Russel Norman

Why are we investing in coal?

by Russel Norman

The World Wildlife Fund have today revealed that over $1 billion of New Zealanders’ pension and accident insurance money is invested in companies directly mining for coal, oil, and gas — companies who’s future profitability depends on burning fossil fuels that have to stay in the ground if we are to avoid runaway climate change.

coal fired plant

Is it ethical to be investing in and profiting from an industry that threatens the very future of our planet?

Of course not. A smarter investment of the $1 billion currently invested in dirty oil and coal can instead be invested in clean energy alternatives – alternatives like solar, geothermal, biofuel, and wind power which are good for the environment and create green jobs.

Investments in renewable energy create three times more jobs than the equivalent investment in fossil fuels and have huge export potential for New Zealand, especially in the case of geothermal power technology, or have huge import-replacing potential, in the case of biofuels.

The writing is on the wall for the coal and oil industries; its both ethical and smart to now divest from them.