24 Sep 2014

Fuel industry ready to adapt

7:02 am on 24 September 2014

New Zealand's petroleum and fossil fuel production industry is ready to adapt to changes ahead as the global investment community pledges to downsize investment in fossil fuels, it says.

The Rockefeller family, which made its vast fortune from oil, is joining a coalition of philanthropists who are pledging to sell more than $US50 billion in fossil fuel assets.

Closer to home, the New Zealand Super Fund is one of many fund managers backing a global report aimed at analyzing investment risks and returns under various climate change scenarios.

Petroleum Exploration and Production Association chief executive Cameron Madgwick said the New Zealand industry understood the changes it was facing and was already adapting.

Get the RNZ app

for ad-free news and current affairs