The Cullen Fund is getting out of fossil fuels:
The New Zealand Superannuation Fund will start getting rid of its investments in fossil fuel companies, it has announced.
The sell-down is part of The Super Fund's climate change strategy, which includes measuring its carbon footprint, engaging with companies and investing more in low carbon or renewable businesses.
The $31 billion fund will not be getting rid of all its fossil fuels investments, however, focusing instead on where it could reduce climate risk "as quickly and easily as possible".
Superannuation Fund chief executive Adrian Orr said the plan would most likely improve the Fund's performance.
Basicly, climate change means there's no future for coal, and a limited future for oil and gas. Ditto industries which depend on those dirty fuels (which, in New Zealand, means milk). Which means that the Cullen Fund's "investments" in those industries are likely to decline in value or simply crash. Selling out of them now, before that happens, is simply good sense from an agency required to be a prudent manager.
Now, if only ACC would do the same, rather than risking people's future accident compensation on doomed industries...