HESTA: dump fossil fuels, change the future

This webpage was created by Market Forces. On its own website, HESTA paints itself as ethical and sustainable but fails to mention investing over $2 billion in fossil fuels which are driving the climate crisis. So we decided to fix it for them, free of charge.

HESTA investing your retirement savings in dirty fossil fuels

HESTA dump fossil fuels change the future

Join the movement calling on HESTA to stop investing in fossil fuel companies causing climate destruction and strain on the health system.

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Dear staff at HESTA,

As a HESTA member, I was devastated to learn HESTA is invested in fossil fuel companies.

I saw HESTA members leaving recently over this issue and am considering whether I should do the same.

I am calling on HESTA to divest from all companies that are expanding the scale of the fossil fuel sector or relying on scenarios consistent with the failure of the Paris Agreement to justify their future business prospects.
 
HESTA brands itself as a fund that is taking action to address climate change. Yet the fund continues to invest in fossil fuel companies that are actively undermining your stated support of global climate goals.

For example, Woodside is pursuing its new Scarborough-Pluto gas project, which experts have found “...represents a bet against the world implementing the Paris Agreement.” Meanwhile, Santos is pushing ahead with its own highly controversial new projects, such as Narrabri gas and Barossa LNG, which are incompatible with the Paris Agreement and the pathway to net zero emissions by 2050.

The science is clear: if we are to have a chance of limiting global warming in line with the Paris Agreement’s goals, there is no room for new or expanded fossil fuel projects. Yet HESTA continues to invest our retirement savings in companies like Woodside and Santos, supporting their climate-wrecking expansion plans and the environmental destruction caused by their dirty oil and gas projects.

The Lancet medical journal has described climate change as ‘one of the greatest global health threats facing the world in the 21st century.’ We need HESTA to look after the health industry by withdrawing from companies undermining the Paris Agreement.

Until HESTA makes commitments to divest from all companies expanding the fossil fuel sector, the fund will be called out for greenwash and risks losing members like me.

Sincerely,

Message

(You can edit this. You name will automatically be added to the bottom)

Dear staff at HESTA,

I was devastated to learn HESTA is invested in fossil fuel companies.

I am calling on HESTA to divest from all companies that are expanding the scale of the fossil fuel sector or relying on scenarios consistent with the failure of the Paris Agreement to justify their future business prospects.
 
HESTA brands itself as a fund that is taking action to address climate change. Yet the fund continues to invest in fossil fuel companies that are actively undermining your stated support of global climate goals.

For example, Woodside is pursuing its new Scarborough-Pluto gas project, which experts have found “...represents a bet against the world implementing the Paris Agreement.” Meanwhile, Santos is pushing ahead with its own highly controversial new projects, such as Narrabri gas and Barossa LNG, which are incompatible with the Paris Agreement and the pathway to net zero emissions by 2050.

The science is clear: if we are to have a chance of limiting global warming in line with the Paris Agreement’s goals, there is no room for new or expanded fossil fuel projects. Yet HESTA continues to invest members' retirement savings in companies like Woodside and Santos, supporting their climate-wrecking expansion plans and the environmental destruction caused by their dirty oil and gas projects.

The Lancet medical journal has described climate change as ‘one of the greatest global health threats facing the world in the 21st century.’ We need HESTA to look after the health industry by withdrawing from companies undermining the Paris Agreement.

Until HESTA makes commitments to divest from all companies expanding the fossil fuel sector, the fund will be called out for its greenwash.

Sincerely,

Privacy policy

HESTA claims it is driving meaningful change for generations to come. Yet the fund currently invests in companies with fossil fuel expansion plans that undermine our chances of avoiding catastrophic climate change. A new report, endorsed by some of the country’s top medical colleges, warns the effects of climate change will place immense pressure on Australia’s hospitals in the next 10 years^[1]The Royal Australasian College of Physicians, Climate Change and Australia’s Healthcare Systems – A Review of Literature, Policy and Practice … Continue reading.

Use the form on this page to join the movement calling on HESTA to stop investing in fossil fuel companies causing climate destruction and strain on the health system.

HESTA has over $2 billion invested in fossil fuels, including investments in Australia’s two biggest oil and gas companies Woodside and Santos^[2]HESTA states “At 30 June 2021 oil and gas companies represent only 3.60% of our total portfolio exposure”. The fund’s total assets under management at that time were $67,002,788,000.. These companies are pursuing new fossil fuel projects, contributing to catastrophic climate change which is ‘the greatest global health threat facing the world in the 21st century’, according to The Lancet medical journal^[3] The Lancet Countdown on Health and Climate Change https://www.thelancet.com/countdown-health-climate.

HESTA’s investments in Woodside

Woodside is an oil and gas company that is currently trying to develop the Scarborough offshore gas field, one of the dirtiest new fossil fuel projects planned in Australia. Expert analysis has found “Woodside’s proposed Scarborough to Pluto LNG project in Western Australia represents a bet against the world implementing the Paris Agreement”^[4]Climate Analytics, Warming Western Australia: How Woodside’s Scarborough and Pluto Project undermines the Paris Agreement (2021) … Continue reading.

The project would result in the emissions equivalent of 15 coal power stations running for 30 years, threaten to accelerate the degradation of Murujuga Rock art (proposed for World Heritage listing), and would also cause significant impacts to the local marine environment^[5]Conservation Council of Western Australia, Why the Scarborough LNG development cannot proceed (2021) … Continue reading.

Woodside’s Burrup hub. Photo credit CCWA.

HESTA’s investments in Santos

Just like Woodside, Santos plans to massively increase dirty gas production, taking us in completely the opposite direction to the clean, green future we need. Santos is planning to develop the highly controversial Narrabri coal seam gas project in northern New South Wales. When burnt, the gas produced from this project could add carbon emissions equivalent to between 3,300 – 6,600 cars every year! On top of this, experts have highlighted^[6]https://www.csgfreenorthwest.org.au/eis_expert_reviews_2 the project’s significant potential impacts on Aboriginal cultural heritage, groundwater, and local bush and farmland.

Narrabri residents say no to coal seam gas. Credit - Lock the Gate Alliance / Joseph McGrath

Narrabri residents say no to Santos coal seam gas. Credit – Lock the Gate Alliance / Joseph McGrath

References[+]

References
↑1	The Royal Australasian College of Physicians, Climate Change and Australia’s Healthcare Systems – A Review of Literature, Policy and Practice https://www.racp.edu.au/advocacy/policy-and-advocacy-priorities/climate-change-and-health.
↑2	HESTA states “At 30 June 2021 oil and gas companies represent only 3.60% of our total portfolio exposure”. The fund’s total assets under management at that time were $67,002,788,000.
↑3	The Lancet Countdown on Health and Climate Change https://www.thelancet.com/countdown-health-climate
↑4	Climate Analytics, Warming Western Australia: How Woodside’s Scarborough and Pluto Project undermines the Paris Agreement (2021) https://climateanalytics.org/media/climateanalytics_scarboroughpluto_dec2021.pdf
↑5	Conservation Council of Western Australia, Why the Scarborough LNG development cannot proceed (2021) https://d3n8a8pro7vhmx.cloudfront.net/ccwa/pages/1/attachments/original/1622622008/Why_the_Scarborough_LNG_development_cannot_proceed_web_final.pdf?1622622008
↑6	https://www.csgfreenorthwest.org.au/eis_expert_reviews_2

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Disclaimer: This webpage is intended to convey factual information about HESTA’s investments in fossil fuel companies. It is not intended to provide financial product advice. You should obtain independent advice before making any financial decisions.