Statement in response to Market Forces report – Hostplus’ commitment to managing climate change
Climate change and the transition to net zero are important issues for society, and Hostplus remains fully committed to NZ2050.
We believe this is best achieved by engaging with companies utilising our external investment managers, who are committed towards achieving this task with a just transition that influences a company’s sustainable business practises and protects the jobs and communities that rely on it.
Divestment does nothing other than transfer ownership to investors who may not be aligned toward the achievement of this goal.
The Market Forces report is simplistic in its inference as it fails to recognise the fact that Hostplus’ increased stake in SANTOS came about due to the merger between Hostplus and Statewide Super.
Also overlooked in the Market Forces report, are the expansive investments Hostplus has made in climate change and renewable related projects that employ Australians and support local communities1.
Hostplus also recognises that some members may wish to align their superannuation investments to their personal values. This is why we also offer choice in the form of our industry recognised Socially Responsible Investment (SRI) Option which excludes certain industries and seeks to avoid investment in the fossil fuel industry.
1Hostplus has invested $1.4 Billion in climate change related projects. These include:
- Octopus Australia – A multi-billion dollar renewable energy portfolio that includes the 333MW Darlington Point Solar Farm and the Gippsland Renewable Energy Park, replacing fossil fuel supply that will be lost when the Yallourn coal fired power station closes.
- Hysata Hydrogen Technology – creating a path to delivering the world’s lowest cost green hydrogen.
- PowAR – Powering Australian Renewable Fund that aims to develop and own 1,000 megawatts of large-scale renewable projects.
- Commonwealth Fusion Systems – developing a new generation of high-temperature superconducting magnets to produce clean, carbon emission-free baseload power.
Further details on how we are taking action against climate change can be found here.
The information in this article is correct as at time of publication.