Chief Investment Officer for AMP Capital Investors, Keith Poore, has said today that crashing prices for coal and oil could present attractive buying opportunities for investors who want to make money from a fossil fuel industry that is destroying our climate. There’s money to be made by gaming climate change.
Back in the real world, two-thirds of all discovered coal, oil, and gas reserves need to stay in the ground if we want to secure a safe climate for our children. The pollution emitted from burning the world’s known reserves would lead to catastrophic climate change.
The sooner finance markets accept this truth and divest from fossil fuels, the sooner scarce capital can flow out of this sunset industry and into our clean energy future.
Unfortunately for New Zealand, the National Government has encouraged all kinds of end-gaming around climate change by failing to first accept the truth about climate change, then set a clear direction for our economy towards a low carbon future. We still lack a strong price on carbon. Our carbon emissions are still rising. Our retirement savings are still invested in the world’s dirtiest oil and coal companies.
Keith Poore’s deeply unethical position on the climate is symptomatic of a finance industry in New Zealand that has yet to come to grips with one of the greatest challenges we face to our long-term prosperity. Without strong leadership on the climate from our Prime Minister however, it’s little wonder people are still trying to make a dirty buck out of our environment and our future.