Major super funds continue to dump thermal coal
Some of the nation’s largest superannuation firms are protecting their members from climate risk by dumping thermal coal from their retirement savings.
The Australian Retirement Trust (ART), which looks after more than $280bn worth of savings, has become the nation’s largest super fund to exclude thermal coal.
As a global investor, the fund says it is committed to achieving a net zero greenhouse gas emissions investment portfolio by 2050.
Accordingly, there will be no direct investment from 1 July in companies that generate more than 10% gross revenue from the mining of thermal coal and its sale to third parties.
Photograph: David Gray/ReutersAustralian Retirement Trust applies exclusions in limited circumstances as part of its sustainable investment approach in accordance with members’ best financial interest.
BrettMorgan, super funds campaigner at shareholder activist organisation Market Forces, said the new policy cemented ART’s already nil exposure to “climate wreckers” Whitehaven Coal and New Hope.
The fund’s default investment option has had zero investment exposure to Whitehaven and New Hope since 2022.
It’s a tribute to the thousands of members who have demanded greater climate action from the fund.
ART has finally put its practice into policy and is now the largest super fund in Australia to rule out investment in thermal coal companies.
Aware Super, with more than $170bn in funds under management, Hesta with more than 1 million members who are mostly women working in health and community services, and UniSuper are among funds that have already made the switch.
– AAP
