The NZ Super Fund is dropping investments with carbon exposure because it thinks emissions are underpriced and pose a risk.
Departing Super Fund chief executive Adrian Orr told a select committee the fund would reduce its portfolio exposure to carbon reserves by 40% and carbon emissions by 20% by 2020.
He said it came under the fund’s mandate to maximise return without undue risk.
He said the fund believed carbon was mispriced globally.
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