ANZ’s responsible investment fund, what about fossil fuels?

Press Release – 350 Aotearoa

ANZ today announced a new international equities fund which excludes investments in companies involved in weapons and tobacco, following pressure from consumers.FOR IMMEDIATE RELEASE

4 May 2017

ANZ launches responsible investment fund, but what about fossil fuels?

ANZ today announced a new international equities fund which excludes investments in companies involved in weapons and tobacco, following pressure from consumers.

The fund recognises changing views on responsible investing, with ANZ saying that they will be able to invest or divest quickly depending on investor attitudes.

350 Aotearoa is calling on ANZ to show the same responsiveness when it comes to divestment from the fossil fuel industry.

“ANZ has shown that they are responsive to the concerns of New Zealanders. Now it is time for them to realise people’s changing values when it comes to climate change and divest from coal, oil and gas”, said 350 Aotearoa Executive Director Niamh O’Flynn.

“The science clearly shows that climate change will adversely impact New Zealanders. Increases in droughts and floods are set to challenge our primary industries, sea level rises are projected to wipe out coastal real estate, and receding snow lines will put our snow tourism industry at risk”, added O’Flynn. “These are all impacts that ANZ’s customers will experience, and in many cases are experiencing right now.”

“We have been calling on ANZ to divest from fossil fuels for two years and we will continue to do so next week as part of the Global Divestment Mobilisation. Our activists in Dunedin will be heading to their local ANZ branch to deliver a message to ANZ that it is time for them to make a stand and get their money out of the ground.”

Fellow Australasian bank Westpac announced last week that they will not fund any new coal basin projects in Australia, causing a major setback to the proposed Adani coal mine in Carmichael, Queensland.

“Following Westpac’s decision last week, we are confident that we can achieve a positive outcome with ANZ”, said O’Flynn.

Dates for actions are as follows:

Wellington – 8 May

Auckland – 9 May

Dunedin – 11 May

ENDS.

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