Super Fund climate change approach a good start

Labour Finance Spokesperson Grant Robertson and Climate Change Spokesperson Dr Megan Woods have welcomed the adoption of a climate change investment strategy by the New Zealand Super Fund.

“This is a good start. It is a welcome development that the Super Fund is taking serious steps to support the transition to a lower carbon economy through their investment strategy,” Grant Robertson said.

"The approach by the Super Fund is based on a clear understanding that on-going investment in fossil fuels is not only going to be bad for the Fund but also that is not in line with the values of New Zealanders,” Dr Megan Woods said.

"The Super Fund has delivered excellent returns on behalf of New Zealanders in recent years. It is important that this continues and will remain the primary motivation for the Fund.  But the increasing importance of promoting investment in a low carbon economy cannot be ignored. This brings the fund into line with what is happening globally. The bottom line is that people’s retirement security needs to be invested wisely. Around the world pension funds are seeing high-carbon industries as risky investments. I am totally confident there are sustainable investment vehicles that will ensure continuing good returns,” Grant Robertson said.

“While this is a good start, it does not mean that the fund is entirely divesting from fossil fuels. Over time I believe this will be the end result. What matters now is the commitment of the fund to the transition to a low carbon economy. We will be monitoring the implementation of the policy closely to ensure that transition is understood and supported,"  Dr Megan Woods said.