© Reuters. FILE PHOTO: A lone tree stands close to a water trough in a drought-effected paddock situated on the outskirts of Walgett, in New South Wales, Australia, July 20, 2018. REUTERS/David Grey/File Picture
SYDNEY (Reuters) – Australia’s 5 largest pension funds weren’t doing sufficient to push fossil gasoline corporations towards decarbonisation, activist investor group Market Forces stated on Wednesday, arguing their environmental commitments may quantity to greenwashing.
The time period ‘greenwashing’ describes exaggerated and deceptive claims that counsel an entity are stewards of the atmosphere with out actual motion.
Market Forces stated in a brand new report AustralianSuper, Commonwealth Tremendous Corp, Australian Retirement Belief, Conscious Tremendous and AMP (OTC:), which cumulatively handle greater than A$1 trillion ($668 billion) in financial savings, had didn’t “show efficient engagement methods”.
Commonwealth Tremendous Corp, Australian Retirement Belief, Conscious Tremendous and AMP didn’t instantly reply to a Reuters request looking for remark. AustralianSuper declined to remark.
Funds should act to stop fossil gasoline enlargement, require polluters take significant motion on decarbonisation and divest from corporations that do not, the report stated.
“(Pension) funds counting on energetic possession to fulfil their local weather commitments however failing to rein in rampant oil and fuel enlargement plans are greenwashing and exposing themselves to authorized motion for deceptive conduct,” Brett Morgan, retirement funds campaigner at Market Forces, stated in an announcement launched together with the report.
Australia’s company regulator has ramped up motion towards greenwashing, final month accusing pension fund Mercer Superannuation of deceptive members in regards to the sustainability of a few of its funding choices.
($1 = 1.4966 Australian {dollars})
