WWF slams New Zealand’s US$1 billion fossil fuel investment

Says it’s dangerous for NZ’s future.

A new WWF report, “Fossil Fuel Finance in NZ: The Superannuation Fund and ACC,” shows that over three quarters of existing fossil fuel reserves need to remain unburned to avoid catastrophic climate impacts. WWF claims the US$1 billion investment by two of the largest state-owned investment agencies is dangerous for New Zealand’s future.

It reiterated WWF’s global call to increase investment in renewable energy and decrease investment in coal, oil and gas. WWF said it makes sense now, ethically and financially, to invest more in renewables and phase out coal-based energy systems.

It noted that recent announcements by the World Bank and European Investment Bank to nearly eliminate financing of coal plants are critical signs of a growing wave against coal and for its alternatives, renewable energy and energy efficiency.