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IS YOUR SUPER FUNDING ADANI?
Tell your super fund you don’t want your retirement savings invested in Adani, or any other company undermining global efforts to limit warming to 1.5°C.
A search of Australian Super’s investments has shockingly revealed the fund holds $9 million worth of shares in Adani Ports and Special Economic Zone Ltd – one of the Adani group of companies.
This is the same Adani Group that has been fighting tooth and nail to get the disastrous Carmichael coal mine built in central Qld – in the midst of a climate emergency.
We only know this because Australian Super is one of the few funds that discloses where it puts its members’ money. Your super fund could be doing the same thing.
We know community pressure works to get big investments pulled out of dodgy companies. When we launched this campaign, one of Australia’s biggest super funds, Commonwealth Super Corp, told members their retirement savings were invested in Adani Ports. But within a few weeks, the fund confirmed it had divested its $10 million stake in the company.
After a successful community campaign convinced 36 of the world’s biggest banks to refuse Adani’s requests for loans, Adani announced late last year that it would “self-fund” its coal mine and rail project.
This means it is entirely possible that Adani will use the capital from its investors to finance the construction of a coal mine that will threaten water supplies, trash the land rights of traditional owners and fuel deadly global warming.
You could be one of those investors!
Our superannuation funds should be helping create a world worth retiring in. A world that is rapidly transitioning away from fossil fuels, cutting emissions as rapidly as the science requires and bringing the climate emergency under control. Any investment in Adani takes us in completely the wrong direction.