Australian superannuation funds are “quietly” and “slowly” reducing their equities exposure to domestic fossil fuel firms, according to analysis by Market Forces, which found that 10 of the largest pension funds in the country have withdrawn A$2.5bn (€1.5bn) from the sector since 2018.
The campaign group looked at super fund exposure to 23 Australian public companies it regards as most “out of line” with the Paris Agreement, including miners BHP and Whitehaven Coal, energy firm Origin, and oil & gas giants Woodside and Santos.
REST, Australia’s pension fund for the retail sector, was found to have cut its exposure the most, with a 27% (A$607m) reduction since 2018. In a legal settlement last year with a beneficiary who claimed REST was not taking climate change seriously enough, the fund agreed to introduce a raft of measures to align its portfolio with Net Zero by 2050.
Reacting to the Market Forces report, a spokesperson for REST told R…