Tuesday, March 12, 2019

Climate change: Time for divestment

We are facing a climate crisis. If greenhouse gas emissions continue, the earth will become uninhabitable. Even if we're lucky, things are going to get very, very bad, with famine, plague, mass-migration and war. And currently, the new Zealand Superannuation Fund is helping push us towards that future, by investing in the companies which are causing it:

According to data from the NZ Super Fund – New Zealand's Sovereign Wealth Fund owned by the Government – as of June 30 last year the fund had a stake roughly 130 oil and gas companies.

The total value of those stocks at the time was $555 million. The value of the fund as a whole is more than $40 billion, meaning oil and gas stock make up just 1.4 per cent of the total fund.

This is madness. On a moral level, we should not be investing in companies whose business plan is the destruction of human civilisation. And on a financial level, these companies do not have a future, and therefore are simply bad investments. Greenpeace has called for the NZSF to divest from fossil fuels, and its a call we should all support. Norway is doign it, and if we want a future, so should we.