Australia's second-largest pension fund blacklists thermal coal investments
(Reuters, 2 May 2024) Australian pension giant Australian Retirement Trust said on Thursday it would stop investing in most thermal coal companies from July as part of a plan to hit net zero emissions across its portfolio by 2050.
The A$280 billion ($183 billion) fund has introduced new rules to exclude any company which generates more than 10% of its revenue from the mining and sale of thermal coal, one of the most polluting energy sources.
"As a global investor, Australian Retirement Trust is committed to achieving a net zero greenhouse gas emissions investment portfolio by 2050," it said in a statement.
"Australian Retirement Trust applies exclusions in limited circumstances as part of its sustainable investment approach in accordance with members’ best financial interest."
The rule change puts thermal coal in the same category of excluded investments such as tobacco, cluster munitions and landmines, according to a notice, opens new tab on the fund's website.
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Reuters, 2 May 2024: Australia's second-largest pension fund blacklists thermal coal investments
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