Australia’s pension fund aligns with government’s decision to support natural gas
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HESTA, one of Australia’s largest pension funds, has backed arguments by the government and the country’s big energy companies that natural gas will be needed as a bridging fuel in the transition to cleaner power.
At the Australian Financial Review ESG Summit, Debby Blakey, Chief Executive Officer, said, “HESTA has assets of $55 billion and holds stakes of at least 0.5% in the country’s two biggest natural gas producers, Woodside Energy Ltd. and Santos Ltd. While the fund recognizes the need for the fuel, it is continuing to push big polluters to move away from fossil fuels and reach Net-Zero goals.”
Read more: Investors welcome Australia’s first green bond issuance
She added that there was “enormous urgency” in the transition, “This need for a timely and orderly transition is absolutely critical, so gas will play a role.”
Australia’s significant pension fund industry is expected to influence producers to address emissions, contributing to the country ranking among the highest per-capita polluters globally.
This follows the recent endorsement by the $47 billion liquefied natural gas export sector of a government initiative that supports continued fuel use beyond 2050 despite commitments to achieve zero emissions by that time.
In March, HESTA announced that it had encouraged Woodside to consider appointing new directors with expertise in climate-related challenges. However, Blakey noted that the company’s recent appointment of Anthony O’Neill, a former executive at Anglo American Plc, was not one of the candidates suggested by the fund, Bloomberg reported.
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