Federal Resources Minister Keith Pitt has spoken out against the superannuation sector's latest move to divest coal miners because of climate risks.
, the Australian super fund for healthcare workers, has also divested its thermal coal holdings as part of its plan to be a "net-zero" emitter by 2050.
While the $130 billion fund did not specify which stocks will be dumped in October, its portfolio includes ASX-listed coal miners such as Whitehaven, New Hope and Washington H. Soul Pattinson. Dan Gocher, head of climate at the Australasian Centre for Corporate Responsibility, a shareholder activist group, said First State's new climate plan was a "solid commitment" and "another sign that everybody is seeing the end of coal".
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