31 °C Singapore, SG
July 22, 2021
Latest News
BlackRock Real Assets to back Korean offshore wind farm project CIP to sell minority stake in Taiwanese offshore wind cluster Nearly 76 Gigawatt-Hours of Battery Cells Produced in U.S.A 2010–2020 Melting tropical glaciers sound an early warning Enhanced cooperation on renewable energy transition between International Renewable Energy Agency and China Decarbonising industry is key to China’s net-zero strategy Carbon Brief’s China weekly digest. Rising seas could cost Asia’s biggest cities US$724 billion by 2030 Electric Vehicle Growth is Accelerating but its Given Rise to a New Social Faux Pas Southeast Asia PR industry launches working group to curb greenwashing Asia Pacific wind and solar spend to hit $1.3trn this decade How the next 5 years can buy us a decade to solve climate change G7 leaders urged to support SAF Uncrewed survey vehicles for offshore wind farm surveys Pathway to global climate catastrophe is clear Mohdi: India’s vision for a biofuels future EGAT to pilot flexibility in Thailand China Briefing, 3 June 2021: New climate ‘leaders group’; ‘Record-breaking’ electricity consumption; ‘Artificial sun’ Wärtsilä commissions first energy storage projects in the Philippines China’s first floating wind turbine ready for installation IEEFA Update: G7 coal finance exit and why it matters for India Accelerating Renewables in Asian Cities: Opportunities for Cleaner Air Iberdrola and Mitsubishi Power partner for renewable technologies Bundestag clears way for more climate protection in transport Analysis: China’s carbon emissions grow at fastest rate for more than a decade Ørsted forms alliance for Japanese offshore wind Hitachi ABB Power Grids selected for Thailand’s largest private microgrid Taiwanese company buys majority stake in ENGIE’s storage and EV arm US ethanol exports rebound on near-record shipments to China The Pacific calls Australia to Fund Our Future – NOT Gas.

New Zealand to divest fossil fuel stocks from government-backed savings funds

SBS News:

The New Zealand government is ringfencing billions of dollars from fossil fuel investments, effectively divesting much of the country’s superannuation scheme.

On Sunday, Commerce Minister Kris Faafoi announced the country’s ‘KiwiSaver’ accounts would be going green. From next year, default funds will no longer be able to include ‘fossil fuel production’ companies in their portfolio.

“This reflects the Government’s commitment to addressing the impacts of climate change and transitioning to a low-emissions economy,” Mr Faafoi said. “It also makes sense for the funds themselves given that there is a risk of investing in stranded assets as the world moves to reduce emissions.”

KiwiSaver is New Zealand’s superannuation-style scheme, in which Kiwis are encouraged to put a fraction of their income in a savings deposit, which is then topped by employers and the government.

The decision will impact the 690,000 Kiwis remaining with their default provider, which each invest somewhere between 0.49 per cent and 2.4 per cent of their portfolio in fossil fuels. At the end of 2019, there were 2.9 KiwiSaver accounts in total, with a total value of $NZ59 billion ($A56.5 billion).

New Zealand has already changed the rules on its $NZ47 billion ($A45 billion) Superannuation Fund, which supports the country’s pension system. That decision, in 2017, removed more than $NZ3 billion ($A2.9 billion) from fossil fuel-related stocks “without negatively affecting performance” according to Mr Faafoi. “Moving away from investments in fossil fuels doesn’t have to mean lower returns.”

More: NZ directs super away from fossil fuels

Source

Leave a Reply

Your email address will not be published. Required fields are marked *