Australian Pension Fund Drops Coal, Declares Climate a ‘Very Real Investment Risk’
Citing competitive pressures in the coal industry, pollution concerns in China, and tougher carbon and energy standards, a major Australian pension fund has declared climate change a “very real investment risk” and moved to pull its assets out of coal.
Peter Lambert, CEO of Local Government Super (LGS), “said the fund believed support for carbon intensive forms of energy like coal and oil from tar sands were no longer sound investments,” RTCC reports. With 90,000 members and $8 billion in assets, LGS is one of Australia’s largest public sector pension funds, and the first to announce plans to divest from coal. (h/t to InsideClimate News)