Green Party MP Russel Norman's Climate Change (Divestment from Fossil Fuels) Bill was pulled from the Members' Bill ballot last week, giving Parliament an opportunity to impact climate change by voting to divest from fossil fuels.
"My Bill will give us the opportunity to join the rapidly growing global movement pulling the funding out from underneath the fossil fuel industry, who make their profits by causing climate change," Norman said.
"Voting for this Bill is a simple but effective action the Government can take to put its money where its mouth is on climate change."
The bill directs the managers of public funds to divest from companies involved in the exploration, mining and production of fossil fuels.
The Superannuation Fund would be one of the affected groups. The bill would impact shares in around 200 companies, which make up only a small part of the fund's overall investment portfolio.
The New Zealand Superannuation Fund has increased the value of its investments in the world's twenty dirtiest coal companies from $29 million in 2011 to $36 million in 2014.The average stock price of these companies has declined 31 percent in the same time period.
Norman says the divestment would not just be a step in the direction of climate change, but it would also be a financially responsible decision.
