Superannuation fund HESTA has hit back at criticism for investing in fossil fuel companies, saying it is better to engage and push for faster action on climate.
Superannuation giant HESTA says it will act in its members’ best interests and engage with fossil fuel producers to push for climate action and credible net zero pathways, rather than divest its oil and gas holdings under pressure from activists.
But fresh from its support for Mike Cannon Brookes’ successful “keep it together” campaign at AGL Energy, HESTA said divesting is not always the best option for its members or the planet. “It’s really the first time in Australian corporate history that [we’ve seen] a campaign similar to those that we’ve seen run in the US by some of the big activist funds ... to acquire a stake and agitate for change,” Ms McCormack said.
But Ms Sawtell-Rickson said HESTA had delivered “significant outcomes” from fossil fuel producers over recent years including the setting of net zero targets, disclosure of climate-related risks and initial investments in breakthrough technologies.“While more needs to be done, we are committed to being a voice at the table to continue to drive for necessary change.
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