State Super eyes 45% carbon reduction by 2030
State Super is targeting net-zero carbon dioxide across its investment portfolio by 2050, setting a milestone of a 45% reduction in greenhouse gas emissions by 2030 against a December 2020 baseline.
Formulated with input from NSW Treasury Corporation and Mercer, the targets were in response to the goals of the Paris Agreement.
State Super’s chair, Nicholas Johnson, said: “It has become abundantly clear… that in acting in the best financial interests of members, superannuation trustees must respond to the investment risks associated with climate change and seek to mitigate them”.
“It is equally important for them to realise investment opportunities that will come from the transition to a low-carbon economy, including from new technologies, initiatives and policies over short, medium and long-term investment horizons,” Johnson said.
State Super’s chief executive, John Livanas, said the fund had undertaken a significant program of work to ensure their new objectives aligned with the best interests of its members and their risk-adjusted returns.
“Importantly, many of our members have actively engaged with us about their expectations for climate change risk to be effectively managed,” Livanas said.
“We understand and appreciate their views. In addition, science experts and data from the Intergovernmental Panel on Climate Change also show it makes the best financial sense to act now.
“We will update our board and State Super members regularly on the decarbonisation of our investment portfolio.”
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
