Whilst we are building a people-powered movement that strengthens and grows climate action in communities across the motu, we know that collectively many individuals can take powerful action. For that reason, two years ago we decided to join Pathfinder as one of their valued charity partners.
We’re so grateful that many engaged supporters and conscious investors have supported us by making the switch to Pathfinder – giving part of your fee to 350 while ensuring that your investments aren’t lining the pockets of industries harming the planet.
Many of you joined us when we initially launched our partnership announcing we were proud to work alongside a KiwiSaver who had received the Mindful Money fossil fuel badge.
Since then Pathfinder has lost this fossil-free badge for their investment in Contact Energy.
We immediately reached out to Pathfinder when we found this out – and asked to meet with their CEO John Berry and Pathfinders investment team to challenge their decision to keep investing. We know through our campaigning in the electricity sector, that the big four energy companies are benefiting from a broken market, driving up electricity prices and underinvesting in renewables. We discussed our Generating Scarcity Report with Pathfinder and found that there continues to be a strong commitment from Pathfinder to invest ethically. More than 85% of Contact Energy’s production is renewable, in fact, they’re the largest renewable energy producer in New Zealand. Contact Energy has a plan to exit non-renewable assets, and Pathfinder supports companies who are serious about transitioning and who have credible pathways to get there – find out more here. We believe that simply divesting is not always the best way to push companies to do better – especially for large investment funds such as Pathfinder, which take an active interest in challenging and pushing Contact Energy to go further and faster. Mindful Money has recognised Contact’s efforts by adding a little 1.5 symbol on their website to show which companies are on a 1.5-degree pathway – and have confirmed that if Contact Energy will keep its promises Pathfinder will soon have its fossil-free badge again.
As you can imagine, this series of events prompted serious discussion at 350 Aotearoa. We have decided to continue to stay a Pathfinder charity partner. We recognise that investing is not a black-and-white issue and we support Pathfinder in pushing the companies to do better.
It is important to us to be transparent and accountable to you about our decision and we understand that not everyone will agree – and might want to find another KiwiSaver. Mindful Money’s Fund checker is a great tool to find KiwiSavers and Investment Funds that align with your values. Before you make this decision – we want to share some good news..
As you might know, Pathfinder donates 20% of their KiwiSaver management fee to charity partners, like 350 Aotearoa. Pathfinders 7,500+ KiwiSaver members decide how the donation is allocated, and they are each able to select 350 Aotearoa as the donation recipient.
This year we received a donation from Pathfinder of $12,755.29, up from $920.81 last year!
Can you imagine how much good this additional donation will do for our kaupapa? This donation is a cost to Pathfinder as a business, not to us as individual KiwiSaver members.
This additional revenue stream has allowed us to achieve some great things this year and with your ongoing support, we’ll be able to keep up the great mahi and punch above our weight. Here is a quick summary of my personal highlights this past year:
- We launched our very own “We can produce our own Power Documentary” and organised more than six screenings across the motu sharing the powerful stories of communities.
- We got the Labour Government to announce further funding for State Sector Decarbonisation promising to replace coal boilers in hospitals and increasing funding for Community Energy.
- We trained several hundred engaged advocates leading up to the general election to undertake MP challenges.
- We had some great local campaign wins including further funding for solar panels on the Palmerston North City Council building and the Dunedin City Council passing the Zero Carbon 2030 Plan!Thank you for being part of this powerful movement and helping us achieve these incredible wins. As always, we’re up for conversation at email@example.com. Together, we can build a fossil-free future.
Pathfinder Asset Management Limited is the issuer of the Pathfinder KiwiSaver Plan. A Product Disclosure Statement for the offer is available at pathfinder.kiwi.