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 Why We Shouldn’t Be Pushed Into Re-opening Our Borders

I believe in yesterday as much as Paul McCartney, but it was bemusing to see the amount of media attention lavished last week on the pandemic-related musings by former government science adviser Sir Peter Gluckman, former Prime Minister Helen Clark and former Air New Zealand chairman Rob Fyfe. Unfortunately, the Gluckman paper had no fresh insights to offer as to how and when New Zealand should re-open to visitors from places where the Covid-19 virus rages on, virtually unchecked. Instead, Gluckman and Co posed a string of rhetorical questions – I counted 23 of them in a three page document – presented as if no-one has ever considered such matters before... More>>

Isolation: Government And Air NZ Agree To Manage Incoming Bookings

Bookings for seats on Air New Zealand flights into New Zealand will be managed in the short term to ensure the Government is able to safely place New Zealanders arriving home into a managed isolation or quarantine facility, says Housing Minister Megan ... More>>


Government: New Investment Creates Over 2000 Jobs To Clean Up Waterways

A package of 23 projects across the country will clean up waterways and deliver over 2000 jobs Prime Minister Jacinda Ardern and Environment Minister David Parker announced today. The $162 million dollar package will see 22 water clean-up projects ... More>>


Government: David Clark Resigns As Health Minister

The Prime Minister Jacinda Ardern has accepted David Clark’s resignation as Health Minister. More>>


Election 2020: Green Party Unveils Income Policy

The Green Party is today unveiling its Poverty Action Plan, which includes a Guaranteed Minimum Income to ensure people have enough to live with dignity. The scheme resets income support payments to ensure everyone not in full-time paid work gets at least ... More>>


Conservation: New Protection For Dolphins

Extensive new protections are being put in place as part of an updated plan to look after New Zealand’s native Hector’s and Māui dolphins, announced Minister of Fisheries Stuart Nash and Minister of Conservation Eugenie Sage today. More>>


Auckland: Water Consent Referred To Board Of Inquiry

Environment Minister David Parker has today “called in” Auckland’s application to the Waikato Regional Council to take an extra 200 million litres of water a day from the lower reaches of the Waikato River for Auckland drinking water and other municipal uses... More>>


PM: Labour Will Extend Loan Scheme 'lifeline' For Small Business

Labour has announced its plans to extend the Small Business Loan Cashflow Scheme and spend $162 million on a waterway clean-up package. More>>


RNZ: Details Of Active Covid-19 Cases Leaked In Privacy Breach

The State Services Commission has been called in to make sure a 'thorough investigation' is held. More>>


Biosecurity: Winston Peters On EU Travel: 'We're Not Going To Compromise Our Country's Health'

Foreign Minister Winston Peters says New Zealanders who head to Europe on holiday should pay for their two weeks' hotel quarantine when they return. More>>

Economy: Infrastructure Investment To Create Jobs, Kick-Start COVID Rebuild

A new package of infrastructure investments will help kick-start the post-COVID rebuild by creating more than 20,000 jobs and unlocking more than $5 billion of projects up and down New Zealand. Finance Minister Grant Robertson and Infrastructure Minister ... More>>


Covid-19: Isolation System To Be Beefed Up After Stress

A range of improvements are already underway to address issues identified in the rapid review of the Managed Isolation and Quarantine system released today, Housing Minister Megan Woods said. The review was commissioned just over a week ago to identify ... More>>


Election 2020: Parties Get Into Gear

ACT has today announced its list for the 2020 General Election. “The calibre and experience of our candidates will impress voters of every persuasion. We have candidates from all walks of life. People who have built their homes, families and businesses ... More>>






InfoPages News Channels