0.001% Divestment Will Hurt KiwiSavers For No Environmental Gain
Sunday, 1 March 2020, 12:29 pm Press Release: ACT New Zealand
“Banning default KiwiSaver providers from investing in
fossil fuels is more gesture politics from Jacinda
Ardern’s Government”, says ACT Leader David
Seymour.
“As with the ban on offshore oil and gas
exploration, this decision will hurt the economy for no
environmental gain.
“Default KiwiSaver providers
represent 0.001 per cent of all investment in fossil
fuels.
“Divestment will have almost no impact on the
production of oil and gas or climate change.
“Demand
for fossil fuels will continue to exist and investors will
continue provide capital.
“The Government’s
decision will let overseas investors benefit from oil and
gas investments while hurting the returns New Zealanders
earn from KiwiSaver. All this does is change who owns fossil
fuel investments.
“To the extent divestment has any
impact whatsoever, it will increase the cost of doing
business for oil companies, reducing exploration and oil
supply and raising petrol prices.
“Kris Faafoi says
motorists are being fleeced and that he wants to reduce the
petrol prices New Zealanders pay. Ironically, this could
actually have the opposite effect.
“Ultimately, this
is just more gesture politics. It is a feel good decision
that will be counterproductive, hurting the economy for no
environmental benefit.
“Labour and the Greens are so
badly out of touch with how the real world works and New
Zealanders will pay the
price.”
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