Multibillion-dollar investments in fossil fuel stocks by Australia's largest super funds has reignited debate over whether divestment or engagement with producers is the most effective strategy in the push to curb emissions
five of the largest industry funds in Australia's $2.9 trillion super sector - Unisuper, HESTA, AustralianSuper, CBUS and Hostplus - have billions of dollars invested in fossil fuel stocks, despite championing their green credentials.
Sizing up a fund’s green credentials is complex and requires digging into its portfolio holdings, voting records and peering behind the scenes to see what’s achieved in board-level meetings. Engagement on ethical issues was effective on clearly defined issues, Ms Hunter said, such as improving boardroom diversity, but when it comes to fossil fuels, “I don’t think it holds any water at all".
“Divesting serves no purpose if all you do is sell your shares to another investor who doesn’t care about climate change or ESG.” Ms Hunter said the superannuation industry had benefited from the disengagement of its members as workers unknowingly have multiple accounts racking up high fees.
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