Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


NZ Super Fund invests in climate change denial

NZ Super Fund invests in climate change denial

Media Release

5th October 2006

The Labour-United-NZ First Government should stop the NZ Super Fund investing our taxes in ExxonMobil because of ExxonMobil’s role in funding the climate change denial industry and in undermining attempts to get action to reduce greenhouse emissions, says the Green Party.

“The New Zealand Superannuation Fund has its second largest global equity holding in ExxonMobil, at $43m, yet ExxonMobil is one of the major funders of the climate change denial industry,” says Russel Norman Green Co-Leader.

“The UK Royal Society recently wrote to ExxonMobil asking it to stop funding those organisations that are misleading the public as to the human causes of climate change. In the US alone the ExxonMobil funding to climate change deniers was US$2.9m in 2005.

ExxonMobil continues to argue that it is “very difficult to determine objectively the extent to which recent climate changes might be the result of human actions” - Exxon Mobil. The UK Royal Society called these statements “very misleading” and “not consistent with the scientific literature that has been published on this issue”.

“The Superannuation Fund is supposed to be about making sure we have a future, instead it is investing in companies that are undermining attempts to ensure that that future isn’t out-of-control climate change and rising sea levels.

“Michael Cullen should give a ministerial direction under section 64 of the Superannuation Act to direct the Fund to withdraw its investment in ExxonMobil if he’s serious about climate change.

“It is questionable whether this investment is even legal given the statutory requirement that the Fund be administered consistent with “avoiding prejudice to New Zealand's reputation as a responsible member of the world community” (s.58). Funding climate change denial will damage New Zealand’s reputation as a responsible member of the world community.

“While we have had disagreements with Labour over the Fund, it did show that Michael Cullen had some long-term vision. Unfortunately, if the Fund continues to invest in companies like ExxonMobil, that vision may be through swimming goggles.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>


Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>


More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news