Get our KiwiSavers out of fossil fuels

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Get our KiwiSavers out of fossil fuels

While most New Zealanders expect their KiwiSaver funds are being invested responsibly, most KiwiSaver members are unknowingly putting their hard-earned savings towards the biggest polluters in the world. Our KiwiSaver funds are currently acting as a direct link between us and those most responsible for climate change: the fossil fuel industry. Over $1.15 billion of KiwiSaver money is invested in companies involved in fossil fuel extraction and production.

In early 2020 the Minister for Commerce, Hon. Kris Faafoi and Minister for Finance, Hon Grant Robertson will make a decision on how our KiwiSaver funds are invested. We’re calling on the Ministers to implement mandatory responsible investment, with a category exclusion of the fossil fuel industry, for all default KiwiSaver funds. This would mean when you sign up to join Kiwisaver, New Zealanders would be guaranteed that the default option for their savings will not be fueling the climate crisis.

This decision only comes around every 7 years, so it’s crucial the Government delivers a forward-thinking investment plan, consistent with intergovernmental climate agreements, scientific consensus, and rapidly shifting political and economic landscapes.

Dear Hon Kris Faafoi and Hon Grant Robertson,

I’m urging you to implement a responsible investment policy with a mandatory exclusion of the fossil fuel industry for default KiwiSaver funds. In doing so, you would prioritise investments in clean energy and indicate the Government’s commitment to a fast and just transition to a zero-carbon economy.

Most of us have limited time and access to information about KiwiSaver investments and I had expected that these investments were being made responsibly. It’s deeply concerning to learn that our savings are being invested in the fossil fuel industry, whose business model puts our hopes for a safe climate at risk. It’s your responsibility as the government to ensure no one is inadvertently financing risky coal, oil, and gas projects that have no place in our future.

I commend the Government’s recent passing of the Zero Carbon Bill and the commitment to join the Coalition of Finance Ministers for Climate Action. In line with these achievements, I urge you to be forward-thinking when it comes to making this one-in-seven-year decision on default KiwiSaver settings, by ruling out investments in fossil fuels.

Ngā mihi,

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Get our KiwiSavers out of fossil fuels

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