Home > Hostplus net zero announcement meaningless without immediate action on fossil fuel investments

Hostplus net zero announcement meaningless without immediate action on fossil fuel investments

15 March 2022

15 March 2022

Today, Hostplus announced its commitment to a net zero emissions investment portfolio by 2050. However, the fund has failed to announce any near term steps or interim targets towards that goal, and remains a laggard with no policies to cut investments in companies expanding the coal, oil and gas industries.

Hostplus members: tell your fund to divest from all companies undermining the Paris Agreement and net zero by 2050 today.

Hostplus—one of the biggest 15 super funds in Australia—today announced its commitment to achieving net zero emissions across its portfolio by 2050. Despite many of Australia’s biggest super funds having already made this commitment and/or voiced support for the climate goals of the Paris Agreement, Hostplus has finally decided there is no time like the present to set a portfolio emissions target. However, long-term emissions reduction targets are nothing more than empty aspirations without putting in place a strategy to get there, which Hostplus has failed to do with this announcement.

The International Energy Agency (IEA) has made it abundantly clear that reaching net zero emissions by 2050 means there is no room for new coal, oil or gas production projects. Yet Hostplus remains invested in climate-wrecking companies pursuing new and expanded fossil fuel projects, and has still failed to rule out investment in such companies.

Many of Australia’s biggest super funds have excluded investment in Whitehaven and New Hope across their entire portfolios. However, Hostplus’ investment holdings disclosure (as at 30 September, 2021) shows that the fund remains invested in both of these climate pariahs. The fund also invests in oil and gas giants Woodside Petroleum and Santos, both of which are pursuing new oil and gas projects consistent with the failure of the Paris Agreement.

Members want to see Hostplus ditching all companies expanding the scale of the fossil fuel industry. Until Hostplus does this, it does not deserve a shred of credibility on climate for this empty net zero by 2050 target. The fund has always been a climate laggard, but it has the opportunity to become a climate leader by ruling out investment in all companies expanding fossil fuel production.

Hostplus members: tell your fund to divest from all companies undermining the Paris Agreement and net zero by 2050 today.

TAKE ACTION

Tell Hostplus to back up its net zero by 2050 announcement with tangible action

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To Hostplus, When I first heard the announcement that our fund had committed to a net zero emissions portfolio by 2050, I was thrilled. However, upon digging a little deeper into what this actually means, I am extremely disappointed to call myself a member of Hostplus at this moment in time. This announcement doesn’t carry a shred of credibility without any tangible near-term actions, policies or milestones to get us there. Many super funds have already committed to net zero emissions by 2050 (or sooner), and most of our large industry fund peers have started ruling out investment in some companies expanding the scale of the fossil fuel industry. Most big industry funds have dumped investments in thermal coal miners, and some are starting to sell down stakes in oil and gas producers. However, Hostplus is now in the minority of its peers left investing in climate pariahs Whitehaven and New Hope, both of which are pursuing massive coal expansion plans, which undermine the climate goals of the Paris Agreement and any credible net zero by 2050 emissions reduction pathway. If you genuinely support the Paris Agreement and net zero by 2050, I demand that you put your money where your mouth is and immediately and publicly implement a policy ruling out investment in all companies pursuing new or expanded fossil fuel production projects. Sincerely,
Of course I want to get updates about this campaign from Market Forces!
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TOOK ACTION: Hostplus net zero announcement | March 2022
- TOOK ACTION: Hostplus net zero announcement | March 2022