Thursday, 8 September 2022
Aware Super has welcomed the passage of the Australian Government's Climate Change Bill 2022 through Parliament, enshrining the nation's carbon emissions reduction targets in legislation.
The fund’s Chief Executive Officer, Deanne Stewart, described today's milestone as a vital step forward in a more ambitious agenda.
”We believe climate risk is the single greatest investment risk in our portfolio today,” said Ms Stewart.
”Institutional investors the world over recognise the magnitude of the threat posed by human-induced global heating. We congratulate the Commonwealth Government on achieving today's milestone, which represents a critical step forward in strengthening Australia's response to the threat of climate change.
”Through our Climate Change Portfolio Transition Plan, Aware Super has set emissions reduction targets to help us achieve net zero emissions in our portfolio by 2050. To date, we have already reduced emissions in our listed portfolio by 45 per cent. In addition, our Private Equity and Infrastructure managers have committed around $1 billion to investments in renewables and low-carbon technologies.
”Enshrining Australia's emissions reduction targets in legislation provides all superannuation funds greater certainty in the medium term to help guide investment decisions on behalf of our members. This will be particularly important as new investment opportunities emerge through the process of transitioning the domestic energy market in the years ahead."