First State Super to Exit Out of Thermal Coal Investments
Posted on 07/10/2020
First State Super is one of the biggest superannuation funds in Australia. First State Super has a goal for an emissions reduction target of 30% across its listed equities portfolio by 2023 and 45% across its portfolio by 2030. The fund investor revealed plans to sell out of companies in the thermal coal industry as part of its wider climate action plan. Starting in October 2020, First State Super will divest from listed companies that generate more than 10% of their revenue from thermal coal mining.
First State Super will also focus more on renewable energy investing. In 2019, First State Super invested in a one-third stake in the A$1.1 billion South Australian wind farm Snowtown 2.