SYDNEY –听础耻蝉迟谤补濒颈补’蝉听30听产颈驳gest听辫别苍蝉颈辞苍听蹿耻苍诲蝉听increased their听颈苍惫别蝉迟尘别苍迟蝉听in key coal, oil and gas producers by 50% in 2022 despite the听蹿耻苍诲蝉‘ long term commitments to net zero carbon emissions, environmental听补肠迟颈惫颈蝉迟听驳谤辞耻辫听Market Forces said.
Superannuation or retirement聽蹿耻苍诲蝉听raised their investment to more than A$34 billion ($23 billion) in companies most responsible for expanding听蹿辞蝉蝉颈濒听fuels, Market Forces said.
“Super聽蹿耻苍诲蝉听are making a mockery of their own commitments to net zero by buying up wholesale in companies expanding听蹿辞蝉蝉颈濒听fuels and letting them get away with trashing our climate,” Market Forces campaigner Brett Morgan said in a statement.
Some聽蹿耻苍诲蝉听have committed to achieve net zero carbon emissions in their investment portfolio by 2050.
Commonwealth Super Corp, AustralianSuper, Australian Retirement Trust, Aware Super and AMP Ltd.聽– operators of the five largest聽蹿耻苍诲蝉听cumulatively managing more than A$1 trillion ($675 billion) – did not immediately respond to Reuters requests for comment.
Market Forces only named AustralianSuper, which it said had increased its stake in Woodside Energy听骋谤辞耻辫听Ltd.,聽础耻蝉迟谤补濒颈补’蝉听top independent gas producer, by about 19 times in 2022.
In an emailed response, AustralianSuper said it had raised its stake as gas was a key part of an “orderly energy transition” ahead.
“As an active and responsible owner, we will continue to proactively engage with Woodside to understand how the company plans to transition its operations to deliver long-term value to members in a low-carbon environment,” a spokesperson said.
There has been active interest from shareholders in oil and gas companies after commodity prices shot up due to Russia’s war in Ukraine, which could partly explain the听蹿耻苍诲蝉‘ move to up their stake in听蹿辞蝉蝉颈濒听蹿耻别濒听companies, Market Forces said.
It estimated more than A$140 billion of Australians’ retirement savings are invested in听蹿辞蝉蝉颈濒听蹿耻别濒听companies through the听蹿耻苍诲蝉, which have more than 9% of members’ share听颈苍惫别蝉迟尘别苍迟蝉听in these firms on average. – Reuters
