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The updated climate plan of the $52 billion Australian super fund HESTA involves reducing absolute carbon emissions across its investment portfolio by 33 per cent within the decade and 100 per cent by 2050, in an effort to bring its investment strategy in line with the goals of the Paris Climate Agreement.
HESTA is the first major Australian superannuation fund to make carbon reduction commitments of this scale to support sustainability.
The role of large super fund investors to limit emissions has increasingly come to the fore after the Intergovernmental Panel of Climate Change report found there would be "long-lasting or irreversible" impacts to the environment if warming exceeded 1.5 degrees.
Jennifer Harrison
Jonathan Chrimes