CPL Dead in the water, page-2

I am interested know when is the funeral?

Following from Smart Investor:
Coal-loving super funds

Key takeaway: New website lists fossil fuel exposure of Australia’s 35 biggest super funds.
A global campaign urging investors to sell investments in fossil fuel companies is targeting members of superannuation funds through a website listing the fossil fuel exposure of 35 of the bigger funds in Australia.
The site, dubbed “Super Switch”, allows people to lobby their funds to sell their fossil fuel holdings, or switch to a fund with less, or no, exposure to the sector. It is being launched on Tuesday by local backers of the divestment movement, activist investment group Market Forces and 350.org.
They put the top three worst offenders as OnePath, with 22 per cent exposure, Care Super on 16 per cent and Local Government Super on 15 per cent. State Super is fourth, on 12 per cent.
The 35 funds make up about 75 per cent of the Australian managed super funds industry. The site looks only at the funds’ shareholdings, which amount to about $400 billion. Some funds made limited, or no, disclosure about their holdings.
Super Switch allows people to look up what proportion of their superannuation funds are invested in coal, oil and gas companies.
The aim of the initiative is to convince super members to pressure their funds to exit holdings in the fossil fuels, and increase the level of disclosure on investments in the sector.
Separately, the site also measures the level of investment in companies that support fossil fuel expansion in Australia.
Importantly, it will allow users to lobby their funds to divest from fossil fuels, ask for fossil fuel-free super fund options, or switch to a new fund with low or no fossil-fuel exposure.
The divestment movement, which was spawned by ethical investors but has become increasingly mainstream, is just starting to gain traction in Australia, after success in northern Europe and the US. Until now, its chief focus in Australia has been the big four banks.
The movement aims to stop coal’s progress by forcing a wedge between the industry and debt and equity investors.
About 55 per cent of the world’s superannuation is invested in fossil fuels, and less than 2 per cent is invested in “climate solutions” such as renewable energy, according to 350.org.
‘Green imperialism’


The latest move comes after Whitehaven Coal boss Paul Flynn on Friday told The Australian Financial Review that the coal industry should fight harder against the global campaign urging investors to dump investments in fossil fuels, which he labels “green imperialism at its worst”.
He said that the global divestment movement is “very selective” with their case, and the coal industry needs to dedicate more resources to countering it.
His comments echo those of Peabody Energy chief Greg Boyce, who told the Financial Review that coal producers must spend more time and money fighting “symbolic” movements such as the divestment campaign.
The University of Sydney, a shareholder in Whitehaven Coal, revealed last week it was halting further investments in coalmining, becoming the first institution of its type in Australia to do so.
The local movement has also won support from Bendigo and Adelaide Bank, AMP Capital, education industry fund Unisuper, and a collective of smaller Australian deposit takers including bankmecu, Credit Union Australia, Beyond Bank and Defence Bank.
The ultimate goal of the coal divestment movement is for institutions and individuals to sell down their coal, oil and gas stocks, to accelerate the transition from a fossil fuel-powered economy, to one driven by renewable energy.
Market Forces lead campaigner Julien Vincent said “the vast majority of Australians want to see climate change addressed and the environment protected, yet we are invested – through our super – in industries that create these problems”.
The Australian superannuation sector has about $1.84 trillion in assets under management.