Super Fund divestment shifts the ground overnight on carbon risks

The Green Party welcomes today’s announcement that the New Zealand Superannuation Fund has dumped $950 million of high-risk fossil fuel investments, despite a National Government that is still backing oil and coal.

The $35 billion New Zealand Superannuation Fund announced today that it has sold off $950 million of companies with high exposure to carbon emissions and fossil fuel reserves due to the significant long-term risks they present to investors. The selloff includes New Zealand companies Genesis Energy and NZ Oil and Gas.

“This is very big. The New Zealand Superannuation Fund’s divestment from high-risk fossil fuel companies is ground-breaking and brings home the huge economic shifts happening overseas as the world rapidly transitions to a low carbon economy,” said Green Party Co-leader James Shaw.

“We’ve pushed for years for the Super Fund to show strong leadership on climate change and today that move was decisive.

“The Super Fund has divested from fossil fuels in line with best practice overseas, showing real leadership on climate change here at home.

“Nine years of National’s lack of economic and climate leadership has made us forget about the seismic changes happening overseas that we also need to make if we want to stay competitive while lowering our carbon emissions.

“The Super Fund has recognised that investments in fossil fuel companies could soon become ‘stranded’, rapidly losing their value, and our government needs to do the same.

“The larger $41 billion ACC Investment Fund has taken no action on climate change and the material risks it poses to the value of its investments.

“National has opened up half-a-million square kilometres of our oceans for oil and gas prospecting and is actively promoting coal mining in the conservation estate.

“The Green Party in government would lead the shift in our economy to become carbon neutral by 2050, and stop being a champion for the polluting fossil fuel industry,” said Mr Shaw.

Action

Protect Nature

Volunteer

The Greens are proud to be driven by passionate people like you. Today we need your help to take action on the biggest issues facing Aotearoa. Volu...

Action

Save Auckland's Climate Budget

Sign the petition to stop Mayor Wayne Brown's proposal for dangerous cuts to climate and environmental programmes that protect us from extreme weat...

Action

No New Mines 2023

Action

Expand Voting

Now more than ever, young people in Aotearoa are impacted by Government decisions, and they deserve to have a say. We are calling on all Members of...

Action

End Intensive Winter Grazing

Sign the petition to Labour Ministers, to move faster in bringing regulations into force and end intensive winter grazing.

Action

Trains for Climate

Add your name to our open letter urging the Minister for Finance Grant Robertson to save our passenger trains between Wellington, the Wairarapa and...

Action

Healthy Oceans 2022

Join our Healthy Oceans Crew to help us keep the health and protection of our oceans high on the Labour Government’s political agenda.

Action

It's time: A Ministry for Rainbow Communities

Join our call asking the Prime Minister to establish a Ministry for Rainbow Communities that can champion Rainbow issues.

Action

No new mines on conservation land

Sign the open letter asking Labour Ministers to stick to their promise of banning new mining projects on conservation land.

Action

Allow community ownership of our buses

Public transport is an essential service and helps to tackle the climate crisis by reducing our carbon emissions. But there are barriers to communi...

Action

Local Events

We have activists across Aotearoa / New Zealand who are working hard to build a brighter future for our kids and grandkids. This page lists upcomin...

Latest Climate Change Announcements

Story

Government throws coal on the climate crisis fire

The Government’s policy announced today to ease consenting for coal mining will have a lasting impact across generations.

Missed opportunity but NZ will surely one day recognise the right to a sustainable environment

New Zealand has today missed the opportunity to uphold the right to a clean, healthy, and sustainable environment, says James Shaw after his member...

CCC issues warning over further climate delay

Today’s advice from the Climate Change Commission paints a sobering reality of the challenge we face in combating climate change, especially in lig...

Reversing oil and gas ban brazen and utterly reckless

The Government’s new timeframe for expanding oil and gas exploration starts the clock on the time remaining to save the oil and gas ban.

Govt slams on the brakes of climate action

The scrapping of the Clean Car Discount is an act of climate vandalism - and the Green Party is calling on the Government to release all the advice...

Luxon’s free pass to the fossil fuel industry needs to be stopped

Chris Luxon is giving big oil and gas corporations a free pass at a time when countries all over the world agree to transition away from fossil fuels.

Story

Cold climate cuts for Christmas

Once again, the National Party has shown a breathtaking willingness to say one thing during an election campaign and then do the exact opposite whe...

State of books makes clear case for wealth tax

The case for a wealth tax has never been stronger.

Crumbs from the property speculator’s table

High-income property speculators will be the biggest winners from a National Party tax plan that will send house prices and rents through the roof,...

Labour needs to reconsider wealth tax

The announcement today that the Government has decided to cut funding to public services shows exactly why they need to tax wealth and big corporat...

Change the tax system to support struggling households

While inflation is no longer increasing, the current rate will still bring little comfort to families struggling to make ends meet, says the Green ...

Fair tax changes never more urgent

Labour is sending a clear message to New Zealanders that the Green Party is the only way we will get progressive change.