News & Updates
Fossil fuel share of KiwiSaver money drops as oil company shares tank
Wed Aug. 19th 2020
By Rob Stock on Stuff
Aug 19 2020
A drop of 23 per cent in the amount of KiwiSaver money invested in fossil fuel companies like BHP, Exxon Mobil, and Chevron in the 12 months (to end March) has been driven by a decimation of oil company share prices via the Covid-19 pandemic.
In the Inside the Black Box report, Mindful Money reported: “There has been a significant decrease in the investments that New Zealand retail investors would like to avoid. This has been particularly significant in some of the most controversial issues such as gambling, weapons and fossil fuels.”
But Mindful Money founder Barry Coates said the 23 per cent drop in fossil fuel investment was the result both of more KiwiSaver schemes ditching investments in coal and oil, as well as the crash in oil company share prices as the Covid-19 pandemic reduced petrol consumption, air travel, and industrial output.