26 °C Singapore, SG
April 12, 2024
Latest News
Corio Generation and bp Alternative Energy Investment Ltd invest in South Korea Australia missing climate targets Advocating for US based offshore wind Broken Record, Temperatures hit new highs, yet world fails to cut emissions (again) Toshiba and GE to shore up Japanese offshore wind domestic supply chain How I got here… National University of Singapore green finance academic Sumit Agarwal Multi-billion-dollar renewables project earmarked for Yindjibarndi native title land Smart Energy Finances: Enel divests 50% of Australian renewable operations to Japanese oil and gas giant Critical minerals investments surged by 30% finds IEA Kung Fu nuns fight climate change One of Southeast Asia’s largest energy storage systems comes online Why turning waste into gas will add value to this Indigenous economy Renewable energy records tumble around Australia as rooftop solar power soars Topsoe supports SGP BioEnergy in renewable fuels production in Panama ‘Poor tropical regions’ suffer greatest economic damage from worsening heatwaves UNEP: Meeting global climate goals now requires ‘rapid transformation of societies’ Analysis: Africa’s unreported extreme weather in 2022 and climate change Partly wind-powered coal ship sails into Newcastle New fossil fuels ‘incompatible’ with 1.5C goal, comprehensive analysis finds Australian offshore wind ‘supercharged’ in Victoria as billions pledged to fast-track projects Goldwind turbine ‘breaks world record for largest rotor diameter’, Chinese media reports BW Ideol to work with developer Taiya on Taiwan floating wind pilot US to boost floating wind power Wind Power in South Korea – an overview GS E&C to develop bioethanol using cassava waste Korean business group has asked the US to make exceptions for Korean EV’s in Inflation Reduction Act Equinor’s Australian offshore wind debut Global energy transition stalls – 2022 Global Status Report in pictures India’s ReNew Power secures $1bn loan for gigascale 24/7 wind-solar-battery project POSCO International to merge with POSCO Energy

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 *