The SMC asked experts to comment on the news. Ivan Diaz-Rainey, Director, Climate and Energy Finance Group (CEFgroup), University of Otago, comments: “Today’s announcement that KiwiSaver default funds will exclude any investments in fossil fuel production is welcome news. The announcement is another step in the process of greening the New Zealand financial system and the economy more generally. There is a sense that Treasury is finally putting serious weight behind the climate change agenda. It follows soon after a disclosure that some Budget 2021 budget bids will account for climate costs with a shadow carbon price and the announcement late last year