31 °C Singapore, SG
May 13, 2022
Latest News
European passenger plugin car market is still expanding Air Canada takes off with sustainable aviation fuel from San Francisco BrightNight expands into Australia GE Awarded 9HA Gas Turbine Order to Deliver Approximately 2 Gigawatts of Electricity in Guangdong, China Taking Action: Energy-Related Climate Change Mitigation Policies in ASEAN Meralco floats a tender of 850 MW renewable energy capacity Genex starts construction at flagship pumped hydro storage project GM bets on fuel-cell as battery shortcomings hamper clean energy transition Masdar and Cosmo Energy to explore renewable initiatives in Japan El Salvador Eyes Major Renewables Push Under New Partnership with IRENA Iberdrola eyes 3.5GW offshore wind in Philippines BP and Maersk successfully carry out marine biofuel trials The Korean way towards green growth Exxon Following Blockbuster Video to Oblivion, Investment Exec Warns Getting real about the hydrogen economy Electrification to decarbonise Singapore’s energy system New method of scoring carbon emissions to power sustainable software GoodFuels and REG collaborate on marine biofuel development SP Group and Banpu NEXT partner on smart city solutions across Asia Pacific North Sea Oil Faces ‘Death Knell’ after Shell Quits Cambo Oilfield Three Studies Predict More Frequent, Devastating Storms as Temperatures Rise China Briefing, 2 December 2021: Quarterly emissions fall; Power shortages’ impact; China-Russia energy cooperation A renewable energy company in Thailand has electric vehicle dreams China Briefing, 18 November 2021: Xi-Biden meeting; Methane emissions; ‘Historic new high’ for coal Asian Youth Demand Real Climate Action John Walker emphasises practicing ESG values in everyday life ‘The best way to predict the grid of the future is to shape it’ – SP Group CEO Analysis: Nine key moments that changed China’s mind about climate change Espinosa Warns of ‘Catastrophic’ Consequences if COP 26 Fails Rolls-Royce successfully carries out test flight on 100% SAF

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.