Home Framework The new investment framework aligns with the government’s 2050 carbon neutrality goal

The new investment framework aligns with the government’s 2050 carbon neutrality goal

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The Honorable Grant Robertson

Ministry of Finance

Hon Carmel Sepuloni

Minister of ACC

A new framework will align the investment decisions of Crown Financial Institutions (CFIs) to reflect the government’s goal of a carbon neutral New Zealand by 2050.

The Crown Responsible Investment Framework has been issued to the NZ Super Fund, the Accident Compensation Corporation, the Government Superannuation Fund and the National Provident Fund, which collectively manage more than $ 100 billion in investments on behalf of the New Zealander.

“Climate change is one of the greatest challenges of our time. CFIs play a crucial role in managing New Zealand’s financial wealth to promote intergenerational equity and we expect our sovereign wealth funds to be leaders in the transition to a low carbon economy ”, Grant Robertson said.

“The Framework was developed with the CFIs. It allows these investors to evolve their portfolios and commit to net zero emissions by 2050. We expect CFIs to set ambitious carbon emission reduction targets for their portfolios, in accordance with the policy of the government, the Paris Agreement and global investment leadership over time. In the case of owners of fossil fuel reserves, reduction targets should also address emissions resulting from the end use of their products.

“CFI leaders have assured me that they recognize the level of ambition we expected and I have no doubts that they will achieve their goals. However, we reserve the right to use other tools to enhance our expectations should this become necessary in the years to come.

“While the framework focuses on climate change commitments, it may evolve over time to other aspects of environmental, social and governance factors where government policy lays the foundation for society’s expectations for climate change. responsible investment practices, ”said ACC Minister Carmel Sepuloni.

“CFIs will now respond formally by explaining how they will give effect to the framework over the next five years until 2025 initially and will explain how they expect to go from 2025 to carbon neutrality by 2050” , Grant Robertson. noted.

https://img.scoop.co.nz/media/pdfs/2110/Enduring_Letter_of_Expectations_to_Crown_Financial_Institutions_in_relation_to_Responsble_Invesmtent.pdf

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