Climate change is now undeniable, and if we are to survive it, the fossil fuel industry has to die. And now the Cullen Fund has recognised that fact, and started divesting its risk:
The New Zealand Superannuation Fund has sold shares in some of the world's biggest companies to reduce exposure to firms emitting greenhouse gases.
The fund is quitting or reducing holdings in 300 firms as part of its "carbon transition". They include Exxon Mobil, Shell, BP and Statoil and local firms New Zealand Oil & Gas and Genesis Energy.
The firms are part of the Super Fund's huge passive investment portfolio - making up two thirds of the fund's total investments - and similar principles will be applied now to active investments.
Chief investment officer Matt Whineray said 40 percent of all super fund investments would be low carbon as a result of the changes.
40% doesn't sound high, but looking at their press release, they're ranking investments by emissions. The important thing is that they're bailing out of high-emission companies, effectively voting "no confidence" in their future. And that's one of the things that needs to happen if we are to get through this.
