Parliament

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

 

Fossil Fuels Divestment Must Be Urgent Priority In New Investment Framework

The Green Party welcomes the announcement of a new investment framework for Crown Financial Institutions (CFIs) and says the first order of business must be to divest from fossil fuels.

The Green Party has been working for years to persuade the Minister of Finance to instruct some of our largest public funds, like ACC, to divest from fossil fuels.

Because of this work the Minister has today made clear that every dollar CFIs invest on behalf of the public must be carbon neutral by 2050. This includes ACC, which currently has nearly $1 billion dollars invested in fossil fuels

“Crown Financial Institutions invest billions of dollars every year on behalf of New Zealanders, most of whom, I’m sure, want to know that investments being made on their behalf are not harming the planet their children and grandchildren will inherit from them,” says Green MP Chlöe Swarbrick, who led a 2019 briefing into ACC’s investments.

“When I raised ACC’s investment in the climate crisis back in 2019, the Minister of Finance told me that investment decisions are a matter for the board. I reminded the Minister that he had the power to direct alignment with the Government’s Zero Carbon ambitions through the Crown Entities Act.

“By choosing not to act at the time, Crown Entities like ACC have continued to plough millions of dollars into heating up the planet. We’re delighted that the Minister of Finance has decided to change course and made clear to that this course of action will not be tolerated.

“That said, while there is a lot to commend the new investment framework, it does fall short of explicitly requiring divestment from fossil fuels. Rather, it requires targets to be set to minimise the impact investments on the planet.

“There is not a single dollar invested in fossil fuels that is good for the planet, especially when you consider that this money is being invested on behalf of all New Zealanders, ostensibly for a brighter future. To limit global warming to 1.5 degrees, which is what the science says is the minimum necessary to avoid climate breakdown, then we simply have to leave most of the carbon we know about underground; it cannot be burned. And to stop it being burned, we have to stop investing in it being dragged out of the earth at all costs.

“When Crown Entity boards get together to discuss this new investment framework, their first order of business must be an urgent and rapid divestment from fossil fuels. Every dollar currently invested in warming the planet could instead go towards helping Aotearoa transition to a low carbon future that we can be proud to pass on to our kids and grandkids.

“I have a drafted Member’s Bill that will do exactly that, which Minister Robertson knows and is welcome to adopt as Government legislation at any time.”

“Because of the work of the Greens in Government, Crown Financial Institutions are already expected to report on their exposure to climate risk. We now need them to take this a step further and stop investing in making the risk worse.

“The Greens will continue to shine a light on the activities of Crown Entities and work to ensure all public funds divest from the extraction and production of fossil fuels. The least that can be expected of us by future generations is that this Parliament stopped acting in a way that they know harmed their future.” says Chlöe Swarbrick.

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The Elusive Charms Of Christopher Luxon


Well, the first 36 hours of viewing the Christopher Luxon selfie were always going to be the best, before the repetitions set in. We get it, already. He’s an extroverted/big ego/high achieving/God fearing/country music lovin’/family man who is not at all averse to mansplaining to little ladies like RNZ’s Kathryn Ryan what “technical” words like “productivity” actually mean. But wait, there’s more. National is back! Mind you, that’s not the Bad National of recent experience, but the Good National of days gone by... More>>




 
 


Defence: New Zealand Response To Assist Peace And Stability In Solomon Islands
The New Zealand government has announced that it will deploy Defence Force and Police personnel to Honiara to help restore peace and stability. “New Zealand is committed to its responsibilities and playing its part in upholding regional security,” Prime Minister Jacinda Ardern said.... More>>


Government: Delivers Reactivation Package As Aucklanders Reconnect For Summer
A new support package will help revive economic, social and cultural activities in our largest city over summer, and ensure those in hardship also get relief. The Social Development and Employment Minister Carmel Sepuloni and the Economic and Regional Development Minister Stuart Nash... More>>



Government: Crown Accounts Reflect Strong Economy Amid Pandemic

The Government’s financial accounts continue to reflect an economy that has performed better than expected, despite the latest Delta COVID-19 outbreak. The Crown accounts for the four months to the end of October factors in the improved starting position for the new financial year... More>>

ALSO:



National Party: Bridges Appointed Finance & Infrastructure Spokesperson

Hon Simon Bridges is the National Party’s new Finance and Infrastructure spokesperson, National Leader Christopher Luxon announced today. “Simon has prodigious skills, incredible talent and the intellectual heft needed to excel as National’s Finance spokesperson,” Mr Luxon says.... More>>

Waitangi National Trust: Waitangi Week
The Waitangi National Trust has decided there will be no in-person events at Waitangi Treaty Grounds during Waitangi Week 2022. Under the COVID-19 Protection Framework it would be practically impossible to safely proceed with the usual events of Waitangi commemorations... More>>


Freedom Camping: Making Sure People Are Up To Play With Changes
People interested in finding out how the proposed improvements to freedom camping might affect them are being invited to an information-sharing webinar... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels