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Sovereign Wealth Funds Briefing - Categorized | Ethical/Green Investments

Greens want NZ Super Fund to drop fossil fuels

Posted on 16 February 2015

The Greens are calling on the New Zealand Super Fund to divest from fossil fuels, as it accuses its guardians of betting on a climate disaster. The fund currently has $676 million in fossil fuel companies - about 2 per cent of the fund’s assets under management. “The guardians are meant to be investing for the long term, but by investing over $676 million into fossil fuel companies, they’re hedging that the world will take no action on the climate - a world for our kids where it’s not worth living to retirement age,” Green Party co-leader Russel Norman said.
“It is now a well-established fact that if all the world’s known reserves of coal, oil, and gas are burned, our climate is toast. At least three-quarters of these reserves will have to stay in the ground, wiping much of the current value of the fossil fuel sector………………………………………..Full Article: Source


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