OPINION: Whether HESTA is right or wrong on the AGL demerger is less important than its position that divestment won’t help members or the energy transition.
is momentous – but not because of what it says about whether the deal will or won’t reduce emissions.
“We cannot simply divest away from the risk of Australia being slow to transition to a low-carbon future,” she says.“Responsible investors have a responsibility to their members to go to where the biggest emissions are and, as owners, try and first change the behaviour of these companies.” But Blakey is right to call this a watershed moment. The easy path here for super funds – who are under pressure from their members to reduce the carbon intensity of their portfolios – would be to let the demerger unfold and sell out of Accel.
The more detail both sides are pressed to release here, the better the debate will be. This is a rare vote on a real life, energy transition case study, with all the challenges and opportunities that entails. The more engagement across the community, the better.
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