|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