Four of the nation's biggest industry super funds have billions of dollars invested in coal producers and other fossil fuel companies despite taking a vocal stance on climate change and pledging to support emissions reduction.
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| Four major industry funds also invest in coal, oil and gas. |
Research exclusively obtained by The Age and The Sydney Morning Herald also shows support among super funds for shareholder resolutions that would force companies to take tougher action on climate change has fallen.
UniSuper, Hostplus, HESTA and AustralianSuper have significant investments in the global coal, oil and gas sectors, public disclosures show.
Unisuper, a $85 billion fund that has more than 450,000 members largely from the university and research community, said it had no plans to divest its $170 million investment in 14 thermal coal companies nor the $7.82 billion it had spread across 13 gas, oil and petrol companies, including Santos, Woodside Petroleum and Australian Oil and Gas.
Read the story from The Age by Charlotte Grieve - “Super giants funnel billions into fossil fuels, vote down climate push.”
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