Your Excellency, Monsieur le Président, Ladies and Gentlemen. It is a pleasure and a privilege to address you today. 

It is particularly meaningful to be here on the eve of the tenth anniversary of the Paris Agreement – when vision and commitment aligned, and collective climate action began to change the course of markets, policy, and global ambition. 

The One Planet Sovereign Wealth Fund network was born in that same spirit – and the New Zealand Super Fund is proud to have been a founding member. I would like to thank President Macron for his unwavering commitment to addressing climate change and championing this network. 

Since introducing our Climate Change Investment Strategy in 2016, we have demonstrated that building a more sustainable, climate-aligned portfolio can go hand in hand with strong financial performance. Compared to the market average, the Fund is lower carbon and has continued to deliver strong returns. 

We all know the opportunities in the energy sector, particularly renewable energy. However, in New Zealand, we also see land use as one of the biggest transition opportunities for our country – and many others.  

Agriculture is central to our economy and our identity. Farming, forestry and horticulture are all areas where we have considerable expertise. We are now looking at how we can adapt and diversify land use in ways that deliver strong, long-term returns while supporting the transition. 

Our farming portfolio has already evolved from being predominantly dairy to a more diversified mix of dairy and horticulture. I can point to a current example of a dairy farm we are converting into an apple orchard. This project is expected to deliver roughly twice the returns of our typical dairy investment while reducing carbon emissions by 90%, significantly improving nitrogen levels and lowering water usage. 

We are leveraging this expertise in our global investments as well. In Brazil, we have invested in a reforestation fund that has attracted global companies like Microsoft and Meta, who have signed long-term agreements to purchase nature-based carbon removal credits – with carbon credits providing roughly half of the net present value of this investment.  

It is a good example of how sovereign wealth funds can bring both capital and specialist knowledge to climate solutions in emerging markets.  

There is a significant opportunity for OPSWF to add value here – especially by advancing agriculture and forestry as a scalable, global asset class.  

What many don’t know is that, while we are known as the New Zealand Super Fund, our formal title is the Guardians of New Zealand Superannuation. It is an important distinction.  

We are not simply investors; we are guardians of a fund created to benefit future generations. Sovereign wealth funds everywhere share this intergenerational duty. It is what sets us apart – and what binds us together. 

It is also why stewardship matters so profoundly. Meaningful change requires coordinated global action – investors, governments, and markets working together. 

We know that one of the areas where large investors can have the greatest influence is through systemic stewardship. 

A recent review of the New Zealand Super Fund compared us with other peer funds and showed that we are very much aligned with our peers on the importance of systemic stewardship, and systemic risks such as climate change.  

The urgency of action is undeniable. But so too is the opportunity before us. 

Our legacy will be measured not only in returns, but in the standards we advance, the partnerships we forge, and the stability we help secure for generations to come.