Santos

Santos is one of Australia’s largest producers of oil and gas, and is pursuing massive expansion plans consistent with the failure of the Paris Agreement.

According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production can proceed. The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”

It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Santos is pursuing massive new oil and gas projects consistent with the failure of these goals, and many Australian financial institutions continue to support Santos and its climate-wrecking projects.

Almost every super fund in Australia invests members’ retirement savings in Santos, and at least 27 Australian and international banks—including ANZ, CommBank, NAB and Westpac—have provided finance to the company. Many of these financial institutions claim to support the Paris Agreement and net zero emissions by 2050, yet continue to support a company pursuing plans consistent with the failure of these goals.

Santos is undermining a stable climate future by pursuing new oil and gas projects. Our super funds and banks must stop investing in Santos and its climate-wrecking projects and plans now.

See if your super fund has ruled out Santos

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TAKE ACTION!

Tell your super fund to stop investing in Santos and its climate-wrecking expansion plans

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I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of super funds’ portfolio holdings disclosures shows that almost all of Australia’s biggest super funds are still investing in these climate-wrecking companies. What’s worse is that many funds’ exposure to Woodside and Santos is higher than these companies' weighting on the ASX 300 index! According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[1] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[2] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of the Paris Agreement. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[3] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[4] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://www.iea.org/reports/net-zero-by-2050 [2] https://productiongap.org/2021report/ [3] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [4] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
Great news! Your super fund does not invest in Woodside or Santos.
Media Super has merged with Cbus. Please select Cbus from the drop-down list to send them a message.
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Message to Active Super
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Dear Active Super, I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosure has shown that Active Super’s Accelerator/High Growth option has the fourth highest exposure to Santos, as a proportion of Australian listed equities, out of the default (or largest) investment options of Australia’s biggest super funds.[1] Aside from being well above the average of your peers’ exposure, this exposure was almost double Santos’ weighting on the ASX 300 index at 31 December 2021. Active Super claims to be a leader on responsible investment, so why are you so overexposed to this climate-wrecking company? According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-april-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to AMP
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Dear AMP, I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosure has shown that AMP’s MySuper 1970’s option has the fourth highest exposure to Woodside, as a proportion of Australian listed equities, out of the default (or largest) investment options of Australia’s biggest super funds.[1] Aside from being well above the average of your peers’ exposure, this exposure was almost double Woodside’s weighting on the ASX 300 index at 31 December 2021. Why are you so overexposed to this climate-wrecking company? According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-april-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to Australian Retirement Trust (QSuper & Sunsuper)
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Dear Australian Retirement Trust (ART), I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosure has shown that ART’s Lifecycle Balanced Pool option has one of the highest exposures to Woodside, as a proportion of Australian listed equities, out of the default (or largest) investment options of Australia’s biggest super funds.[1] Aside from being above the average of your peers’ exposure, this exposure was also higher than Woodside’s weighting on the ASX 300 index at 31 December 2021. Why are you so overexposed to this climate-wrecking company? According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-april-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to AustralianSuper
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Dear AustralianSuper, I am writing to you to express my sincere frustration with your failure to rule out investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosures shows AustralianSuper’s Balanced option sold down more than 40% of its Santos shares across the period 31 December 2021 to 30 June 2022. While I would like to acknowledge this as a positive step towards AustralianSuper ditching companies expanding fossil fuels, the disclosures also reveal this option has increased its stake in Woodside more than 14 times over! Market Forces estimates about half of these shares were not attributable to the BHP Petroleum merger, but rather an active decision made by AustralianSuper to massively increase its stake in Woodside.[1] If this is the case, the fund has some serious explaining to do. Why has AustralianSuper changed its tune on Woodside and suddenly bought up so many shares in this climate pariah? This move flies in the face of AustralianSuper’s net zero by 2050 commitment and support for the Paris climate goals. According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Woodside has recently confirmed its intention to continue pursuing the monstrous Browse offshore gas basin by way of publishing its final environmental impact statement.[6] Browse is bigger, more polluting, and would operate even longer than the already out of line Scarborough project. How can AustralianSuper continue to support a company that continues to recklessly undermine global climate ambitions? If AustralianSuper is serious about its own climate commitments, then I demand the fund make a statement publicly denouncing Scarborough, Browse, and all other proposed new oil and gas projects, and divesting from the company unless it drops all new oil and gas field development plans for good. If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to fully divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-october-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ [6] https://thewest.com.au/business/oil-gas/woodside-releases-final-environmental-report-on-browse-lng-project-c-8249002 Sincerely,
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Message to Aware Super
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Dear Aware Super, I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosure has shown that Aware Super’s High Growth option has a higher exposure to Santos, as a proportion of Australian listed equities, than Santos’ weighting on the ASX 300 index at 31 December 2021.[1] Aware Super claims to be a leader on responsible investment, so why are you overexposed to this climate-wrecking company? According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-april-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to BT Financial Group
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Dear BT, I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosure has shown that BT’s Panorama option has a higher exposure to Woodside, as a proportion of Australian listed equities, than Woodside’s weighting on the ASX 300 index at 31 December 2021.[1] Why are you overexposed to this climate-wrecking company? According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-april-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to Cbus
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Dear Cbus, I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosure has shown that Cbus’ Growth (MySuper) option has a higher than average exposure to Santos, as a proportion of Australian listed equities, out of the default (or largest) investment options of Australia’s biggest super funds.[1] This is in spite of your stranded asset framework, which should be reducing exposure to climate-wrecking companies like Santos. Aside from being well above the average of your peers’ exposure, this exposure was double Santos’ weighting on the ASX 300 index at 31 December 2021. Why are you so overexposed to this climate-wrecking company? According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-april-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to Colonial First State
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Dear Colonial First State (CFS), I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosures shows CFS’ FirstChoice Wholesale Growth option increased its Santos shareholding by more than 6% across the period 31 December 2021 to 30 June 2022. Most alarmingly, however, the disclosures also reveal this option has increased its stake in Woodside more than six times over! Market Forces estimates nearly half of these shares were not attributable to the BHP Petroleum merger, but rather an active decision made by CFS to massively increase its stake in Woodside.[1] If this is the case, the fund has some serious explaining to do. Why has CFS bought up so many shares in this climate pariah? This move flies in the face of the fund’s 2030 and 2050 climate commitments and apparent claim of alignment with the Paris climate goals. According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Woodside has recently confirmed its intention to continue pursuing the monstrous Browse offshore gas basin by way of publishing its final environmental impact statement.[6] Browse is bigger, more polluting, and would operate even longer than the already out-of-line Scarborough project. How can CFS continue to support a company that continues to recklessly undermine global climate ambitions? If CFS is serious about its own climate commitments, then I demand the fund make a statement publicly denouncing Scarborough, Browse, and all other proposed new oil and gas projects, and divesting from the company unless it drops all new oil and gas field development plans for good. If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-october-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ [6] https://thewest.com.au/business/oil-gas/woodside-releases-final-environmental-report-on-browse-lng-project-c-8249002 Sincerely,
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Message to Commonwealth Super Corp / PSS
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Dear Commonwealth Super Corp (CSC), I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosure has shown that CSC’s PSS Default option has a higher exposure to Santos and Woodside, as a proportion of Australian listed equities, than these companies’ weightings on the ASX 300 index at 31 December 2021.[1] Why are you overexposed to these climate-wrecking companies? According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-april-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to Equip Super
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Dear Equipsuper, I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosure has shown that Equipsuper’s MySuper option has the third highest exposure to Woodside, as a proportion of Australian listed equities, out of the default (or largest) investment options of Australia’s biggest super funds.[1] Aside from being well above the average of your peers’ exposure, this exposure was almost double Woodside’s weighting on the ASX 300 index at 31 December 2021. Why are you so overexposed to this climate-wrecking company? According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-april-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to HESTA
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Dear HESTA, I am writing to you to request further information about HESTA’s investments in Woodside and Santos. Analysis of your portfolio holdings disclosures shows HESTA’s Balanced Growth option sold down more than a fifth of its Santos shares across the period 31 December 2021 to 30 June 2022. Although the Balanced Growth option’s stake in Woodside has increased in real terms, Market Forces estimates the option has sold down a fifth of its Woodside shares, after taking into account shares received through the Woodside-BHP Petroleum merger.[1] It is clear that engagement with Woodside and Santos has failed to stop their rampant expansion plans. Both companies are both pursuing new oil and gas projects consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Has HESTA finally realised engagement with Woodside and Santos has failed and started escalating its action at these companies to partial divestment? Is it quietly selling down shares in response to members’ concerns? Or is the fund failing to listen to members and simply playing the market with these share sales? According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, as the super fund of the health and community sector I am calling on HESTA to publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-october-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to Hostplus
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Dear Hostplus, I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosures shows Hostplus’ Balanced option increased its stake in Santos by more than 16% across the period 31 December 2021 to 30 June 2022. Further to this, the disclosures also reveal this option almost doubled its stake in Woodside. While Market Forces estimates most of these Woodside shares are attributable to the BHP Petroleum merger, Hostplus appears to also have made an active decision to purchase even more shares in this climate wrecker.[1] If this is the case, the fund has some serious explaining to do. Why is Hostplus using members’ retirement savings to buy up shares in these climate wreckers? Supporting Woodside and Santos’ oil and gas expansion plans wildly contradicts the net zero by 2050 portfolio emissions reduction target Hostplus set earlier this year. According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-october-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to IOOF
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Dear IOOF, I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. New analysis of super funds’ portfolio holdings disclosures shows that almost all of Australia’s biggest super funds are still investing in these climate-wrecking companies. What’s worse is that many funds’ exposure to Woodside and Santos is higher than these companies' weighting on the ASX 300 index! According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[1] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[2] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of the Paris Agreement. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[3] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[4] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://www.iea.org/reports/net-zero-by-2050 [2] https://productiongap.org/2021report/ [3] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [4] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to MLC
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Dear MLC, I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosure has shown that MLC’s MySuper Growth option has an above average exposure to Woodside and Santos, as a proportion of Australian listed equities, out of the default (or largest) investment options of Australia’s biggest super funds.[1] Aside from being above the average of your peers’ exposure, these exposures were also higher than Woodside and Santos’ weightings on the ASX 300 index at 31 December 2021. Why are you overexposed to these climate-wrecking companies? According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-april-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to NGS Super
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Dear NGS Super, I am writing to you to express my sincere frustration with your failure to rule out investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosure has shown NGS’ Diversified (MySuper) option has the second highest exposure to Woodside, as a proportion of Australian listed equities, out of the default (or largest) investment options of Australia’s biggest super funds.[1] This is in spite of your carbon neutral portfolio by 2030 target, and apparent plans to divest from oil and gas companies. Aside from being well above the average of your peers’ exposure, this exposure was almost double Woodside’s weighting on the ASX 300 index at 31 December 2021. NGS Super claims to be a leader on responsible investment, so why are you so overexposed to this climate-wrecking company? I acknowledge that you have plans to reduce investments in oil and gas companies. However, your overexposure to Santos shows you must announce these plans and put them into action now. NGS must exclude investment in all companies undermining global climate goals by expanding fossil fuels, across your entire portfolio. Recently, I also became aware that you are closing your Socially Responsible Diversified investment option, claiming that your portfolio-wide ESG integration makes this standalone option no longer necessary[2]. What will this mean for members currently in that option? Will they be reinvested in climate-wrecking companies pursuing fossil fuel expansion plans, or will you be divesting from all such companies before winding up this investment option on May 31? According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[3] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[4] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[5] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[6] Your continued investment of my retirement savings in these companies is therefore inexcusable. NGS should have divested from these climate wrecking companies already. But since you have not, and with the Woodside and Santos AGMs approaching, you at least have a crucial opportunity to demand these companies change course. Proposals have been put forward calling on Woodside and Santos to manage down oil and gas production in line with a net zero emissions by 2050 pathway. If you take climate action seriously, then you must vote: In favour of these ‘Capital Protection’ proposals and other climate-related shareholder proposals; Against the companies’ own climate reports; and Against the chairs of each company’s Sustainability Committee. If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-april-2022/ [2] https://www.financialstandard.com.au/news/ngs-closes-socially-responsible-option-179794630 [3] https://www.iea.org/reports/net-zero-by-2050 [4] https://productiongap.org/2021report/ [5] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [6] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to OnePath
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Dear OnePath, I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. New analysis of super funds’ portfolio holdings disclosures shows that almost all of Australia’s biggest super funds are still investing in these climate-wrecking companies. What’s worse is that many funds’ exposure to Woodside and Santos is higher than these companies' weighting on the ASX 300 index! According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[1] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[2] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of the Paris Agreement. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[3] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[4] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://www.iea.org/reports/net-zero-by-2050 [2] https://productiongap.org/2021report/ [3] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [4] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to REST
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Dear Rest, I am writing to you to express my disgust at the fund’s continued investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. Analysis of your portfolio holdings disclosure has shown that Rest’s Core Strategy option has the highest exposure to Santos, as a proportion of Australian listed equities, out of the default (or largest) investment options of Australia’s biggest super funds.[1] Besides this, your exposure was almost triple Santos’ weighting on the ASX 300 index at 31 December 2021. Why are you so overexposed to this climate-wrecking company? According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-april-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to Suncorp Super
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Dear Suncorp, I am writing to you to express my sincere frustration with your failure to rule out investment in Woodside and Santos. These companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so. New analysis of super funds’ portfolio holdings disclosures shows that almost all of Australia’s biggest super funds are still investing in these climate-wrecking companies. What’s worse is that many funds’ exposure to Woodside and Santos is higher than these companies' weighting on the ASX 300 index! I acknowledge that you have started reducing investment in Woodside and Santos. However, you must now go further and exclude investment in all companies undermining global climate goals, across your entire portfolio. According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[1] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[2] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[3] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[4] Your continued investment of my retirement savings in these companies is therefore inexcusable. Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to immediately and publicly divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://www.iea.org/reports/net-zero-by-2050 [2] https://productiongap.org/2021report/ [3] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [4] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
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Message to UniSuper
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Dear UniSuper, I was pleased to see UniSuper continuing to sell down shares in Santos and Woodside but I am concerned this trend is not guaranteed through policy. I am calling on UniSuper to tighten its fossil fuel exposure cap to ensure it won’t undo the fund’s good work in selling down climate wreckers Santos and Woodside. Analysis of your portfolio holdings disclosures shows UniSuper’s Balanced option sold down nearly 27% of its Santos shares across the period 31 December 2021 to 30 June 2022. Although the Balanced option’s stake in Woodside has increased in real terms, Market Forces estimates the option has sold down nearly three-quarters of its Woodside shares, after taking into account shares received through the Woodside-BHP Petroleum merger.[1] While this is great progress, UniSuper must now continue this downward trend by fully divesting from all companies expanding fossil fuels and ensuring the fossil fuel cap does not allow exposure increase. According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] I am calling on UniSuper to divest completely and permanently from Santos, Woodside and all companies expanding fossil fuels. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-october-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ Sincerely,
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Message to Vision Super
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Your message to Vision Super*
(You can edit this, too - your name will be automatically added at the end)
Dear Vision Super, I am writing to acknowledge Vision Super’s positive step of reducing investment exposure to Woodside and Santos, but ask the fund to go further and exclude any investment in companies undermining global climate goals by expanding the fossil fuel industry. Analysis of your portfolio holdings disclosure has shown that Vision Super’s Balanced Growth option has one of the lowest exposures to Woodside and Santos, as a proportion of Australian listed equities, out of the default (or largest) investment options of Australia’s biggest super funds.[1] However, given these companies are both pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and have clearly proven themselves incapable of aligning with these goals and unwilling to do so, any investment in them is unacceptable. According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production projects can proceed.[2] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[3] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Woodside and Santos are pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has concluded that Woodside’s Scarborough-Pluto project “...represents a bet against the world implementing the Paris Agreement,”[4] and Santos’ Barossa gas project has been described as “...an emissions factory with an LNG by-product.”[5] Further to this, Santos has recently sanctioned another project incompatible with global climate goals: the Pikka Phase 1 project. Despite the fact that Santos is currently being prosecuted in the Federal Court for allegations of misleading and deceptive conduct, as well as recently being reported to ASIC for potentially misleading remarks made at its 2022 AGM, the company claims that this project will be “net zero.” However, this “net zero” claim excludes scope 3 emissions which, historically, account for close to 90% of Santos’ emissions profile. What have you done to try and stop this and other climate-wrecking projects being pursued by Santos from going ahead? If these companies continue with their destructive and dangerous fossil fuel expansion plans, you will have no choice but to fully divest from Woodside and Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://marketforces.org.au/super-funds-woodside-santos-exposure-april-2022/ [2] https://www.iea.org/reports/net-zero-by-2050 [3] https://productiongap.org/2021report/ [4] https://climateanalytics.org/publications/2021/warming-western-australia-how-woodsides-scarborough-and-pluto-project-undermines-the-paris-agreement/ [5] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
Of course I want to get updates about this campaign from Market Forces!
- Yes
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TOOK ACTION: Super - exposure to Woodside & Santos - blog post April 2022
- TOOK ACTION: Super - exposure to Woodside & Santos - blog post April 2022

The super funds failing to rule out investment in Santos

Almost every single Australian super fund invests in Santos, using members’ retirement savings to support its climate-wrecking projects and plans. A handful of super funds have either substantially divested from, have some form of exclusion on, or have plans to phase out oil and gas producers, meaning that we are starting to see a trickle of divestment from Santos. However, this divestment is not happening at the scale nor pace commensurate with the climate crisis we face, and all super funds need to exclude companies like Santos from their portfolios altogether.

Of Australia’s biggest 30 super funds by assets under management (AUM), only one has implemented an exclusion on oil and gas producers, meaning the rest of these funds are using members’ retirement savings to support Santos’ massive expansion plans. Worse still, several super funds have voted against shareholder proposals calling on Santos to wind up its oil and gas production in line with the climate goals of the Paris Agreement.

We have also calculated and presented the below funds’ investments in Santos as a proportion of each fund’s total allocation to Australian listed equities (shares listed on the Australian stock market), as this allows for direct comparison between funds. Other data points, such as investment exposure as a proportion of the total fund, or dollar value of investments in these companies are incomparable because funds have different allocations to Australian listed equities and different amounts of money in the investment pool.

Has your super fund failed to rule out investment in Santos? Check the list below and take action!

Investment exposure to Santos and proxy voting behaviour of Australia’s biggest super funds by assets under management

wdt_ID	Fund	Investment option profiled	Investment exposure (% of Australian Equities)	Voted against wind up resolution in 2021?	Total Members	Total Assets Under Management
1	AustralianSuper	Balanced	0.20	Against	2,468,216	244.90
2	Commonwealth Super Corp	PSS Default	0.92	Not disclosed	675,701	244.80
3	Australian Retirement Trust (formed after the merger between QSuper and Sunsuper)	Balanced Pool	0.98	Against*	2,074,452	235.10
4	Aware Super	High Growth	1.16	Abstain	1,123,049	153.60
5	AMP	MySuper 1970's	1.32	Not disclosed	1,150,081	118.90
6	MLC (owned by IOOF)	MySuper Growth	1.54	Against	1,049,985	109.70
7	BT Financial Group	BT Panorama	0.45	Against	1,005,020	109.20
8	UniSuper	Balanced	1.38	Against	497,959	102.60
9	Colonial First State	FirstChoice Wholesale Growth	2.14	Against	846,980	96.90
10	REST	Core Strategy	2.25	Against	1,846,992	67.00

Holdings information as at 31 December 2021.

*Proxy voting information pertaining to Australian Retirement Trust reflects the combined voting behaviour of QSuper and Sunsuper, prior to the merger. Both funds voted against the Santos ‘Capital Protection’ resolution in 2021.

Methodology and sources

Methodology

The scope of our analysis covers Australia’s largest 32 super funds by assets under management, according to APRA’s June 2021 fund-level superannuation statistics, Table 1 and Table 2. Where mergers between super funds have occurred since June 2021, the single merged entity is listed on the table (noting the previous fund name/s) and occupies only one position on the table, unless the merged funds remain as standalone brands with standalone policies. We identified:

Each fund’s investment exposure to Santos, as a proportion of its total allocation to Australian equities in its default (or largest, by AUM) investment option as at 31 December 2021, and;
How each fund voted on the Market Forces-coordinated ‘Capital Protection’ shareholder proposal at the annual general meeting (AGM) of Santos in 2021.

Where a fund’s total allocation to Australian equities for 31 December 2021 was not disclosed or not apparent from its holdings disclosures, the option’s disclosed strategic asset allocation (or the most recent actual asset allocation, if available) was used to calculate the fund’s exposure to Santos, as a proportion of Australian listed equities.

The information in the above table pertains to 23 of Australia’s largest 32 funds, for the following reasons:

QSuper and Sunsuper have recently merged to form Australian Retirement Trust;
HUB24 and Netwealth do not have investment options comparable to the rest of those captured in the study;
CommBank Group Super and Macquarie do not disclose total or strategic allocation to Australian equities, nor is this information apparent from its holdings disclosure. We therefore did not have enough information to analyse these funds’ investments in Santos as a proportion of Australian listed equities, and;
IOOF, OnePath and StateWide are yet to disclose their full list of investment holdings.
NGS Super has implemented an exclusion on oil and gas producers and publicly divested from companies captured by that exclusion, including Santos.

Where a fund’s proxy voting disclosure reads ‘Split,’ this means that the fund has voted some of its shares in different ways on the relevant proposal, for example some shares for and some against, or some abstaining and some against.

Sources

Portfolio holdings disclosures for all funds are effective as at 31 December 2021, and were sourced from each fund’s website (see below). Proxy voting information was sourced from Proxy Insight (a subscription service), or from each fund’s own proxy voting disclosure. Total allocation to Australian equities calculated from portfolio holdings disclosure unless noted below.

ACSRF
Active Super (total asset allocation to Australian equities at 31 January 2022: 32.32%)
AMP
Australian Retirement Trust
AustralianSuper
Aware Super
BT Financial Group
CareSuper (strategic asset allocation to Australian equities: 22%)
Catholic Super
Cbus (total asset allocation to Australian equities at 31 January 2022: 22.53%)
Colonial First State (total asset allocation to Australian equities at December 2021: 25.5%)
CommBank Group Super
Commonwealth Super Corp
Equipsuper (strategic asset allocation to Australian equities: 24%)
HESTA
Hostplus
LGIAsuper
Macquarie
Mercer (total asset allocation to Australian equities at December 2021: 36%)
Mine Super
MLC
NGS Super
Rest
Spirit Super
Telstra Super (strategic asset allocation to Australian equities: 22%)
UniSuper
Vision Super

TELL YOUR SUPER FUND TO RULE OUT INVESTMENT IN SANTOS TODAY

The banks financing Santos’ climate-wrecking business plans

Since 2018, a number of domestic and international banks—including ANZ, CommBank, NAB and Westpac—have either loaned to, or arranged finance for, Santos and its climate-wrecking projects and plans. All of Australia’s big four banks claim to support the goals of net zero emissions by 2050 and the Paris Agreement. However, all four of these banks have also loaned money to Santos, enabling the company to pursue oil and gas production projects consistent with the failure of these global climate goals.

Has your bank loaned to, or arranged finance for, Santos since 2018? Check out the list below and take action!

Banks that have loaned to, or arranged finance for, Santos since 2018

ABN Amro
ANZ
Bank of China
Bank of Communications
China Construction Bank
China Everbright Bank
Citigroup
Commonwealth Bank of Australia
Credit Suisse
DBS Bank
DNB ASA
First Commercial Bank
Goldman Sachs
Industrial & Commercial Bank of China (ICBC)

ING
Intesa San Paolo
Mega International Commercial Bank
Mizuho Bank
Morgan Stanley
MUFG Bank
National Australia Bank (NAB)
Natixis
Royal Bank of Canada
State Bank of India
Sumitomo Mitsui Banking Corporation (SMBC)
UBS Australia
United Overseas Bank
Westpac

Please note: This list was last updated on 30 August 2022. Banks listed in bold took part in August 2022 corporate refinancing.

TAKE ACTION!

Send a message to the banks financing Santos and tell them to stop funding climate failure

Name*
First Last
Email*
Subject
(You can edit this)
Your message to the banks
(You can edit this. The saluation will automatically added at the top and your name will be added automatically at the bottom.)
I am writing to you to express my disgust at your decision to provide finance for Australian oil and gas company Santos. This company is pursuing business plans consistent with the failure of the Paris Agreement and net zero by 2050, and has clearly proven itself incapable of aligning with these goals and unwilling to do so. Even after its August 2022 corporate loan, Santos is seeking even more finance for an expansion of its Darwin LNG project. I demand an answer to this email, confirming you will not take part in this transaction, and rule out any further finance for this company, whose fossil fuel expansion plans are consistent with the failure of the Paris Agreement. According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new oil and gas production can proceed.[1] The United Nations Environment Programme (UNEP) has also confirmed that limiting global warming to 1.5°C in line with the Paris Agreement means “global fossil fuel production must start declining immediately and steeply.”[2] It is abundantly clear that achieving these climate goals and a stable climate future leaves no room for the expansion of the oil and gas industry. Despite this, Santos is pursuing massive new oil and gas projects consistent with the failure of these goals. Independent analysis has described Santos’ Barossa gas project as “...an emissions factory with an LNG by-product.”[3] Providing finance to this company (or failing to rule out future finance) is inexcusable. Santos has clearly failed to step into line with the Paris Agreement and net zero by 2050, and is instead heading in the opposite direction. I therefore demand that you immediately and publicly rule out future finance for Santos, and all other companies expanding the scale of the fossil fuel industry. [1] https://www.iea.org/reports/net-zero-by-2050 [2] https://productiongap.org/2021report/ [3] https://ieefa.org/ieefa-santos-barossa-gas-field-emissions-create-major-risks-for-shareholders/ Sincerely,
I want updates about this campaign from Market Forces!
- I want updates about this campaign from Market Forces!
Hidden
TOOK ACTION: Banks - Santos campaign web page - March 2022
- TOOK ACTION: Banks - Santos campaign web page - March 2022

Your email will be sent to ABN AMRO, Australia & New Zealand Banking Group (ANZ), Bank of China, Bank of Communications, China Construction Bank, China Everbright Bank, Citigroup, Commonwealth Bank of Australia (CBA), Credit Suisse, DBS Bank, Goldman Sachs, Industrial & Commercial Bank of China (ICBC), ING, Intesa San Paolo, Mizuho Bank, Morgan Stanley, MUFG Bank, National Australia Bank (NAB), State Bank of India, Sumitomo Mitsui Banking Corporation (SMBC), UBS Australia, United Overseas Bank, and Westpac.

Planning for climate catastrophe: the climate-wrecking projects and expansion plans Santos is pursuing

Santos is pursuing massive new oil and gas projects consistent with the failure of the Paris Agreement, including the dangerous and destructive Narrabri gas project in the Pilliga Forest, New South Wales (NSW). Santos has recently undergone a merger with Oil Search to make the combined business one of the 20 largest companies on the Australian Securities Exchange (ASX). This new fossil fuel giant has one main aim: produce more oil and gas. In fact, Santos is pursuing major new projects that would increase its production by at least 17% from 2020 to 2030, despite the urgent need for fossil fuel production to begin declining in line with global climate goals.

Beyond clearly contravening the IEA’s key conclusion that there is no room for new oil and gas production projects in the pathway to net zero emissions by 2050, a number of independent analyses of new oil and gas production projects being pursued by Santos reveals how significantly out of line they are with global climate goals. Carbon Tracker, for example, identified the proposed Dorado project as incompatible with the International Energy Agency’s (IEA) Sustainable Development Scenario (SDS)—a pathway that only aims to reach net zero emissions by 2070—let alone a net zero by 2050 scenario. The Dorado project is but one of several examples of Santos’ reckless pursuit of fossil fuel projects that undermine global climate goals.

Santos plans to drill 850 gas wells throughout the Pilliga Forest and surrounding farmland near Narrabri, NSW. The company is still desperately pursuing this toxic project, despite years of opposition from local Gomeroi Traditional Owners and farmers, as well as former Chief Scientist Penny Sackett, who has confirmed the project is inconsistent with the Paris Agreement and net zero by 2050.

Santos has even gone so far as to submit an application to the National Native Title Tribunal, in an attempt to extinguish Gomeroi Traditional Owner native title rights over the Pilliga. The Narrabri project makes it clear that Santos will stop at nothing in the pursuit of climate-wrecking gas, including trashing Indigenous cultural heritage.

Community members voicing opposition to the Narrabri gas project in NSW, 2014. Image courtesy of the Lock the Gate Alliance

Community members voicing opposition to the Narrabri gas project in NSW, 2014.
Image courtesy of the Lock the Gate Alliance

Santos has committed approximately $1.8 billion on the Barossa gas project, a massive new proposed gas field 300km North of Darwin, Northern Territory (NT). If the project goes ahead, Santos will transport gas from the Barossa field to an existing LNG processing facility in Darwin.

The extremely high carbon dioxide (CO2) content of Barossa gas is three times greater than the Darwin LNG plant can handle, leading energy experts to state that the Barossa to Darwin LNG project looks like it’s shaping up to become “…a CO2 emissions factory with an LNG by-product.”

Traditional Owners are suing Barossa’s financiers to try to stop the project, as “some Tiwi Islander and Larrakia elders fear the project will have detrimental impacts on their sea country and marine life.”

The Dorado oil and gas project is yet another proposed offshore oil and gas field, off the coast of Western Australia (WA). Santos has committed approximately $1.5 billion to Dorado, a joint venture with Carnarvon Petroleum of which Santos owns 80%.

Santos has announced Australia’s second-largest oil reserve discovery in the past five years at the Dorado field and intends to go ahead with the project despite the clear science confirming it is out of line with the Paris and net zero by 2050 climate goals.

The P’nyang gas field is located in the Western Province of Papua New Guinea. Despite being operated by ExxonMobil, Santos owns a 38.5% stake in the project. If the P’nyang project were to go ahead this decade, it could bring Santos’ 2030 production up to a massive 58% above its (combined Santos and Oil Search) 2020 baseline.

Trashing the environment and endangering lives

Santos has a history of causing environmental and social damage due to unsafe business practices. In 2013, Santos was responsible for an oil spill in Channel Country, Queensland, where a leak from a burst well head spilled 250,000 litres of oil into the surrounding environment over a five-day period. However, the Queensland Government’s Environment Department failed to prosecute Santos over the company’s environmental recklessness, despite having enough evidence to do so. Santos has also been responsible for several oil spills within the Great Barrier Reef World Heritage Area, and failed to report one of these spills for eight months, despite a requirement to report spills within five days.

Looking forward, Santos continues to shirk responsibility for the emissions from its climate-wrecking business activities. The company has a target to reduce its emissions by 26-30% (by 2030). However, this target only accounts for ‘scope 1 and 2’ (or ‘operational’) emissions, despite these only accounting for roughly 15% of the company’s overall emissions. Much of the remaining 85% of Santos’ emissions—its ‘scope 3’ emissions—come from customers burning its oil and gas for energy use. The chart (Figure 1) shows Santos’ deplorable 2030 emissions reduction targets have almost no impact on the company’s estimated emissions pathway, which is actually expected to increase due to its increasing production plans.

New Hope Corp's New Acland coal mine, February 2016

Figure 1: The estimated impact of Santos’ 2030 emissions reduction target vs. its estimated emissions profile

Santos’ claim of support for the Paris climate goals appears misleading, in light of the fact that the company’s increased production plans are likely to see its emissions increase over the next five to ten years. Taking Santos’ own production projections—applying conservative assumptions where required and assuming Santos fully implements its emissions targets—our analysis shows that Santos’ annual emissions are likely to sit more than 25% above a combined Santos and Oil Search 2020 baseline through 2026-2029, before falling back to 10% above 2020 levels in 2030 (assuming the P’nyang LNG project does not commence by then).

Santos has also been taken to court over its dodgy climate claims. It has been alleged, in an Australian Federal Court case, that Santos engaged in misleading and deceptive conduct by claiming to have a “…clear and credible pathway to achieve net zero emissions by 2040,” but failing to “…disclose that it has firm plans to increase its greenhouse gas emissions by developing new or existing oil and gas projects.”

A decommissioned coal seam gas (CSG) well in the Pilliga, NSW. Image courtesy of the Lock the Gate Alliance.

In 2001, an explosion at Santos’ Moomba gas plant killed one worker and injured three others. Santos pleaded guilty to three counts of “…failing to ensure its employees were safe from injury and risk to health,” but was fined a mere $105,000 for this horrific event. The company was also found responsible for another death in 2009, where a contractor was struck in the head and killed whilst working on Santos’ Pilliga site. The company pleaded guilty to this death, too, yet was fined only $120,000.

Santos pleaded guilty to breaching workplace safety laws after another explosion at its Moomba plant in 2004. This explosion caused a mercury gas leak, putting 13 workers on site at risk of “…serious harm or fatality,” several of which had to run through the toxic gas cloud to escape the explosion site. Santos was fined $84,000 (plus court costs) for this breach, after a long-running court case.

More recently, an engineering fault resulted in a Santos oil rig swinging uncontrollably from a crane and nearly crushing several workers to death.

LATEST SANTOS NEWS

NAB fails to address fossil fuel lending loopholes at 2022 AGM

Dec 16, 2022

16 December 2022 NAB faces shareholder backlash over continued support for new fossil fuels at 2022 AGM Today, National Australia Bank (NAB) faced a formal proposal from shareholders asking it to demonstrate how the company’s financing would not be used for the...

ANZ pulls the wool over investors eyes on climate at 2022 AGM

Dec 15, 2022

15 December 2022 Just over 8% of shareholders voted in favour of a formal proposal calling on the bank to demonstrate how its funding would not be used for new fossil fuel projects at today’s annual general meeting. Last month, a UN High-level Expert Group...

Westpac’s ‘laughable’ greenwashing called out at 2022 AGM

Dec 14, 2022

14 December 2022 Over 10% of Westpac’s shareholders defied the board to support a formal proposal calling on the bank to demonstrate how its funding won’t be used for new fossil fuel projects at today’s annual general meeting (AGM) in Melbourne. The bank...

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Page last updated March 2022. Unless otherwise specified, all currencies are in AUD.

Disclaimer

The information provided by Market Forces does not constitute financial advice. The information is presented in order to inform people motivated by environmental concerns and take actions based on those concerns. Market Forces is organising data for environmental ends.

The information and actions provided by Market Forces do not account for any individual’s personal objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice.

Market Forces recommends all users obtain their own independent professional advice before making any decision relating to their particular requirements or circumstances. Switching super funds may have unintended financial consequences.

Market Forces does not receive funding from any super funds or other financial institutions.

For more information about Market Forces, please visit the about page of the site. To see how we profile super funds go to the methodology page.

TAKE ACTION!

All funds (excluding ethical funds and targeted emails)

Message to Active Super

Message to AMP

Message to Australian Retirement Trust (QSuper & Sunsuper)

Message to AustralianSuper

Message to Aware Super

Message to BT Financial Group

Message to Cbus

Message to Colonial First State

Message to Commonwealth Super Corp / PSS

Message to Equip Super

Message to HESTA

Message to Hostplus

Message to IOOF

Message to MLC

Message to NGS Super

Message to OnePath

Message to REST

Message to Suncorp Super

Message to UniSuper

Message to Vision Super

The super funds failing to rule out investment in Santos

Investment exposure to Santos and proxy voting behaviour of Australia’s biggest super funds by assets under management

Methodology and sources

The banks financing Santos’ climate-wrecking business plans

Banks that have loaned to, or arranged finance for, Santos since 2018

TAKE ACTION!

Planning for climate catastrophe: the climate-wrecking projects and expansion plans Santos is pursuing

Trashing the environment and endangering lives

LATEST SANTOS NEWS

NAB fails to address fossil fuel lending loopholes at 2022 AGM

ANZ pulls the wool over investors eyes on climate at 2022 AGM

Westpac’s ‘laughable’ greenwashing called out at 2022 AGM