The government now requires the New Zealand Superannuation Fund and ACC to report on their exposure to climate risk.
Finance Minister Grant Robertson has included the requirement in his letters of expectation to the two Crown financial institutions. It also covers the National Provident Fund, the Government Superannuation Fund and the Earthquake Commission.
Climate Change Minister James Shaw released a press statement under embargo announcing the change, saying the government’s expectation is that the risks posed by the climate emergency should become a routine consideration in investment decisions made by the financial institutions.
“It is a step that will be welcomed by most New Zealanders who, 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,” Shaw said.
It is, however, an easy requirement for the government to impose given both the Super Fund and ACC are already pretty much doing that.
ACC chair Paula Rebstock told Parliament’s education and workforce select committee last month that as part of its investment strategy, ACC now had less than 0.5% of its global equities investmens invested in fossil fuels and had $1 billion invested in renewable energy assets.
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