AustralianSuper, the country’s largest superannuation fund, has followed up from its dumping of shares in Whitehaven Coal with a commitment to a net zero carbon emissions investment portfolio by 2050. The fund, a major global investor, is as yet only a minor investor in the renewable energy sector, but that looks like it will soon change.
A new report from Net Zero Momentum Tracker has found that the Australian superannuation sector, which is expected to hold a majority of ASX-listed equity by 2040, is accelerating its divestment from risky greenhouse gas emitting fossil-fuels. The finding represents another disconnect between the Morrison Government’s gas fetish and investor diffidence with dying industries.
The Morrison Government has announced its plans for a gas-led recovery including an ultimatum to the private sector that if it doesn’t prop up the gas sector the Government itself would step in to build a new gas-fired power plant in the Hunter Valley and an expanded Australia Gas Hub in QLD. For many experts the announcement reads more like a suicide note than a recovery strategy.
The Clean Energy Finance Corporation is set to become the cornerstone investor in a BNP Paribas’ issuance $140 million in new Australian green bonds through its Australian Climate Transition Index, an index for investors to parse the companies that will survive and thrive into a decarbonised future from those who will decay and die.
Hesta, a leading industry superannuation fund trusted by 860,000 Australians, has joined a host of other major investment firms nationwide calling on the Federal Government to encourage large-scale renewable investment by setting an emissions target and cleaning up its strategy.
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