Super fund alleged to have breached duties over climate change risk

Industry super fund REST is facing a new federal court legal battle over claims it breached its trustee duties by failing to properly factor climate change-related risks into its investment decisions.

As a young person, climate change is a pretty big deal, says Mark McVeigh.

Mark McVeigh, a 23-year-old ecology graduate and council worker from Brisbane, has racheted up his legal campaign against the super fund over its approach to climate change, accusing REST of breaching superannuation law by failing to act in his best interests.

REST is the default industry super fund for many retail workers.

Read the story from The Age by Ruth Williams - “Super fund alleged to have breached duties over climate change risk.”

Faulty energy forecasts are costing investors 'hundreds of billions.

Since September 2011, “many hundreds of billions” of investors’ dollars have been squandered due to investment decisions led by poor forecasts, an energy expert has said.

Poor investment decisions made in the American oil, gas and coal sectors, the European power utilities sector and by oil-producing countries have seen investors suffer, the founder of Bloomberg New Energy Finance (BNEF), Michael Liebreich said in a September keynote address.

But, these decisions have been informed by forecasts that may not have been up to scratch, he said, arguing that “bad forecasts from authoritative agencies have consequences”.

Read the Nestegg story - “Faulty energy forecasts are costing investors 'hundreds of billions.”