Home > Do you own a piece of these dirty fossil fuel projects?

Do you own a piece of these dirty fossil fuel projects?

21 November 2018

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21 November 2018

Super funds invest our retirement nest eggs in major infrastructure projects and assets, not just companies.

This means you are likely to own a piece of some of the biggest, dirtiest fossil fuels projects on the planet.

Market Forces has found widespread investment in fossil fuel infrastructure among Australia’s 50 largest super funds from just a quick look at a handful of projects. Equally worrying, we found most funds aren’t even disclosing to their members which of these dirty projects they own.

The International Energy Agency now warns that the world has “no room to build anything that emits CO2 emissions” if we are to meet the upper 2°C limit of the Paris climate accord. It’s likely too that existing fossil fuel infrastructure will have to be shut down earlier than expected.

The IPCC tells us that limiting warming to 1.5°C rather than 2°C is crucial to avoid a wipe out of the Great Barrier Reef. Keeping to 1.5°C will also halve the number of people exposed to water stress globally, and stop an extra 40,000 people in small island countries from losing their homes to sea level rise by 2150. A 1.5°C warming limit means an even more rapid shift away from fossil fuels.

So the big question is why are our super funds investing billions of dollars of our retirement money in projects that fuel dangerous global warming and which also may end up as stranded, worthless assets?

And how many more of these kinds of investments are they hiding from us?

Take action! Use the form to ask your super fund these questions and tell them to ditch fossil fuel infrastructure investments.

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Use the form below to contact your super fund about its fossil fuel infrastructure investments.

Super fund*
Name*
First Last
Email Address*
Postcode*
Phone number
Subject (you can edit this)
Your message to your super fund (you can personalise and amend this, your name will be automatically added at the end)*
I am concerned that my superannuation is invested in fossil fuel projects that are driving dangerous global warming. I understand many Australian super funds are invested in a range of fossil fuel infrastructure projects. I do not want my super invested in projects that are driving dangerous global warming. It is well established that super funds are legally required to consider climate change risks when making investment decisions. I can’t understand how a thorough consideration of climate change risks could allow such significant exposure to fossil fuel assets as there seems to be amongst superannuation funds. Please provide information as to how climate risks are factored into decisions to invest or remain invested in any fossil fuel infrastructure assets my portfolio is exposed to. If the fund oversees and approves external managers’ consideration of climate change risk for these kinds of assets, I ask that you disclose any information provided by those managers in order to be satisfied that climate risk is being appropriately considered. As well as responding to my direct requests, I ask that you publicly disclose a complete list of infrastructure and property holdings, as well as information about how climate change risks and opportunities are considered for these investments. I expect infrastructure and property investments to be shifted away from fossil fuel projects, and towards sustainable and resilient assets. Sincerely
Of course I want to get updates about this campaign from Market Forces!
- Yes

[/x_accordion_item][/x_accordion][/cs_column][/cs_row][/cs_section][cs_section parallax=”false” separator_top_type=”none” separator_top_height=”50px” separator_top_inset=”0px” separator_top_angle_point=”50″ separator_bottom_type=”none” separator_bottom_height=”50px” separator_bottom_inset=”0px” separator_bottom_angle_point=”50″ _order=”0″ _label=”Contents” style=”margin: 0px 20px;padding: 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_line style=”border-top-width: 1px;width: 100%;”][/cs_column][/cs_row][/cs_section][cs_section id=”Freeport” parallax=”false” separator_top_type=”none” separator_top_height=”50px” separator_top_inset=”0px” separator_top_angle_point=”50″ separator_bottom_type=”none” separator_bottom_height=”50px” separator_bottom_inset=”0px” separator_bottom_angle_point=”50″ _label=”Freeport” style=”margin: 0px 20px;padding: 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h1″ looks_like=”h3″ accent=”false” class=”cs-ta-center”]Is this your fossil fuel project?[/x_custom_headline][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”true” bg_color=”hsl(0, 5%, 92%)” class=”cs-ta-center” style=”margin: 0px auto;padding: 0px;”][cs_column bg_color=”hsla(350, 40%, 40%, 0.25)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/5″ class=”cs-ta-center” style=”padding: 0px;”][cs_text]

#Freeport LNG

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#Port of Newcastle

#Colonial Pipeline Company

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#Neerabup Power Station

#Esperance Energy Project

[/cs_text][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_line style=”border-top-width: 1px;width: 100%;”][x_image type=”none” src=”https://www.marketforces.org.au/wp-content/uploads/2018/06/LNG.jpg” alt=”LNG” link=”false” href=”#” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][x_custom_headline level=”h3″ looks_like=”h4″ accent=”false”]Freeport LNG[/x_custom_headline][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”2/3″ style=”padding: 0px;”][cs_text]

Freeport is a US$13 billion liquefied natural gas (LNG) export terminal being built in Texas, with plans to process millions of tonnes of fracked shale gas every year. Construction was severely disrupted by Hurricane Harvey in 2017 so its dirty operations will now start in late 2019. Climate scientists say Harvey was likely supercharged by climate change.

LNG will be the biggest driver of emissions growth in the oil and gas sector out to 2025. The LNG process – including production, processing, exporting and eventual burning of natural gas – is extremely emissions intensive. Methane, the main component of natural gas, is also a much more potent greenhouse gas than carbon dioxide. Depending on the amount of methane emissions that escape during production and processing, LNG may be as bad for our climate as coal.

In November 2018, Japanese industrial giant Toshiba paid US$800 million to offload its interest in Freeport. One reason put forward for this expensive change of heart is the falling cost of renewable power, which reduces demand for gas.

Ironically, Freeport LNG is among the group of companies lobbying the US Government to fork out billions of dollars to build a wall to protect fossil fuel infrastructure from sea level rise, which is being driven by climate change. The very projects driving dangerous global warming are seeking handouts to deal with the damage they are helping to cause. All so they can produce and process more climate-wrecking fossil fuels!

[/cs_text][/cs_column][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/3″ style=”padding: 0px;”][x_blockquote cite=”” type=”left”]Liquified Natural Gas (LNG) will be the biggest driver of emissions growth in the oil and gas sector to 2025.[/x_blockquote][cs_text]

Freeport terminal

[/cs_text][x_image type=”none” src=”https://www.marketforces.org.au/wp-content/uploads/2018/10/940×940.jpg” alt=”” link=”false” href=”#” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column bg_color=”hsl(0, 5%, 92%)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px 0px 20px;”][x_custom_headline level=”h3″ looks_like=”h5″ accent=”false” class=”cs-ta-center”]Which super funds invest in Freeport LNG?[/x_custom_headline][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”true” bg_color=”hsl(0, 5%, 92%)” _label=”Copy of Classic Row” class=”cs-ta-left” style=”margin: 0px auto;padding: 0px 40px;”][cs_column bg_color=”hsla(350, 40%, 40%, 0.25)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/3″ style=”padding: 0px;”][cs_element_headline _id=”44″ ][cs_text]

AustralianSuper
Catholic Super
Cbus
Energy Super
HESTA
HOSTPLUS
Media Super

ESSSuper
Local Government Super
LUCRF
Mercer
NGS Super
Sunsuper
Tasplan
TWU
VicSuper
Vision Super

[/cs_text][/cs_column][cs_column bg_color=”hsla(72, 51%, 48%, 0.25)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/3″ style=”padding: 0px;”][cs_element_headline _id=”50″ ][cs_text _order=”0″][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column bg_color=”hsl(0, 5%, 92%)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 10px 40px 20px;”][cs_text class=”cs-ta-left”]

UNKNOWN: AMP, APSS, BT, Colonial First State Commonwealth Bank Group Super, Commonwealth Superannuation Corp, EISS, equipsuper, First State, Super, GESB, IOOF, LGIAsuper, Macquarie, Maritime Super, Mine Super, MLC Super Fund, MTAA Super, Netwealth, OnePath, Perpetual, Qantas Super, QSuper, REST, Russell Investments, StatePlus, Statewide, Suncorp Super SA, Telstra Super, Unisuper, Westpac Mastertrust

[/cs_text][cs_text class=”cs-ta-left”]*Super funds are listed as ‘Likely’ because they use IFM as an investment manager. IFM holds Freeport in its international infrastructure portfolio, but also offers an Australian infrastructure investment option, so we can’t be 100% confident that these super funds are invested in Freeport.[/cs_text][x_button size=”global” block=”false” circle=”false” icon_only=”false” href=”#action” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][x_icon type=”angle-double-up” class=”mvn mln mrs”]Take action![/x_button][/cs_column][/cs_row][/cs_section][cs_section id=”Newcastle” parallax=”false” separator_top_type=”none” separator_top_height=”50px” separator_top_inset=”0px” separator_top_angle_point=”50″ separator_bottom_type=”none” separator_bottom_height=”50px” separator_bottom_inset=”0px” separator_bottom_angle_point=”50″ _label=”Port of Newcastle” style=”margin: 0px 20px;padding: 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h3″ looks_like=”h4″ accent=”false” class=”cs-ta-left”]Port of Newcastle[/x_custom_headline][x_image type=”none” src=”https://www.marketforces.org.au/wp-content/uploads/2018/11/CSIRO_ScienceImage_8217_A_bulk_carrier_entering_Port_Hunter_Newcastle_New_South_Wales-cropped-1.jpg” alt=”” link=”false” href=”#” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/3″ style=”padding: 0px;”][x_blockquote cite=”” type=”left”]The IPCC says we need to phase out coal power globally by 2050 in order to hold global warming to 1.5°C[/x_blockquote][x_image type=”none” src=”https://www.marketforces.org.au/wp-content/uploads/2016/03/newcastle-reclaimer-450×450.jpg” alt=”” link=”false” href=”#” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][cs_text]

Coal reclaimer at Port of Newcastle Credit: Max Phillips (Jeremy Buckingham MLC)

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Newcastle is home to the world’s biggest coal export terminal, sending out around 160 million tonnes of coal every year.

Coal makes up over 90% of the value of its exports, so it’s fair to say the fortunes of the port hinge on the world continuing to burn coal. But the IPCC’s latest report shows we need to phase out coal power worldwide by 2050 to keep global warming to 1.5°C. To have even a fifty-fifty chance of not busting the upper 2°C limit enshrined in the Paris Agreement, Australian coal export volumes would need to decline by 2-23% to 2030, depending on potential changes in Australia’s share of global exports.

Newcastle Port has also been identified as facing large potential costs because of the direct physical impacts of climate change: rising sea levels and increased storm intensity. Under two different global warming scenarios, impacts on the Port of Newcastle are predicted to cost between US$153 million and US$166 million between 2070 and 2100.

A coal-dependant Port of Newcastle has no future in a 1.5°C warming pathway. So why are these super funds investing our retirement savings in this massive dirty fossil fuel project?

[/cs_text][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”true” style=”margin: 0px auto;padding: 0px;”][cs_column bg_color=”hsl(0, 5%, 92%)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px 10px 20px;”][x_custom_headline level=”h3″ looks_like=”h5″ accent=”false” class=”cs-ta-center”]Which super funds invest in the Port of Newcastle?[/x_custom_headline][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”true” bg_color=”hsl(0, 5%, 92%)” style=”margin: 0px auto;padding: 0px 40px;”][cs_column bg_color=”hsla(350, 40%, 40%, 0.25)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/3″ style=”padding: 0px;”][cs_element_headline _id=”74″ ][cs_text _order=”0″]

ACSRF
Catholic Super
EISS
Energy Super
Media Super
NGS Super

Commonwealth Superannuation Corp
TWU Super
Suncorp
Sunsuper

AustralianSuper

UNKNOWN: AMP, Australia Post Super Scheme, BT, Care Super, Colonial First State, Commonwealth Bank Group Super, Construction & Building Unions Superannuation, equipsuper, ESSSuper, First State Super, GESB, HESTA, Hostplus, IOOF, LGIAsuper, Local Government Super, LUCRF, Macquarie, Maritime, Mercer, Mine Super, MLC Super Fund, MTAA Super, Netwealth, OnePath, Perpetual, Qantas Super, QSuper, REST, Russell Investments, State Super, Statewide, Super SA, Tasplan, Telstra Super, Unisuper, VicSuper, Vision Super, Westpac

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*These funds are listed as ‘Likely’ to be invested in the Port of Newcastle as they use investment managers Gardior and / or Infrastructure Capital Group, whose portfolios include the Port of Newcastle.

Colonial Pipeline transports refined petroleum products from refineries along the Gulf of Mexico coastline in southern USA to southern and eastern parts of the country. The pipeline is almost 9000 km long, the largest of its kind in the United States.

The IPCC’s latest report shows drastic action is needed to limit global warming to 1.5°C, and the devastating consequences of overshooting by even just half a degree. This 1.5°C limit requires a 45% reduction in global emissions by 2030, falling to net zero by 2050. That pathway imposes a swift move out of all fossil fuels, raising serious questions about the long-term sustainability of major infrastructure such as the Colonial Pipeline.

Already the pipeline has suffered several shut downs following Hurricanes Katrina and Rita in 2005, and Hurricane Harvey in 2017. Climate models project a 45-87% increase in the frequency of the most severe hurricanes in the US due to warming ocean temperatures and sea level rise.

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Colonial Pipeline stretches from Houston, Texas to New Jersey

[/cs_text][/cs_column][/cs_row][/cs_section][cs_section parallax=”false” separator_top_type=”none” separator_top_height=”50px” separator_top_inset=”0px” separator_top_angle_point=”50″ separator_bottom_type=”none” separator_bottom_height=”50px” separator_bottom_inset=”0px” separator_bottom_angle_point=”50″ _label=”colonial table” style=”margin: 0px 20px;padding: 0px;”][cs_row inner_container=”true” marginless_columns=”true” style=”margin: 0px auto;padding: 0px;”][cs_column bg_color=”hsl(0, 5%, 92%)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px 10px 20px;”][x_custom_headline level=”h3″ looks_like=”h5″ accent=”false” class=”cs-ta-center”]Which super funds invest in Colonial Pipeline?[/x_custom_headline][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”true” bg_color=”hsl(0, 5%, 92%)” style=”margin: 0px auto;padding: 0px 40px;”][cs_column bg_color=”hsla(350, 40%, 40%, 0.25)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/3″ style=”padding: 0px;”][cs_element_headline _id=”104″ ][cs_text]

Australian Super
HESTA
HOSTPLUS

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Care Super
Catholic Super
Cbus
ESSSuper
Local Government Super
LUCRF
Media Super
Mercer
NGS Super
Sunsuper
Tasplan
TWU Super
VicSuper
Vision Super

Energy Super

UNKNOWN: ACSRF, AMP, Australia Post Superannuation Scheme, BT, Colonial First State, Commonwealth Bank Group Super, Commonwealth Superannuation Corp, EISS, equipsuper, First State Super, GESB, IOOF, LGIAsuper, Macquarie Maritime, Mine Super, MLC Super Fund, MTAA Super, NAB Group Super, Netwealth, OnePath, Perpetual, Qantas Super, QSuper, REST, Russell Investments, StatePlus, Statewide, Suncorp, Super SA, Telstra Super, Unisuper, Westpac

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*Super funds are listed as ‘Likely’ because they use IFM as an investment manager. IFM holds Colonial Pipeline in its international infrastructure portfolio, but also offers an Australian infrastructure investment option, so we can’t be 100% confident that these super funds are invested in Colonial.

[/cs_text][x_button size=”global” block=”false” circle=”false” icon_only=”false” href=”#action” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][x_icon type=”angle-double-up” class=”mvn mln mrs”]Take action![/x_button][/cs_column][/cs_row][/cs_section][cs_section id=”Neerabup” parallax=”false” separator_top_type=”none” separator_top_height=”50px” separator_top_inset=”0px” separator_top_angle_point=”50″ separator_bottom_type=”none” separator_bottom_height=”50px” separator_bottom_inset=”0px” separator_bottom_angle_point=”50″ _label=”Neerabup Power Station” style=”margin: 0px 20px;padding: 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_line style=”border-top-width: 1px;width: 100%;”][x_custom_headline level=”h3″ looks_like=”h4″ accent=”false” class=”cs-ta-left”]Neerabup Power Station[/x_custom_headline][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/2″ style=”padding: 0px;”][cs_text]

Neerabup is a gas-fired power station on the northern outskirts of Perth. It came online in 2009 and has an expected lifetime of 30 years. Although the Paris climate goals do not require gas power to be phased out as rapidly as coal, meeting the 1.5°C target means a 45% reduction in global emissions by 2030.

Gas for the Neerabup plant is sourced mainly from North West Shelf offshore gas field, and delivered through the Dampier to Bunbury Natural Gas Pipeline.

Apart from the obvious climate impacts of burning fossil fuels, offshore oil and gas production creates serious spillage risks. Woodside’s North West Shelf project has already caused a significant oil spill of over 10,000 litres in 2016.

The gas pipeline corridor impacts several areas of conservation value including national parks, nature reserves, conservation reserves, environmentally sensitive areas, and one threatened ecological community.

[/cs_text][/cs_column][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/2″ style=”padding: 0px;”][x_image type=”none” src=”https://www.marketforces.org.au/wp-content/uploads/2018/10/Neerabup2-larger.jpg” alt=”” link=”false” href=”#” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][cs_text class=”cs-ta-left”]

Neerabup Power Station in Western Australia relies on major fossil fuel infrastructure and resource projects and is exposed to physical climate hazards

[/cs_text][/cs_column][/cs_row][/cs_section][cs_section parallax=”false” separator_top_type=”none” separator_top_height=”50px” separator_top_inset=”0px” separator_top_angle_point=”50″ separator_bottom_type=”none” separator_bottom_height=”50px” separator_bottom_inset=”0px” separator_bottom_angle_point=”50″ _label=”neerabup table (1)” style=”margin: 0px 20px;padding: 0px;”][cs_row inner_container=”true” marginless_columns=”true” style=”margin: 0px auto;padding: 0px;”][cs_column bg_color=”hsl(0, 5%, 92%)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px 10px 20px;”][x_custom_headline level=”h3″ looks_like=”h5″ accent=”false” class=”cs-ta-center”]Which super funds invest in Neerabup Power Station?[/x_custom_headline][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”true” bg_color=”hsl(0, 5%, 92%)” style=”margin: 0px auto;padding: 0px 40px;”][cs_column bg_color=”hsla(350, 40%, 40%, 0.25)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/3″ style=”padding: 0px;”][cs_element_headline _id=”135″ ][cs_text _order=”0″]

Catholic Super
Media Super

ACSRF
Commonwealth Superannuation Corp
NGS Super
TWU Super

AustralianSuper
Energy Super

UNKNOWN: AMP, Australia Post Superannuation Scheme, BT, Care Super, Cbus, Colonial First State, Commonwealth Bank Group Super, EISS, equipsuper, ESSSuper, First State Super, GESB, HESTA, HOSTPLUS, IOOF, LGIAsuper, Local Government Super, LUCRF, Macquarie, Maritime, Mercer, Mine Super, MLC Super Fund, MTAA Super, Netwealth, OnePath, Perpetual, Qantas Super, REST, Russell Investments, StatePlus, Statewide, Suncorp, Sunsuper, Super SA, Tasplan, Telstra Super, Unisuper, VicSuper, Vision Super, VicSuper, Westpac Mastertrust

[/cs_text][cs_text _order=”0″ class=”cs-ta-left”]

*These funds are listed as ‘Likely’ to be invested as they use Infrastructure Capital Group as an investment manager. Neerabup is part of two of ICG’s three infrastructure investment options.

The Esperance Energy Project is a 336km gas pipeline and 39MW gas power station on the south coast of Western Australia.

Esperance has already seen something of a mini-scale energy revolution. After a number of rural properties were cut off from the electricity network by bushfire damage in 2015, five off-grid solar and battery storage systems were installed to replace supply. As renewable energy generation and storage technologies quickly become cheaper and more sophisticated, hopefully a larger scale clean energy revolution makes dirty fossil fuel energy infrastructure like Esperance obsolete.

[/cs_text][/cs_column][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/3″ style=”padding: 0px;”][x_image type=”none” src=”https://www.marketforces.org.au/wp-content/uploads/2018/11/esperancepwrstn.jpg” alt=”” link=”false” href=”#” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][/cs_column][/cs_row][/cs_section][cs_section parallax=”false” separator_top_type=”none” separator_top_height=”50px” separator_top_inset=”0px” separator_top_angle_point=”50″ separator_bottom_type=”none” separator_bottom_height=”50px” separator_bottom_inset=”0px” separator_bottom_angle_point=”50″ _label=”Esperance table” style=”margin: 0px 20px;padding: 0px;”][cs_row inner_container=”true” marginless_columns=”true” style=”margin: 0px auto;padding: 0px;”][cs_column bg_color=”hsl(0, 5%, 92%)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px 10px 20px;”][x_custom_headline level=”h3″ looks_like=”h5″ accent=”false” class=”cs-ta-center”]Which super funds invest in Esperance Energy?[/x_custom_headline][/cs_column][/cs_row][cs_row inner_container=”true” marginless_columns=”true” bg_color=”hsl(0, 5%, 92%)” style=”margin: 0px auto;padding: 0px 40px;”][cs_column bg_color=”hsla(350, 40%, 40%, 0.25)” fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/3″ style=”padding: 0px;”][cs_element_headline _id=”164″ ][cs_text _order=”0″]

Catholic Super
Media Super

ACSRF
Commonwealth Superannuation Corp
NGS Super
TWU Super

AustralianSuper
Energy Super

UNKNOWN: AMP, Australia Post Superannuation Scheme, BT, Care Super, Cbus, Colonial First State, Commonwealth Bank Group Super, EISS, equipsuper, ESSSuper, First State Super, GESB, HESTA, HOSTPLUS, IOOF, LGIAsuper, Local Government Super, LUCRF, Macquarie, Maritime, Mercer, Mine Super, MLC Super Fund, MTAA Super, Netwealth, OnePath, Perpetual, Qantas Super, QSuper, REST, Russell Investments, StatePlus, Statewide, Suncorp, Sunsuper, Super SA, Tasplan, Telstra Super, Unisuper, VicSuper, Vision Super, VicSuper, Westpac Mastertrust

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*These funds are listed as ‘Likely’ to be invested as they use Infrastructure Capital Group as an investment manager. The Esperance Energy Project is included in two of ICG’s three infrastructure investment options.

[/cs_text][x_button size=”global” block=”false” circle=”false” icon_only=”false” href=”#action” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][x_icon type=”angle-double-up” class=”mvn mln mrs”]Take action![/x_button][/cs_column][/cs_row][/cs_section][/cs_content][cs_content_seo]21 November 2018
Super funds invest our retirement nest eggs in major infrastructure projects and assets, not just companies.
This means you are likely to own a piece of some of the biggest, dirtiest fossil fuels projects on the planet.
Market Forces has found widespread investment in fossil fuel infrastructure among Australia’s 50 largest super funds from just a quick look at a handful of projects. Equally worrying, we found most funds aren’t even disclosing to their members which of these dirty projects they own.
The International Energy Agency now warns that the world has “no room to build anything that emits CO2 emissions” if we are to meet the upper 2°C limit of the Paris climate accord. It’s likely too that existing fossil fuel infrastructure will have to be shut down earlier than expected.
The IPCC tells us that limiting warming to 1.5°C rather than 2°C is crucial to avoid a wipe out of the Great Barrier Reef. Keeping to 1.5°C will also halve the number of people exposed to water stress globally, and stop an extra 40,000 people in small island countries from losing their homes to sea level rise by 2150. A 1.5°C warming limit means an even more rapid shift away from fossil fuels.
So the big question is why are our super funds investing billions of dollars of our retirement money in projects that fuel dangerous global warming and which also may end up as stranded, worthless assets?
And how many more of these kinds of investments are they hiding from us?
Take action! Use the form to ask your super fund these questions and tell them to ditch fossil fuel infrastructure investments.
Take actionUse the form below to contact your super fund about its fossil fuel infrastructure investments.

Super fund*Choose your fundAIA AustraliaAlcoa of Australia Retirement PlanAMG SuperAMIST SuperAMP SuperannuationANZ Australian Staff Superannuation SchemeANZ OnePathAon Hewitt LimitedAUSfundAustralian Catholic Superannuation and Retirement FundAustralian Ethical Superannuation Pty LtdAustralianSuperAustsafe SuperAvSuper Pty LtdBendigo Superannuation PlanBHP Billiton SuperBOC Gases Superannuation FundBT Financial GroupBUSSQCareSuperCatholic Superannuation FundCbusChallenger LimitedChristian SuperClearView Retirement PlanClub Plus SuperannuationClub SuperColonial First StateCombined SuperCommonwealth Bank Group SuperCommonwealth Superannuation CorporationConcept One The Industry Superannuation FundElectricity Industry Superannuation SchemeEnergy Industries Superannuation Scheme Pty LtdEnergy SuperEquipESSSuperFiducian Superannuation FundFire & Emergency Services Super FundFirst State SuperFirst SuperFuture SuperGESBGoldman Sachs & JBWere Superannuation FundGood SuperGrosvenor Pirie Management LimitedGuild Retirement FundHESTAHolden Employees Superannuation FundHOSTPLUSHUB24IAG & NRMA Superannuation PlanING Bank (Australia) LimitedIntrust Super FundIOOF Holdings LtdIRIS Superannuation FundKinetic SuperlegalsuperLGIAsuperLocal Government SuperLUCRF SuperLutheran SuperMacquarieMaritime SuperMars Australia Retirement PlanMeat Industry Employees’ Superannuation FundMedia SuperMercer (Australia) Pty LtdMercy SuperMine SuperMLCMTAA Superannuation FundNAB Group SuperNationwide Superannuation FundNESS SuperNetwealth SuperannuationNGS SuperPerpetualPlum SuperPostSuperPrime SuperQantas SuperPSS (Public Sector Superannuation Scheme)Qantas Superannuation PlanQIEC Super Pty LtdQSuperRei SuperREST Industry SuperRio Tinto Staff SuperRussell InvestmentsState Super FundStatePlus Retirement FundStatewide SuperSuncorpSunsuperSuper SATAL Superannuation and Insurance FundTasplanTelstra Super Pty LtdThe Executive Superannuation FundToyota SuperTWUSUPERUniSuper LimitedVic SuperVictorian Independent Schools Superannuation FundVirgin SuperVision Super Pty LtdWA SuperZurich Financial Services Australia LimitedName*

First

Last

Email Address*

Postcode*Phone numberSubject (you can edit this)Your message to your super fund (you can personalise and amend this, your name will be automatically added at the end)*I am concerned that my superannuation is invested in fossil fuel projects that are driving dangerous global warming.

I understand many Australian super funds are invested in a range of fossil fuel infrastructure projects. I do not want my super invested in projects that are driving dangerous global warming.

It is well established that super funds are legally required to consider climate change risks when making investment decisions. I can’t understand how a thorough consideration of climate change risks could allow such significant exposure to fossil fuel assets as there seems to be amongst superannuation funds.

Please provide information as to how climate risks are factored into decisions to invest or remain invested in any fossil fuel infrastructure assets my portfolio is exposed to.

If the fund oversees and approves external managers’ consideration of climate change risk for these kinds of assets, I ask that you disclose any information provided by those managers in order to be satisfied that climate risk is being appropriately considered.

As well as responding to my direct requests, I ask that you publicly disclose a complete list of infrastructure and property holdings, as well as information about how climate change risks and opportunities are considered for these investments.

I expect infrastructure and property investments to be shifted away from fossil fuel projects, and towards sustainable and resilient assets.

SincerelyOf course I want to get updates about this campaign from Market Forces!

Yes

jQuery(document).bind(‘gform_post_render’, function(event, formId, currentPage){if(formId == 168) {} } );jQuery(document).bind(‘gform_post_conditional_logic’, function(event, formId, fields, isInit){} ); jQuery(document).ready(function(){jQuery(document).trigger(‘gform_post_render’, [168, 1]) } ); Is this your fossil fuel project?#Freeport LNG
#Port of Newcastle
#Colonial Pipeline Company

#Neerabup Power Station
#Esperance Energy Project
Freeport LNGFreeport is a US$13 billion liquefied natural gas (LNG) export terminal being built in Texas, with plans to process millions of tonnes of fracked shale gas every year. Construction was severely disrupted by Hurricane Harvey in 2017 so its dirty operations will now start in late 2019. Climate scientists say Harvey was likely supercharged by climate change.
LNG will be the biggest driver of emissions growth in the oil and gas sector out to 2025. The LNG process – including production, processing, exporting and eventual burning of natural gas – is extremely emissions intensive. Methane, the main component of natural gas, is also a much more potent greenhouse gas than carbon dioxide. Depending on the amount of methane emissions that escape during production and processing, LNG may be as bad for our climate as coal.
In November 2018, Japanese industrial giant Toshiba paid US$800 million to offload its interest in Freeport. One reason put forward for this expensive change of heart is the falling cost of renewable power, which reduces demand for gas.
Ironically, Freeport LNG is among the group of companies lobbying the US Government to fork out billions of dollars to build a wall to protect fossil fuel infrastructure from sea level rise, which is being driven by climate change. The very projects driving dangerous global warming are seeking handouts to deal with the damage they are helping to cause. All so they can produce and process more climate-wrecking fossil fuels!
Liquified Natural Gas (LNG) will be the biggest driver of emissions growth in the oil and gas sector to 2025.Freeport terminal
Which super funds invest in Freeport LNG?

YES

AustralianSuper
Catholic Super
Cbus
Energy Super
HESTA
HOSTPLUS
Media Super

LIKELY*

ESSSuper
Local Government Super
LUCRF
Mercer
NGS Super
Sunsuper
Tasplan
TWU
VicSuper
Vision Super

NO
UNKNOWN: AMP, APSS, BT, Colonial First State Commonwealth Bank Group Super, Commonwealth Superannuation Corp, EISS, equipsuper, First State, Super, GESB, IOOF, LGIAsuper, Macquarie, Maritime Super, Mine Super, MLC Super Fund, MTAA Super, Netwealth, OnePath, Perpetual, Qantas Super, QSuper, REST, Russell Investments, StatePlus, Statewide, Suncorp Super SA, Telstra Super, Unisuper, Westpac Mastertrust
*Super funds are listed as ‘Likely’ because they use IFM as an investment manager. IFM holds Freeport in its international infrastructure portfolio, but also offers an Australian infrastructure investment option, so we can’t be 100% confident that these super funds are invested in Freeport.
Take action!Port of NewcastleThe IPCC says we need to phase out coal power globally by 2050 in order to hold global warming to 1.5°CCoal reclaimer at Port of Newcastle Credit: Max Phillips (Jeremy Buckingham MLC)
Newcastle is home to the world’s biggest coal export terminal, sending out around 160 million tonnes of coal every year.
Coal makes up over 90% of the value of its exports, so it’s fair to say the fortunes of the port hinge on the world continuing to burn coal. But the IPCC’s latest report shows we need to phase out coal power worldwide by 2050 to keep global warming to 1.5°C. To have even a fifty-fifty chance of not busting the upper 2°C limit enshrined in the Paris Agreement, Australian coal export volumes would need to decline by 2-23% to 2030, depending on potential changes in Australia’s share of global exports.
Newcastle Port has also been identified as facing large potential costs because of the direct physical impacts of climate change: rising sea levels and increased storm intensity. Under two different global warming scenarios, impacts on the Port of Newcastle are predicted to cost between US$153 million and US$166 million between 2070 and 2100.
A coal-dependant Port of Newcastle has no future in a 1.5°C warming pathway. So why are these super funds investing our retirement savings in this massive dirty fossil fuel project?
Which super funds invest in the Port of Newcastle?

YES

ACSRF
Catholic Super
EISS
Energy Super
Media Super
NGS Super

LIKELY*

Commonwealth Superannuation Corp
TWU Super
Suncorp
Sunsuper

AustralianSuper

UNKNOWN: AMP, Australia Post Super Scheme, BT, Care Super, Colonial First State, Commonwealth Bank Group Super, Construction & Building Unions Superannuation, equipsuper, ESSSuper, First State Super, GESB, HESTA, Hostplus, IOOF, LGIAsuper, Local Government Super, LUCRF, Macquarie, Maritime, Mercer, Mine Super, MLC Super Fund, MTAA Super, Netwealth, OnePath, Perpetual, Qantas Super, QSuper, REST, Russell Investments, State Super, Statewide, Super SA, Tasplan, Telstra Super, Unisuper, VicSuper, Vision Super, Westpac
*These funds are listed as ‘Likely’ to be invested in the Port of Newcastle as they use investment managers Gardior and / or Infrastructure Capital Group, whose portfolios include the Port of Newcastle.
Take action!Colonial Pipeline CompanyColonial Pipeline transports refined petroleum products from refineries along the Gulf of Mexico coastline in southern USA to southern and eastern parts of the country. The pipeline is almost 9000 km long, the largest of its kind in the United States.
The IPCC’s latest report shows drastic action is needed to limit global warming to 1.5°C, and the devastating consequences of overshooting by even just half a degree. This 1.5°C limit requires a 45% reduction in global emissions by 2030, falling to net zero by 2050. That pathway imposes a swift move out of all fossil fuels, raising serious questions about the long-term sustainability of major infrastructure such as the Colonial Pipeline.
Already the pipeline has suffered several shut downs following Hurricanes Katrina and Rita in 2005, and Hurricane Harvey in 2017. Climate models project a 45-87% increase in the frequency of the most severe hurricanes in the US due to warming ocean temperatures and sea level rise.
Colonial Pipeline stretches from Houston, Texas to New Jersey
Which super funds invest in Colonial Pipeline?

YES

Australian Super
HESTA
HOSTPLUS

LIKELY*

Care Super
Catholic Super
Cbus
ESSSuper
Local Government Super
LUCRF
Media Super
Mercer
NGS Super
Sunsuper
Tasplan
TWU Super
VicSuper
Vision Super

Energy Super

UNKNOWN: ACSRF, AMP, Australia Post Superannuation Scheme, BT, Colonial First State, Commonwealth Bank Group Super, Commonwealth Superannuation Corp, EISS, equipsuper, First State Super, GESB, IOOF, LGIAsuper, Macquarie Maritime, Mine Super, MLC Super Fund, MTAA Super, NAB Group Super, Netwealth, OnePath, Perpetual, Qantas Super, QSuper, REST, Russell Investments, StatePlus, Statewide, Suncorp, Super SA, Telstra Super, Unisuper, Westpac
*Super funds are listed as ‘Likely’ because they use IFM as an investment manager. IFM holds Colonial Pipeline in its international infrastructure portfolio, but also offers an Australian infrastructure investment option, so we can’t be 100% confident that these super funds are invested in Colonial.
Take action!Neerabup Power StationNeerabup is a gas-fired power station on the northern outskirts of Perth. It came online in 2009 and has an expected lifetime of 30 years. Although the Paris climate goals do not require gas power to be phased out as rapidly as coal, meeting the 1.5°C target means a 45% reduction in global emissions by 2030.
Gas for the Neerabup plant is sourced mainly from North West Shelf offshore gas field, and delivered through the Dampier to Bunbury Natural Gas Pipeline.
Apart from the obvious climate impacts of burning fossil fuels, offshore oil and gas production creates serious spillage risks. Woodside’s North West Shelf project has already caused a significant oil spill of over 10,000 litres in 2016.
The gas pipeline corridor impacts several areas of conservation value including national parks, nature reserves, conservation reserves, environmentally sensitive areas, and one threatened ecological community.
Neerabup Power Station in Western Australia relies on major fossil fuel infrastructure and resource projects and is exposed to physical climate hazards
Which super funds invest in Neerabup Power Station?

YES

Catholic Super
Media Super

LIKELY*

ACSRF
Commonwealth Superannuation Corp
NGS Super
TWU Super

AustralianSuper
Energy Super

UNKNOWN: AMP, Australia Post Superannuation Scheme, BT, Care Super, Cbus, Colonial First State, Commonwealth Bank Group Super, EISS, equipsuper, ESSSuper, First State Super, GESB, HESTA, HOSTPLUS, IOOF, LGIAsuper, Local Government Super, LUCRF, Macquarie, Maritime, Mercer, Mine Super, MLC Super Fund, MTAA Super, Netwealth, OnePath, Perpetual, Qantas Super, REST, Russell Investments, StatePlus, Statewide, Suncorp, Sunsuper, Super SA, Tasplan, Telstra Super, Unisuper, VicSuper, Vision Super, VicSuper, Westpac Mastertrust
*These funds are listed as ‘Likely’ to be invested as they use Infrastructure Capital Group as an investment manager. Neerabup is part of two of ICG’s three infrastructure investment options.
Take action!Esperance Energy ProjectThe Esperance Energy Project is a 336km gas pipeline and 39MW gas power station on the south coast of Western Australia.
Esperance has already seen something of a mini-scale energy revolution. After a number of rural properties were cut off from the electricity network by bushfire damage in 2015, five off-grid solar and battery storage systems were installed to replace supply. As renewable energy generation and storage technologies quickly become cheaper and more sophisticated, hopefully a larger scale clean energy revolution makes dirty fossil fuel energy infrastructure like Esperance obsolete.
Which super funds invest in Esperance Energy?

YES

Catholic Super
Media Super

LIKELY*

ACSRF
Commonwealth Superannuation Corp
NGS Super
TWU Super

AustralianSuper
Energy Super