The risks of backing fossil fuel investment, page-2

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18/01/20

08:21

Post #: 42447310
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Originally posted by Lapdog: ↑

The screeches and howls of global warming / climate change deniers fanned by Murdoch Mouthpieces are now facing another test - LITIGATION!

"... In July, a landmark trial will takeplace in a Sydney courtroom that could potentially change the waysuperannuation funds invest Australians' almost $3 trillion in retirementsavings. ..."
"... Mr McVeigh has alleged that RESThas failed to protect his retirement savings from the financial devastationthat will flow from climate change. The case, first brought in 2017, followed MrMcVeigh asking his super fund to provide him with disclosure about what it wasdoing to mitigate climate-change-related risks. "Since we launched thecase, it's really snowballed and changed," Mr McVeigh told ABC News ..."
"... "If these funds are notthinking about climate change, the assets they are investing in — for example,fossil fuels — could become stranded assets and could put at risk theinvestment returns of superannuation fund members." ..."

"... This week the CEO of the world'slargest funds manager, BlackRock's Larry Fink, announced the $US1.8 trillion($2.6 trillion) in assets the fund actively manages will no longer be investedin companies that generate more than 25 per cent of their revenue from thermalcoal production. Mr Fink, who has faced much pressure from climate changeactivists over the years, told US media that he made the decision not becausehe was an "environmentalist" but because he was a"capitalist". ..."

https://www.abc.net.au/news/2020-01-18/mark-mcveigh-is-taking-on-rest-super-and-has-the-world-watching/11876360

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Lappy,

You’ve gone a bit LSD with the colours this morning....... had a big night did we?

MI
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