Aware Super has announced that its investment in renewable energy and low-carbon technologies and projects has topped $1 billion as it is responding to the risks and opportunities of climate change.
The super fund said that emissions in its listed equities portfolio were 45% lower than they were at 31 December, 2019, with a further 5% reduction since late 2020, and significantly exceeded the fund’s target for a 30% reduction by 2023.
At the same time, Aware Super also achieved a 63% reduction in emissions in its listed equities portfolio across its socially responsible investment (SRI) options over the past financial year, partially thanks to excluding the supply chain to the fossil fuel industry from these options.
Aware Super’s chief executive officer, Deanne Stewart said while the fund had made some pleasing progress, there was still more work to do to achieve its goal to reduce emissions across its entire portfolio by 45% by 2030 in line with the Paris Agreement targets, on the way to net zero by 2050.
“We are the custodians of $150 billion in members’ retirement savings, and we take our obligation to safeguard these savings and deliver the best possible long-term returns incredibly seriously,” Stewart said.
“Taking decisive action now and responding to the risks of climate change makes good business sense and as a long-term investor, is critical to ensuring that we deliver for our members for decades to come. We know that failing to act now, could have disastrous consequences in the future.”
Some of the assets Aware Super invested in over the past 12 months include:
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.