First State Super to sell out of thermal coal

, , ,

By Euan Black | The New Daily

One of the nation’s largest superannuation funds has promised to ditch its shares in companies that earn more than 10 per cent of revenue from thermal coal mining.

First State Super, which looks after more than $120 billion in retirement savings, announced its plans to sell out of thermal coal as part of a broader climate action plan released on Thursday.

The superannuation fund has set an emissions reduction target of 30 per cent across its listed equities portfolio by 2023 and 45 per cent across its portfolio by 2030.

First State Super CEO Deanne Stewart said climate change was one of the biggest risks to members’ retirement savings, and that now was the time for “bold and decisive action”…Full Story

Related Posts

,

Coal shortage now at alarming levels, say aluminium producers

With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Aluminium Association of India (AAI) has urged the union coal ministry for immediate resumption of adequate coal rakes for the highly power-intensive Aluminium industry. In its representation to the Ministry, the AAI has lauded […]

, ,

China Energy Crunch Triggers Alarm, Pleas for More Coal

By David Stanway | Reuters As a severe power crunch roils China’s northeastern industrial heartland, senior officials face mounting pressure from alarmed citizens to ramp up coal imports thick and fast in order to keep lights on, factories open and even water supplies flowing. With electricity shortages sparked by scant coal supply crippling large sections of industry, […]