ACC (Accident Compensation Corporation) is one of New Zealand’s largest Crown Entities. One of the ways that they pay for the services they provide is through a massive $50 billion dollars of invested funds. They decide where this money is invested and unfortunately this year they have yet again decided to continue to invest in fossil fuels.
Every year ACC releases their Direct Investment Exclusion List. This is a list of industries that ACC does not invest in. ACC have ethical themes that they use in their investment decision-making. For example, the latest list reveals that they do not invest in firearms, tobacco or nuclear weapons. In June 2020 they set a target of reducing the carbon intensity of their investments in equities by at least 50% by 2030 and eventually to net zero by 2050. In October 2021 ACC strengthened these targets and announced a 60% reduction in the carbon intensity of their listed equity portfolio by 2025 compared to the 2019 baseline and a 65% reduction by 2030*. These are great goals but ACC could be doing more and sooner. It is entirely possible for ACC to announce their intention to fully divest from fossil fuels today!
All New Zealanders pay an ACC levy so we all have a stake in where and how ACC invests these public funds.
It is ethically irresponsible of ACC to continue to invest millions of dollars of public funds into the industry known as the most responsible for global emissions.
Investing in fossil fuels allows those companies to continue to pollute the environment and accelerate the already desperate climate crisis. ACC needs to take responsibility and divest from fossil fuels.
Since October 2020 our people-powered movement has been campaigning and calling on ACC to divest from fossil fuels. Our volunteer campaigners educated the public on ACC’s role in fueling the climate crisis, organised actions outside of ACC offices, put up posters, produced and delivered a report and met with ACC staff.
What can you do to help? Join us in letting ACC know that they can’t keep putting profits over our communities and environment. ACC could use its funds to build a better, healthier future for us all by investing in ethical industries.
Click here to join in the action via our website.
*This information was added on 22.August.2022 after the original blogpost had been published.