350 Aotearoa is calling the news of the NZ Superannuation Fund, “an outstanding example of people-power pushing organisational leadership for New Zealand on climate change”. Today The NZ Superannuation Fund announced that it will be moving NZ$950 million away from companies with high exposure to the fossil fuel industry, after more than a year long NZ Super Fund divestment campaign by 350 Aotearoa.
“Divesting from fossil fuels shows real leadership. Nobody wants to see their retirement savings being used to wreck the future that they will be retiring into,” said Niamh O’Flynn, Executive Director of 350 Aotearoa.
In October 2016, 350 Aotearoa led an open letter from eleven* civil society organisations, representing thousands of New Zealanders, calling for the NZ Superannuation Fund to commit to divesting from fossil fuels.
Today’s announcement comes just days after Commonwealth Bank Australia’s shareholders filed a lawsuit against the bank for failing to adequately disclose the risk climate changes poses to its financial position.
“Financial risk aside, investing in the fossil fuel industry is a huge reputational risk. More and more investors are waking up to the fact that people expect more accountability and action on climate change.
“The tide is turning against investors who prop up the fossil fuel industry. We’ve seen that several times this year with large NZ insurer, MAS, becoming fossil free, and Auckland Council choosing to divest from fossil fuels hot on the heels of Otago and Canterbury Universities,” said O’Flynn.
“Some of the world’s worst polluters are vying for more fossil fuel development here in NZ, including Anadarko, Shell and StatOil. The Super Fund’s divestment decision sends a strong message to them that their time here is limited. Now it’s time for the government to step up and show the same kind of foresight. Any party that is serious about leading this country should look to follow in the Super Fund’s steps.”
Excellent.
Damn good idea. They look like being very under performing investments over the next 20-30 years bearing in mind the rate that other energy storage and generation technologies are moving along.
New sources of hydrocarbons are likely to be way more expensive than the reserves already known, and are unlikely to be needed for multiple reasons. Most of the investment opportunities are in finding or developing new fields rather than old fields.
Of course fossil fuels also carry a major environmental and regulatory risks, and are getting way more unpopular with both the markets and the public.
Brilliant. Sends the right message, these are not the future.
Invest in renewables.
How did these guys win again? It would have happened regardless. The massive push globally for electric has done this.
That’s why the whole we need to stop drilling for oil drive was rubbish. It will all happen on its own – and is.
No, you believing that is the rubbish.
Not really. Without the populace pushing things don’t change.
National are still pushing for more oil drilling in our oceans after all.
Recently both Britain and France have said they will ban the production of ICE cars by 2040. That may have had something to do with this decision.
This is a very significant move here!!!!
CHECK THIS OUT;
“Greenpeace is calling the New Zealand Superannuation Fund’s just-announced $950 million divestment from big polluters an “aha” moment for the country’s economy.”
My comments to this plan;
CULL ALL INEFFICIENT INTERNAL COMBUSTION ENGINES WITH OIL (DIESEL) TRUCK TRANSPORT OF OUR FREIGHT.
INSTEAD; use rail as rail has steel wheels and low carbon footprint
We need also to stop propping up inefficient road freight industry with dirty diesel engine trucks and also those with 32 tyres (OIL BASED PRODUCT) as tyres emit serious toxic hydrocarbon components & dust also.
http://oecdinsights.org/2016/09/08/air-pollution-tyres-and-brakes/
Evidence; FAN: DUST AND LOW-LEVEL CLOUDS IN THE ARCTIC
This tyre dust is now found on arctic ice cps and the black dust collects heat from the sun & is found to be increasing the melting of our ice shelf.
http://onlinelibrary.wiley.com/doi/10.1002/jgrd.50842/pdf
QUOTE;
“(wind-driven erosion and soil particle suspension
during harvesting and tilling) [Ginoux et al., 2010; Ginoux
et al., 2012b]. In the populated regions, anthropogenic
activities may cause significant local air pollution by traffic
(exhaust, road dust, tire wear, and break abrasion)”
Subject: Air pollution: Tyre and brake fatigue compound an exhausting problem
8 SEPTEMBER 2016
http://oecdinsights.org/2016/09/08/air-pollution-tyres-and-brakes/