UniSuper’s new climate risk report suggests the fund has continued quietly selling down its investments in Australia’s largest gas producer, Woodside, and to a lesser extent, fellow climate-wrecking oil and gas expander, Santos. Despite mergers and share price changes that would have seen UniSuper’s exposure to these companies increase substantially … Read More
Is your super fund’s ‘sustainable’ option invested in companies expanding the fossil fuel industry?
21 July 2022 In response to member concerns over their super fund’s investments in climate wrecking companies, funds often point members to their ‘sustainable’ investment options. However, new analysis from Market Forces reveals some of these options are failing to live up to their labels, as they invest in companies … Read More
How much is your super fund investing in climate-wrecking oil and gas companies Woodside and Santos?
12 April 2022 Finally, after years of delay, super funds now have to disclose all their investments. The recent release of this information reveals all of the big super funds are investing members’ money in two of Australia’s most climate-destructive companies, gas giants Woodside and Santos. We have analysed the … Read More
Seems financial institutions can divest after all
1 April 2022 The flight of capital from the Russian economy since the invasion of Ukraine has torn many of the finance sector’s arguments against fossil fuel divestment to shreds. In this devastating case of the invasion of Ukraine, investor action has come far too late. For years, and especially … Read More
Hostplus net zero announcement meaningless without immediate action on fossil fuel investments
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 … Read More
Cbus and Media Super merger: Combined fund must go further on climate action
4 March 2022 Cbus and Media Super announced merger plans last year, and have now set a completion date. However, each fund takes a different approach to climate change, and the question that remains to be answered for members of both funds is this: what will this merger mean for … Read More
Win! Credit Suisse rules out Whitehaven Coal
Climate-wrecking coal company Whitehaven Coal received a $1 billion loan in February 2020 from a group of major banks, including European investment bank Credit Suisse. Late last year, Credit Suisse updated its policy on thermal coal mining, clearly excluding Whitehaven from any further funding. This makes Credit Suisse the first … Read More
Super funds still undermining climate goals, despite $1 trillion shift out of coal
15 February 2022 New research from Market Forces reveals every major super fund in the country continues to undermine the Paris Agreement and net zero by 2050 climate goals by investing in companies expanding the scale of the fossil fuel industry. However, the research shows some movement, with super funds … Read More
NAB: withdraw investment in the Coastal GasLink pipeline
Despite its commitments to net-zero by 2050 and the Paris Agreement, NAB has continued pumping hundreds of millions of dollars into projects that expand the fossil fuel industry and the companies pursuing them. Last year, it loaned CA$117.5 million to the 670km climate-wrecking Coastal Gaslink pipeline in Canada. Based on … Read More
New legal opinion confirms super funds must manage climate risks
22 April 2021 Released today, a new legal opinion commissioned by Market Forces has confirmed super funds are legally required to understand and manage the material financial risks posed by climate change. The new legal advice from barristers Noel Hutley SC and James Mack builds on a previous opinion they … Read More