Pathfinder eyes carbon risk

Chief executive John Berry said it had been left with three companies with carbon exposure in the wholesale and retail versions of its Global Responsibility Fund: Santos, Statoil and Repsol.

It follows the New Zealand Super Fund decision to divest investments with carbon exposure – citing a risk to the future because of carbon emissions being underpriced.

Outgoing NZSF chief executive told Parliament there would be “winners and losers” and not doing anything meant taking on undue risk.

Berry said that “asymmetric risk” Orr had mentioned was part of Pathfinder’s decision-making, too.