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