Funds accused of ‘greenwashing’ by market lobby group

Funds accused of ‘greenwashing’ by market lobby group

Five superannuation funds managing a complete of $1 trillion of retirement financial savings have been accused of greenwashing by not doing sufficient to rein in main fossil gas firms.

The declare has been made by the Friends of the Earth-affiliated and environment-focussed monetary foyer group Market Forces in a report launched on Wednesday.

It alleges the tremendous funds from a mixture of retail and business suppliers – AMP, Australian Retirement Trust, AustralianSuper, Aware Super and Commonwealth Super Corp – have didn’t successfully have interaction with firms they put money into from the fossil-fuel sector.

That is regardless of the funds being publicly aligned with the Paris Agreement on local weather change and net-zero emissions targets.

Brett Morgan, report writer and superannuation funds campaigner at Market Forces, mentioned the funds had failed to make use of their market clout to carry “the most climate-damaging companies to account over their fossil fuel expansion plans”.

In the report, entitled “Stewards of Climate Disaster”, Market Force factors to investments in Australia’s two greatest oil and gasoline producers, Woodside and Santos.

“There’s an appalling gap between climate commitments and real action by our biggest super funds and this is a slap in the face for members who deserve a safe future to retire into,” Mr Morgan mentioned.

Market Forces additional claims the funds and their administrators may expose themselves to allegations of deceptive and misleading conduct as a result of monetary establishments that make net-zero commitments are legally required to have affordable grounds to imagine they are going to obtain their targets.

“Super funds relying on active ownership to fulfil their climate commitments but failing to rein in rampant oil and gas expansion plans are greenwashing and exposing themselves to legal action for misleading conduct,” Mr Morgan mentioned.

The report comes amid a crackdown on so-called greenwashing claims from firms and funding funds as each the company and shopper regulators probe doubtlessly false or exaggerated environmental claims.

The Australian Securities and Investments Commission final month launched landmark authorized motion towards tremendous large Mercer over allegations it made false and deceptive statements concerning the sustainable nature of a few of its funding choices.

Meanwhile, institutional traders offended at Woodside’s strategy to local weather change introduced they are going to take their combat to its board at a shareholders assembly in April.

Vision Super and fund supervisor Betashares imagine three long-standing administrators must be denied re-election to the board of Woodside, which they declare doesn’t have a reputable local weather technique and continues to pursue new oil and gasoline tasks.

The administrators are Queensland Resources Council chief government and former federal assets minister Ian Macfarlane, Singaporean oil and gasoline government Swee Chen Goh and former oil boss Larry Archibald.

Source: www.perthnow.com.au