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‘Yellow brick roadmap to net zero’: New campaign pushes for wake-up call to big super
With concerns that the expansion efforts of fossil fuel giants are still largely unchecked by Australian super funds, Market Forces is urging tougher action.
Market Forces has taken aim at three super funds in a new campaign ahead of Woodside Energy’s annual general meeting, calling on the funds to take bolder action by demanding an end to Woodside’s “dangerous oil and gas expansion plans”.
“AustralianSuper, HESTA and Hostplus are having trouble telling their climate claims apart from gas industry spin. So our new campaigners Dorothy and Toto delivered these funds some crucial missing parts,” the advocacy group said on its initiative.
In a satirical take on the Wizard of Oz – the campaign being appropriately titled The Climate Wreckers of Oz – “Dorothy” made an appearance at each of the fund’s offices.
The symbolic video – which according to Market Forces had amassed 10,000 views before the long weekend – saw Dorothy deliver a “brain” to AustralianSuper, which it said had been “falling for Woodside’s greenwash”.
HESTA, meanwhile, was delivered a “backbone”, with Market Forces saying that the fund has failed to stand up against Woodside and its development plans.
“Dorothy did not like HESTA’s spineless engagement efforts with Woodside in 2024,” it said in a statement.
“This delivery came at the right time, because HESTA recently threw its members under the bus by backing the gas expansion plans of another major climate wrecker, Santos.”
Hostplus was then given a “heart”, with the advocacy body saying that the industry fund is in need of more “compassion for people and the planet”.
“Hostplus has consistently failed to hold Woodside accountable for its polluting gas expansion plans and must instead start using its members’ retirement savings to advocate for a safe and equitable future,” it said.
Super Review sister brand InvestorDaily reached out to the three funds. AustralianSuper and Hostplus said that they did not have a response to the campaign at the time.
However, a spokesperson for HESTA said that the fund is using share voting and engagement to seek more ambitious climate transition strategies from fossil fuel companies.
“Last year, we voted against Woodside’s Climate Transition Action Plan. We continue to engage with Woodside and are currently considering our voting position in relation to its upcoming AGM,” the spokesperson said.
They said that both Woodside and Santos remain on HESTA’s “watchlist”, which comprises companies that are the focus of closer direct engagement and monitoring.
“We regularly review our portfolio and will continue to engage on these long-term climate transition strategies in the best interests of our members,” they said.
Market Forces has previously scrutinised Australian super funds for not making greater efforts to rein in the ambitions of some of the country’s fossil fuel giants. In December, following the re-election of the chairs of two of the country’s largest gas producers, Woodside and Santos, Market Forces condemned super funds for “failing to use their influence to drive greater climate action at major gas companies”.
“Instead of demanding an end to Woodside’s polluting oil and gas growth plans, super funds continue to let the company get away with climate carnage at the expense of their own members’ future,” Market Forces said last week.
“We enlisted the help of Dorothy and Toto to put these super funds on the right course. The ‘yellow brick roadmap to net zero,’ you might call it!”
Notably, Market Forces also went to Aware Super’s office to deliver a “courage award”, praising the fund for disclosing that it would vote against the re-election of Woodside’s Richard Goyder in 2024, alongside speaking out against its expansion plans.
However, it urged Aware Super not to slow down on this progress, encouraging the $170 billion fund to continue its efforts this year.
“Super funds serious about their climate commitments must take bolder action by demanding an end to Woodside’s dangerous oil and gas expansion plans,” it said.
AUTHOR
Jessica Penny
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