ago
- Ngāti Toa rallies against Fast Track Approvals Bill
Iwi would not allow the government to degrade its whenua, moana or awa for the purpose of urban development, ministers were told. ...6 hours ago - Free school lunches: Labour MP apologises over 'offensive' Hamas tweet to SeymourDuncan Webb had queried if the ACT leader did not like hummus because it is too close to Hamas. ...6 hours ago
- Australia’s Eurovision entry this year is the first to sing in First Nations language: meet Electr...Source: The Conversation (Au and NZ) – By Myfany Turpin, Associate Professor, Ethnomusicology, Linguistics and Ethnobiology, University of Sydney The act representing Australia at this year’s Eurovision contest has sadly not qualified for the grand final. Yet for Zaachariaha Fielding and Michael Ross, the duo that makes up Electric Fields, ...7 hours ago
- Labour claims win as govt commits to new free school lunches modelThe Labour Party is claiming a win for its campaign that the government commit to keeping and funding free school lunches. ...7 hours ago
- A definitive list of woke and non-woke foods
In announcing changes to the school lunches programme, David Seymour said kids would no longer be served ‘woke’ foods. To clear up any confusion, The Spinoff has compiled a guide to the wokeness levels of some common food items. Apple = NOT WOKE Avocado = WOKE Avocado, smashed = EVEN ...8 hours ago - Future of the planet more important than the Greens survival, former co-leader James Shaw saysFormer Green Party co-leader James Shaw calls out tribalism and hyper-partisanship - including in his own party. ...8 hours ago
- Fourth urgent inquiry by the Waitangi Tribunal, this time on Māori wardsThe Tribunal is conducting another urgent inquiry into plans to require councils to hold a binding referendum on Māori wards. ...8 hours ago
- NCSC Briefs IPAC Representatives On Response To Malicious Cyber ActivityThe Minister Responsible for GCSB and the Inspector-General of Intelligence and Security have been notified of this review, and have been provided a finalised Terms of Reference. ...8 hours ago
- How is China being taught at Australian universities? And why does this matter? Here’s what our re...Source: The Conversation (Au and NZ) – By Minglu Chen, Senior Lecturer, Government and International Relations, University of Sydney Robert Way/Shutterstock As the past few years have illustrated so clearly, the Australia-China relationship is complicated. As such, it is crucial for Australians to develop a more nuanced understanding of ...8 hours ago
- Saving the Mary River turtle: how the people of Tiaro rallied behind an iconic speciesSource: The Conversation (Au and NZ) – By Mariana Campbell, Research Lecturer, Conservation, Charles Darwin University Marilyn Connell Australian freshwater turtles are facing an alarming trend. Almost half of these species are listed as vulnerable, endangered or critically endangered. The Mary River turtle (Elusor macrurus) is one of Australia’s ...8 hours ago
- Why are algorithms called algorithms? A brief history of the Persian polymath you’ve likely never ...Source: The Conversation (Au and NZ) – By Debbie Passey, Digital Health Research Fellow, The University of Melbourne Algorithms have become integral to our lives. From social media apps to Netflix, algorithms learn your preferences and prioritise the content you are shown. Google Maps and artificial intelligence are nothing without ...9 hours ago
- Neuroaffirming care values the strengths and differences of autistic people, those with ADHD or othe...Source: The Conversation (Au and NZ) – By Josephine Barbaro, Associate Professor, Principal Research Fellow, Psychologist, La Trobe University Unsplash We’ve come a long way in terms of understanding that everyone thinks, interacts and experiences the world differently. In the past, autistic people, people with attention deficit hyperactive disorder ...9 hours ago
- ‘Reckless’ kina devaluation spells disaster for PNG, says NomanePNG Post-Courier Papua New Guinea’s deputy opposition leader James Nomane has accused the government of “reckless economic management” that has forced devaluation to manage loan repayments in foreign currency and placate the International Monetary Fund (IMF). Prime Minister James Marape “must stop lying to the people of Papua New Guinea”, ...9 hours ago
- Modernising Census – Stats NZFrom today, members of the public can have their say on what Aotearoa New Zealand’s census could look like in the future. ...9 hours ago
- ‘I do love a good funnysad novel’: Jane Arthur on her favourite booksWelcome to The Spinoff Bookseller Confessional, in which we get to know Aotearoa’s booksellers. This week: Jane Arthur, author of Brown Bird, and former bookseller at Good Books. The book I wish I’d written I have been working on not comparing myself to others. On accepting that what I can ...9 hours ago
- RMA Minister rejects Wellington council's bid to remove heritage protections from buildingsCouncil did not provide sufficient evidence to support its reasons for removing the 10 buildings from the Heritage schedule, Chris Bishop says. ...9 hours ago
- War for Wellington: Minister approves sweeping upzoning, rejects heritage changesThe final decision on the Wellington District Plan makes it official: High-density housing is legal across most of Wellington. Housing minister Chris Bishop has announced his decision on the Wellington District Plan, approving a series of amendments to radically upzone most of Wellington, allowing tens of thousands of new townhouses ...10 hours ago
- Bryce Edwards Analysis – Following the political moneyAnalysis by Dr Bryce Edwards – Democracy Project (https://democracyproject.nz) Political scientist, Dr Bryce Edwards. “Follow the money” is the classic directive to journalists trying to understand where power and influence lie in society. In terms of uncovering who influences various New Zealand political parties and governments, it therefore pays to ...10 hours ago
- Free school lunches: Year 7 students and above to shift to alternative modelA new interim delivery model will kick in next year to allow time for a full redesign of the scheme before any more money is dedicated. ...11 hours ago
- Rafah ‘last place of safety’ in Gaza, UN aid boss warnsRNZ News As Israel presses ahead with strikes in Rafah and seizing the Rafah crossing from Egypt, aid agencies are sounding the alarm of a “catastrophic humanitarian situation”. Rafah was “significant” because it was the only part in Gaza that had not been terribly damaged by the conflict, United Nations ...11 hours ago
- Foreign Affairs minister to lead Pacific delegationThe Foreign Affairs minister is heading on a five-stop Pacific tour, which he says will strengthen New Zealand's engagement in the region. ...11 hours ago
- Why we’re fighting to save Te Huia, the Hamilton-Auckland trainWith funding set to be scrapped for the Hamilton-Auckland commuter train, Te Huia enthusiast Georgie Dansey argues for it to be thrown a lifeline. It’s 5.45am and the chain of my crappy old bike falls off slugging up the one hill in Hamilton. I contemplate yeeting the bike into the ...11 hours ago
- Greens Call On Government To Keep Same-day Election Enrolment And VotingOn Radio New Zealand this morning, the Justice Minister stated the Government was considering ending election day enrolments. ...11 hours ago
- Many people are feeling ecological grief. How can we help those whose work puts them at risk?Source: The Conversation (Au and NZ) – By Anna Cooke, Honorary Fellow, School of the Environment, The University of Queensland We feel ecological grief when we lose places, species or ecosystems we value and love. These losses are a growing threat to mental health and wellbeing globally. We all see ...11 hours ago
- Revitalizing Toronto’s downtown core after COVID-19 greatly benefits the city and the regionSource: The Conversation (Au and NZ) – By Shauna Brail, Associate Professor, Institute for Management & Innovation, University of Toronto A shift to hybrid and remote work continues to affect worker presence in Toronto’s downtown. (Shutterstock) Downtown Toronto, the core of Canada’s largest city, continues to reel from the lingering ...11 hours ago
- Government quiet on costs, building plan for Waikato prison expansionThe extra beds would take longer than the four-years covered in this week's budget announcement to deliver, the Corrections Minister told RNZ. ...12 hours ago
- Chief Electoral Officer Needs To Fall On His SwordResponding to an Auditor-General's report slamming failures in the administration of the 2023 General Election, Taxpayers’ Union Policy and Public Affairs Manager, James Ross, said: ...12 hours ago
- How many productivity apps do I have to use to become more productive?Productivity apps now make up a big chunk of the software market. But do they work? And why do they all have AI integrations? Despite being firmly on the record as a physical planner fan, I sometimes dream of something better than my pretty diary and its scrawled, ugly, interior ...12 hours ago
- Government considers removing election day voter enrolmentJustice Minister Paul Goldsmith says very few countries allow it, and New Zealand should consider changing the rules. ...13 hours ago
- Beehive Need To Lead By ExampleThe Taxpayers’ Union says the Beehive need to lead by example, following reports of more than $50,000 spent upgrading video conferencing equipment and furniture in the Prime Minister’s office. Taxpayers’ Union Campaign Manager, Connor Molloy, ...13 hours ago
- The Spinoff Power List: 50 New Zealanders you need to knowAn objective list of the 50 most powerful people in New Zealand, as judged by the Spinoff Editorial Board. It’s power list season, baby, and we want in on the action. Sure, there’s the rich list and the powerful “c-suite” list and the young people with power (hmmm) but here, ...14 hours ago
- First Nations imprisonment is already at a record high. Unless government policy changes, it will on...Source: The Conversation (Au and NZ) – By Thalia Anthony, Professor of Law, University of Technology Sydney Shutterstock This article contains information on deaths in custody and the names of deceased people, and describes ongoing colonial violence towards Aboriginal and Torres Strait Islander people. First Nations people in Australia ...14 hours ago
- Martha isn’t Baby Reindeer’s biggest villain. So why is she painted as such?Source: The Conversation (Au and NZ) – By Alex Simpson, Senior Lecturer in Criminology, Macquarie University Netflix Baby Reindeer’s phenomenal success has much to do with its writer and lead, Richard Gadd, who plays Donny in a tender semi-autobiographical account of sexual abuse, harassment and stalking. Gadd’s story has ...14 hours ago
- Yes, adults can develop food allergies. Here are 4 types you need to know aboutSource: The Conversation (Au and NZ) – By Clare Collins, Laureate Professor in Nutrition and Dietetics, University of Newcastle KarolinaGrabowska/Pexels If you didn’t have food allergies as a child, is it possible to develop them as an adult? The short answer is yes. But the reasons why are much ...15 hours ago
- An outsider on the inside: how Ans Westra created New Zealand’s ‘national photo album’Source: The Conversation (Au and NZ) – By Paul Moon, Professor of History, Auckland University of Technology Ans Westra, self-portrait, c. 1963. National Library ref AWM-0705-F They try but invariably fail – those writers who believe they are capable of encapsulating in prose or verse the essence of ...15 hours ago
- How the lessons from Covid-19 could help us prepare for bird fluStewart Sowman-Lund looks at the growing concern around the world in this extract from The Bulletin. To receive The Bulletin in full each weekday, sign up here. What’s all this? When Covid-19 arrived on our shores in early 2020, some argued we were too slow, or crucially, ill-prepared for a pandemic. So ...16 hours ago
- As climate change amplifies urban flooding, here’s how communities can become ‘sponge cities’Source: The Conversation (Au and NZ) – By Franco Montalto, Professor of Civil, Architectural and Environmental Engineering and Director, Sustainable Water Resource Engineering Laboratory, Drexel University Water runs into a storm drain in a Los Angeles alley on Aug. 19, 2023, during Tropical Storm Hilary. Citizen of the Planet/Universal Images ...16 hours ago
- Genesis Energy to fire up coal imports, citing increased demand, dwindling gas supplyGenesis Energy is to resume importing coal, as reduced gas supplies and increased demand add to the problems of keeping the lights on. ...16 hours ago
- The Boy in the Water: ‘Someone was struggling at a fence’
The inquest into the death of Gore toddler Lachlan Jones has turned up a new witness who says he saw two teenagers and a small child in a high vis vest in the area where the boy’s body was found the day he died. Lachie’s body was discovered face up ...16 hours ago - Te Pāti Māori comments: 'That kind of language isn't helpful'Political parties have roundly criticised Te Pāti Māori for using words like 'extermination' and 'white supremacy' in the House. ...17 hours ago
- Mental Health Minister Matt Doocey sought advice on ‘social impact bonds’ to fund servicesMinisters have sought advice on 'social impact bonds', which offer a potential return on private investment in public services. ...18 hours ago
- Managed retreat: How do we get out of the way of climate change?"Ad hoc" house buyouts after major disasters cannot continue, the Climate Change Minister says. ...18 hours ago
- Rules for property managers are scrapped. But what’s the worst that could happen?Stories from the tenancy trenches, featuring spider infestations, cupboard rats and same-sex discrimination. Lucy’s brother was living in a damp 1930s building in Mt Eden where “he had to tie the cupboard doors closed so the rats didn’t get in”. Although he shared custody of his six-year-old son, his property ...18 hours ago
- Explainer: What’s the deal with Auckland’s new water deal?Simeon Brown, Chris Luxon, and Wayne Brown climbed into a hole and announced a plan to solve Auckland’s water woes. This is how it’ll work. New Zealand’s pipes are munted. They’re cracked and leaking, and struggling to handle all the extra poos excreted by our rising population. It’s a big, ...18 hours ago
- Coutts’ call prompts urgent board meeting over SailGPDespite Sir Russell Coutts vowing SailGP wouldn’t return to Whakaraupō/Lyttelton Harbour, negotiations over 2025 are ongoing The post Coutts’ call prompts urgent board meeting over SailGP appeared first on Newsroom. ...18 hours ago
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Good post Ad.
We’re starting to see the big money end of town give more and more of these signals. By themselves they will not have a lot of impact, but they do represent a remarkable inflection point, a change of direction that we must hope and encourage to gain momentum.
Don’t get me wrong here; the unreconstructed hippie in me still holds a candle for the kind of ‘low energy, high efficiency, organic inspired eco-technic’ future we dreamed about in the 70’s.
But the realist in me understands quite soberly that real, dramatic change will come from the big energy and industrial corporates that have the collective funding and capacity to generate change on the scale and timeframes we need.
With out a price on carbon entrepreneurs can not borrow against a carbon price and grow and transform the energy sector into a more advanced one.
The Fund deleverage of exploration stocks is around 1.2% of the fund.
The consideration (exit strategy) is due to the risk aversion of oilprice shocks of a negative nature ie price fall.
The objective is to reduce the vulnerability of our common wealth to a permanent oil price decline. Hence, it is more accurate to sell companies which explore and produce oil and gas, rather than selling a broadly diversified energy sector, says the Minister of Finance, Siv Jensen.
https://www.regjeringen.no/en/aktuelt/excludes-exploration-and-production-companies-from-the-government-pension-fund-global/id2631707/
I thought that Bryan Gould discussing why he and neighbours are going solar showed the way to think about personal change. And he is thinking that he can recharge his car from his own home eventually.
http://www.bryangould.com/combatting-global-warming/
Watch Occupied.
“with significant stakes in Shell, BP, Total and ExxonMobil, ”
leaves out the elephant in the room for Norway , which is the part state owned Statoil.
Thats how the fund has accumulated to $1 trill.
Its the sort of thing they pretending to stop when in fact Statoil will continue on.
Statoil has been renamed last year
https://en.wikipedia.org/wiki/Equinor
I was just about to comment when I saw this one from you.
Yes the Norwegian Government owns 67% of Equinor. Have they said whether they are going to sell it?
It would certainly make sense to sell out. It is running out of prospects to develop with only a couple of fields being in their development plans
https://oilprice.com/Energy/Energy-General/Norways-Oil-Production-To-Fall-To-30-Year-Low.html
A check shows it market capitalization is $72 bill. maybe they are going to sell down over time?
of course the oil/gas royalties will flow in for revenue for the Norwegian Fund, they wont be saying No thanks to that
They have of course exploration rights in NZ
https://www.farm-in.co.nz/organisation/equinor
Well well , they are drilling Australia this year
Great Australian Bight: Equinor says oil drilling ‘can be done safely’
Norwegian company publishes part of bid for project which environmental groups reject as too risky
https://www.theguardian.com/australia-news/2019/feb/19/great-australian-bight-equinor-says-oil-drilling-can-be-done-safely
I wonder myself if the financialization of government decision-making makes positive decisions even possible any more.
Corporations are masters at ignoring shareholder preferences, false accounting either in terms of proceeds or service delivery, and misrepresenting their human and environmental impacts.
I expect nothing good from government under a faux corporate model, and this is no exception.
Technology is just around the corner that would make all transport and potentially power generation completely carbon neutral.
https://www.weforum.org/agenda/2018/02/bill-gates-to-strip-c02-from-air-for-clean-fuel/
This technology would make electric vehicles redundant as well. That is because this fuel could be used in all existing cars, meaning a much faster transition to carbon neutrality.
The secret to making this technology viable is to power the production plants through renewable sources.
Electric cars will take over from liquid fuelled cars even if fuel gets created from thin air using renewable energy.
If for no other reason than they offer a much better driving experience. Seriously, you ever driven a modern EV? Most electric motors deliver their maximum torque instantly from zero speed, no lag whatsoever. Limited only by the controller’s current handling capability. Then at some point in the rev range, the back emf becomes large enough that it becomes the current limiting factor and from there the motor provides its maximum power all the way to its maximum revs. Almost dead silent the whole time.
But with the vast improvements in battery technology and manufacturing, it’s very likely that soon a new battery powered vehicle will be cheaper than a similar internal combustion engine vehicle. Then the battery vehicle will use the renewable electric energy with much less loss than creating fuel from thin air then burning it in an ICE. Let alone the energy losses involved in turning the electric energy into chemical energy to create the liquid fuel.
Once battery technology reaches a tipping point level for energy density and rapid recharge capability (which isn’t far away, BTW), the only users that will continue to be interested liquid fuels will be those that absolutely need the energy density of liquid fuel (long haul aviation) and the rapid refueling capabilities of liquid fuels (again long haul aviation and possibly long haul trucking).
time
From the same article, seeing as your wee blurb is misleading:
“They are not an insurance policy; they are a high-risk gamble with tomorrow’s generations, particularly those living in poor and climatically vulnerable communities, set to pay the price if our high-stakes bet fails to deliver as promised,” Anderson says. If the technologies are not as successful as promised, “our own children will be forced to endure the consequences of rapidly rising temperatures and a highly unstable climate”
It’s not ‘just round the corner’ at all. It is pie in the sky.
They say they can (once scaled up, not now) produce fuel at $1 a litre. We currently pay what – 60c wholesale? So production cost will be considerably lower than that.
Sounds like a real winner. We’re saved!
Thanks Ad for this post.
One of the interesting points you make is a bipartisan approach needed here to make progress.
What is there that Labour would give up or offer to get the other side to the table?
Apart from Winstons head on a spike (metaphorically of course).
We will never know what has been given up in the negotiations.
There will be a lot of good policy concepts dead on the cutting-room floor with the Carbon legislation.
And that’s a particular part of sausage-making that I don’t want to know.
I know referring to a bigger picture, when discussing climate changey things is a misnomer, but CC is a great opportunity to get a working relationship between the two larger parties in parliament.
I suppose it depends on who the parties put up to negotiate as to how successful these things progress.
Everyone benefits from cheap oil prices. Banning oil exploration will reduce the supply of oil and make it more expensive. This will hurt the poor and middle class the most. Green policies like this are not in the interests of the working class. New Zealand produces a third of its oil needs but sends 97% of it overseas.
is this story a fake news item ?
The lead sentence says this
‘Norway’s government has announced it is selling out of oil exploration”
An embedded link https://www.dw.com/en/norwegian-sovereign-wealth-fund-hits-milestone-valuation/a-40585412
Says nothing about Norways government doing anything about ‘getting out’. Not a jot.
I have found what should have been the embedded link-
https://www.theguardian.com/world/2019/mar/08/norways-1tn-wealth-fund-to-divest-from-oil-and-gas-exploration
The Guardian story is not balanced since it just gives the Funds point of view and ignores its controlling stake in Equinor- one of the worlds top 12 oil companies and the source of most of the funds wealth.
But the facts are that Equinor has a deep sea drilling program in the Great Australian Bight in our part of the world.
There are fudges if you read closely -“It will retain stakes in fossil fuel companies as long as they have ‘some’ involvement in renewable energy.”
Cheers for the right link.
Death on the way for Norway.
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12211652
Greenpeace requests divestment for NZSuperfund, Shaw not clear .