The superannuation fund is the first in its sector to dump holdings in the oil and gas producers, as funds debate the merits of divesting or engaging.
NGS Super has become the first superannuation fund to dump its holdings in Woodside and Santos, and chief investment officer Ben Squires predicts other funds will need to divest from oil and gas to make good on their climate ambitions.its plans to transition to a carbon-neutral portfolio by 2030, and NGS Super revealed on Thursday it had dumped $191 million in oil and gas investments, including $75 million in Woodside shares and $50 million in Santos stock.
“When you’re talking about a pure oil and gas company, where its operations are directly associated with the extraction of carbon, it’s a bit of a futile argument to suggest that they’re going to become a renewable energy company,” Mr Squires toldSocially responsible options and ethical investment strategies have become increasingly popular among super fund members, and the Australian Prudential Regulation AuthorityMr Squires said other super funds would need to dump their Woodside and Santos...
“NGS Super is the first industry fund to fully divest from climate-wrecking gas producers, including Woodside and Santos,” Mr Morgan said.“This policy does not rule out investment in all companies expanding the fossil fuel industry. NGS must go further and divest from companies such as Siemens and General Electric which are building new gas power plants and undermining climate action by locking in decades of emissions.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NGS Super dumps $125m of Woodside and Santos sharesThe superannuation fund is the first in its sector to dump holdings in the oil and gas producers, as funds debate the merits of divesting or engaging.
Read more »
NGS Super dumps $125m of Woodside and Santos sharesThe superannuation fund is the first in its sector to dump holdings in the oil and gas producers, as funds debate the merits of divesting or engaging.
Read more »
Mike Cannon-Brookes saves our superAustralia’s super sector attracts enough ticket-clippers to establish a mature financial services sector.
Read more »
Myer stake in pre-market crossing; Blue Ocean on ticketA parcel of 19.2 million Myer shares changed hands in a pre-market crossing on Thursday.
Read more »
Orica buys mining tech firm for $260mThe deal is funded through the proceeds of a $650 million institutional share placement.
Read more »
How to boost your super with a tax breakPersonal contributions and transfers of shares are among strategies worth considering.
Read more »