ACC’s Climate Fund A Distraction From $210 Million Investments In The Fossil Fuel Industry

Climate justice organisation 350 Aotearoa is pleased to
see that the Accident Compensation Corporation (ACC) is
preparing to launch a $50 million climate fund, but is
concerned this is a distraction from ACC’s investments in
the fossil fuel industry. As of June 2020, ACC had $210
million invested in coal, oil, and gas companies, and it’s
yet to announce a plan to divest from this high-polluting
industry that is most responsible for global emissions
causing climate change.

“It’s great to see ACC
recognising it has an important role to play in supporting
Aotearoa’s efforts to limit climate change impacts by
establishing a climate impact fund. However, ACC must
recognise it is complicit in causing climate change. ACC is
supporting the fossil fuel industry’s continued
development by investing our public money in fossil fuel
companies. We’re calling on ACC to announce a commitment
to divest from all fossil fuel companies by 31st July
2021,” said Erica Finnie, Executive Director of 350
Aotearoa.

“ACC is a public investment fund, and it
must be invested in the public good, not supporting the
world’s biggest polluters.”

350 Aotearoa has been
mobilising its people-powered community to call on ACC to
divest from fossil fuels since June 2020. In December 2020,
the Minister of Finance Hon. Grant Robertson used the annual
letter of expectations to ACC’s Board to direct ACC to
“accelerate its moves to divest from investments in fossil
fuels”. ACC is yet to respond to pressure from the
public and the government with a commitment to divest from
fossil fuels.

On Monday 21 June, 350 Aotearoa released
crowd-funded posters in Auckland, Wellington, Christchurch,
and Dunedin, highlighting that ACC divestment from fossil
fuels is an opportunity for ACC to live up to its
values.

“ACC aims to be a responsible steward, to
meet the needs of people in Aotearoa today and tomorrow.
We’re calling for ACC’s Board to step up to be a
responsible steward of our public money, by divesting from
coal, oil, and gas companies and investing in a sustainable
future that is better for our families, our environment, and
future generations,” said
Finnie.

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