The fund’s John Pearce warns that Australia could be excluded from trade agreements if the government does not commit to zero net carbon emissions by 2050.
As for companies that don’t meet climate risk standards, “divestment is always an option for us,” he told ABC Radio’s AM. But, there was a but, “once you divest, you do lose your influence with the companies … the most influence we hold is when we own stock of a company.”
This may, or may not, convince UniSuper members who have run grassroots campus campaigns against the fund investing in old energy. The NTEU which has two seats on the board, calls for all directors to agree to exiting fossil fuel providers by 2030 (CMM April 26).