The New Zealand Superannuation Fund has divested from a global mining corporation because of concerns over human rights violations and environmental damage, which it says are incompatible with UN Global Compact principles.
The fund, a pension scheme that invests money on behalf of the government, has decided to dismiss the Barrick Gold Corporation and its subsidiary African Barrick Gold from its $22 billion (£11.8 billion) investment portfolio because of these ethical concerns.
Explaining its reasoning, the fund said it had become clear that the company’s activities contrasted with the standards imposed by the UN Global Compact – the benchmark principles that the fund adheres to – about the environment and human rights.
It said that Barrick’s mines in Papua New Guinea and Tanzania had experienced problems concerning security and the effects on the local communities and the environment.
The fund’s manager for responsible investment, Anne-Maree O’Connor, said “We took account of the security and environmental context in which the companies operate, and the length of time over which problems have occurred.
“Given the circumstances, we believe engagement with Barrick would be unlikely to be successful, and until it is evident that significant improvements can be made on the ground we will be excluding both companies from our portfolio.”
Gold mining presents a number of ethical issues, especially concerning indigenous communities, in terms of health effects and land disputes.
It also severely affects the environment as it disfigures the landscape and releases toxic substances such as mercury and cyanide.
Meanwhile, the practices themselves to extract gold are often considered harmful. Heap leaching for instance, which requires the metal to be crushed and treated with chemical substances like cyanide, inevitably contaminates the surrounding environment.
Like our Facebook Page
How to Find an Eco-Friendly Termite Control Service Provider in Malaysia
Eco-Friendly Vegans Win Most Battles Not the War
3 Iconic Chicago Billboards Eco-Friendly Advertisers Can Learn from
EnviroSolar’s Abe Issa Discusses Success in Green Entrepreneurship
How Sports Could Be Impacted by Climate Change
What Eco-Friendly Patients Should Know about Online Therapy
6 Reasons Why Meal Delivery Services are Eco-Friendly
The Path for Retail’s Sustainable Future
4 Eco-Friendly Ways to Treat a Sinus Infection
4 Strategies for Eco-Friendly Real Estate Investors to Find Properties
How Managed Print Services Helps to Reduce Paper Waste
Why Scientists Are Concerned About ‘Forever Chemicals’ In Drinking Water
Meat Farming Is Only Getting Smarter, Easier & Eco-Friendlier
What is Eco-Friendly Homesteading and How Does it Affect Your Insurance?
Importance of Using a Water Purifier in an Area with High Pollution
Alternative Financing Ideas for Green Businesses that Shun Banks
Tencel Material Demand Shows Britain Is More Eco-Friendlier Than Ireland
How To Invest in Clean Energy Stocks in Only Five Easy Steps!
How To Secure Funding As An Eco-Entrepreneur?
4 Amazing Eco-Friendly Businesses Worth Starting in 2021
- Features8 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy9 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features8 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest10 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years