Regeln » "Reducing the

WELLINGTON Cardinals Bob Gibson Jersey , Aug. 15 (Xinhua) -- About 40 percent of the 35billion-NZ dollar (25.5 billion-U.S. dollar) New ZealandSuperannuation Fund, or its global passive equity portfolio, is nowlow-carbon, the Guardians of New Zealand Superannuation said onTuesday.


The fund is quitting or reducing holdings in 300 firms,including leading international energy companies, to reduceexposure to those emitting greenhouse gases, said a New ZealandSuperannuation Fund release, adding that the move means the fund ismore resilient to climate change investment risks such as strandedassets.


The changes have significantly reduced the fund's overall carbonfootprint and are a key plank within the Guardians' ongoingstrategy to address climate change investment risk, the releasesaid.


The transition involved reallocating 950 million NZ dollars (692million U.S. dollars) away from companies with high exposure tocarbon emissions and reserves into lower-risk companies, itsaid.


Chief Executive Adrian Orr said that the NZ Super Fund's focuson addressing climate change risk is in line with current globalbest practice by institutional investors.


"There is a global consensus that climate change presentsmaterial risks for long term investors," Orr said, adding thatleading investors around the world are adjusting their portfoliosto address climate change risk and capture opportunities stemmingfrom the transition to a low-carbon economy.


Chief Investment Officer Matt Whineray said that financialmarkets were underpricing climate change risk over the fund's longinvestment timeframe, and the global energy system is transitioningaway from fossil fuels.


"For investors with very long horizons, such as the fund,reducing exposure to carbon emissions and reserves is a low-costinsurance policy," Whineray said.


"Reducing the fund's exposure to carbon is a commercial decisionbased on long-term risk to our portfolio as a whole," he said,adding that companies have the opportunity to re-enter theportfolio in the future if they improve their management of climaterisk. Enditem