Coal is back in AustralianSuper’s portfolio. What happened to that net zero pledge?
Summary
AustralianSuper, Australia’s largest superannuation fund managing $388 billion, reversed its previous decision to avoid coal by becoming the largest investor in Whitehaven Coal. This move raises questions about its commitment to net zero carbon emissions, a target aligned with the Paris agreement.Key Facts
- In 2020, AustralianSuper committed to a net zero carbon emissions target and sold its shares in Whitehaven Coal.
- By 2026, AustralianSuper became Whitehaven Coal’s biggest investor, holding more than $600 million in shares.
- Whitehaven operates six coal mines in New South Wales and Queensland and plans to develop more.
- AustralianSuper states the investment was based on market value and metallurgical coal’s role in steel production.
- Many super funds limit investments in thermal coal due to its environmental harm, but AustralianSuper’s move may encourage others to increase coal investments.
- Experts express concern that the fund focuses on investment returns more than climate risks.
- AustralianSuper also holds shares in Woodside Energy, an oil and gas company with expansion plans.
- Research shows most Australians want their super funds to avoid investments that harm the environment or society.
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