Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


Changes To Kiwisaver Standards A Win For The Climate Over Corporate Interests

“This commitment by the government to ensure that New Zealanders are not financing the climate crisis through our Kiwisaver funds will be welcomed by the thousands of New Zealanders that have come together to push for this change,” said Erica Finnie, campaigner for 350 Aotearoa

“The announcement that from July 2021 all default Kiwisaver funds will need to exclude investments in fossil fuels reflects the power of citizens coming together to demand climate action. Together we urged the government to hold up its commitment to take meaningful action on climate change, and the power of our collective call for change meant citizens won over corporate interests,” said Finnie.

Currently, $1.15 billion of New Zealanders’ Kiwisaver money is invested in companies involved in fossil fuel extraction and production. Over $500 million is invested in the top 20 fossil fuel companies that are responsible for 30% of global emissions in modern times.

Finnie said, “The government’s commitment to ensure default Kiwisaver funds exclude investments in fossil fuels sends a clear signal that fossil fuel companies are no longer morally acceptable to be associated with. Over 57% of New Zealanders with Kiwisaver accounts remain with default funds. The government’s changes to default standards will mean that Kiwisaver fund managers will need to implement ethical investment policies that exclude fossil fuel companies to remain competitive.”

Of the current 9 default Kiwisaver providers, 5 are associated with major banks in New Zealand: ANZ, ASB, BNZ, Westpac, & Kiwibank. Finnie said “All of these banks will have to make a decision about whether to continue to benefit from the large customer base that comes with being default Kiwisaver providers, and if so, divest all Kiwisaver investments from coal, oil, & gas. This could set a precedent for these banks to review their wider investment and lending portfolios and release ethical investment policies to cut all ties with the fossil fuel industry. Banks operating in Aotearoa need to take a stand and ensure not a cent more of our money goes toward fueling the climate crisis.”

Internationally, the finance sector is increasingly responding to citizens pushing for fossil fuel divestment. Over 1184 institutions worth USD $14 trillion have now committed to policies black-listing coal, oil and gas. These include sovereign wealth funds, banks, global asset managers and insurance companies, cities, pension funds, health care organizations, universities, faith groups and foundations.

Finnie said “The New Zealand government’s decision to divest default Kiwisaver investments aligns with global standards to ensure that financial investments reflect the urgency of the climate crisis, and ensure New Zealanders’ savings are not tied up in risky investments. 350 Aotearoa hopes that the decision to divest from fossil fuels will extend to all public funds such as ACC and New Zealand Superfund.”

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On What Leadership (And The Lack Of It) Looks Like

Leadership is an intangible quality, but most New Zealanders will be thanking their lucky stars for what’s being provided by PM Jacinda Ardern and Ministry of Health Director-General Ashley Bloomfield. On a daily basis, both have been clear and decisive about the rationale for the policies they’re pursuing and - by and large - they’re managing to re-assure the public, and yet prepare them gradually for the bad times and challenges to come...More>>


Police Commissioner: Christchurch Terrorist Pleads Guilty

Police acknowledge the guilty pleas in the Christchurch Mosque attacks prosecution that were entered in the Christchurch High Court today. The guilty pleas to 51 charges of murder, 40 charges of attempted murder and one charge of engaging in a terrorist ... More>>


Government: Nation Steps Up To COVID-19 Alert Level 2

New Zealand has been moved up to COVID-19 Alert Level 2, Reduce Contact, in an escalation of efforts to reduce the spread of the virus in New Zealand, Prime Minister Jacinda Ardern announced today... More>>


COVID-19: Business Response Package

Cabinet today approved the development of a Business Continuity Package to help support the economy through the disruption caused by COVID-19. “New Zealand is well-placed to respond to COVID-19. More>>


Transport: $54 billion Investment In Draft GPS 2021

The Draft Government Policy Statement (GPS) 2021 on land transport confirms that the Government will invest a record $54 billion in its balanced transport policy over the next decade. More>>


Gordon Campbell: On The Loss Of Abortion Safe Zones

No doubt, last night’s defeat of abortion law reform provisions that would have created safe zones around abortion clinics will be portrayed, by some, as a victory for free speech. It isn’t. It was a victory for bigotry and intimidation directed ... More>>


Gordon Campbell: On National's Regulation Crusade

Lets step back in time now, to simpler days and to simple-minded solutions. So…. if National gets elected, landlords will once again be able to evict tenants at will, raise rents anytime they like, and ignore the need to install a healthy standard of heating in the homes they put out to rent. This promised ‘bonfire of regulations’ is being done in the name of cutting red tape... More>>


SMC - Expert Reaction: PF2050 Strategy

DOC has released a strategy to reach Predator Free 2050, along with an action plan through to 2025. The predator-free goal focuses on three groups of mammals: possums, three species of rats, plus stoats, ferrets and weasels... More>>


Land, Air And Sea: Regions To Benefit From NZ Upgrade

Regional New Zealand will be a hive of activity in the coming months as the New Zealand Upgrade Programme delivers on its promise to modernise our infrastructure, prepare for climate change and help grow our economy. As part of the $12 billion ... More>>






InfoPages News Channels