Australia’s second-largest pension fund aims to almost halve carbon emissions across its investments within a decade as it joins global peers in mitigating the risks of climate change.
First State Super said it will advocate for Australia’s economy to reduce its greenhouse gas emissions by 45% by 2030 and replicate the target in its portfolio. The A$120-billion ($83-billion) fund will reduce emissions in its stock holdings by 30% by 2023, divest from thermal coal producers from October and continue to review its energy portfolio to avoid owning so-called stranded assets.