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Speaker 1: Given the issues around Key, we say, we've got to

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Speaker 1: talk to you about this. So this Key We Saber

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Speaker 1: business miracle. Any of us are saving anything to become

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Speaker 1: remotely independent in retirement. Last week we told you about

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Speaker 1: the morning Star rankings, right, how the biggest operator in

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Speaker 1: the market was performing so poorly. And now we have

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Speaker 1: yet another cracket where the money is actually being invested.

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Speaker 1: Group called Mindful Money is upset over the increase in

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Speaker 1: funds going to fossil fuel producers. We have apparently a

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Speaker 1: twenty percent increase in the last six months. That's despite

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Speaker 1: the amount of new money flowing into Key We Save

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Speaker 1: is only seven percent. Now, Mindful Money is clearly of

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Speaker 1: the view that the whole transition away from fossil fuels

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Speaker 1: is still an urgent and present thing, when clearly it

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Speaker 1: is not. What we have here is a clash of

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Speaker 1: reality vi ideology. The reality is Key We saver funds

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Speaker 1: look for returns right. The ideology is that no matter

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Speaker 1: how unrealistic it is to run the world on sun

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Speaker 1: and when we still need to sacrifice even more to

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Speaker 1: get there, if there's been one crushing realization that's passed

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Speaker 1: year or so around that it is the simple truth

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Speaker 1: that the transition to renewables has been found out and badly.

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Speaker 1: Genesis have half a million tons of coal standing by

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Speaker 1: for this winter to keep the lights on. They have

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Speaker 1: another half million tons on order, with a backup order

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Speaker 1: of another two hundred thousand tons. Someone minds that coal.

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Speaker 1: That's good business. Good business pays dividends. And don't even

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Speaker 1: look if you hate coal at India and China, coal

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Speaker 1: is booming. Doesn't make it nice or palatable, but it's real.

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Speaker 1: And investment is about reality. Where in a time I think,

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Speaker 1: where the cold hard truth of what we thought was

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Speaker 1: going to be easy isn't. It might not even turn

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Speaker 1: out to be that real. The last thing we need

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Speaker 1: a qyisaber funds playing dumb games like the banks and

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Speaker 1: looking to deny legitimate activity the financial lifeblood it needs

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Speaker 1: to produce goods and services that people actually want. What

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Speaker 1: we want in kiwisaver is a pool of money that grows.

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Speaker 1: That happens by investing in relevant activities that turn a

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Speaker 1: dollar and pay a dividend. Moral indignation doesn't fund retirement.

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Speaker 1: For more from the Mic Asking Breakfast, listen live to

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Speaker 1: news talks that'd be from six am weekdays, or follow

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Speaker 1: the podcast on iHeart radio