Australia’s NGS Super has set a target to create a zero-carbon investment portfolio by 2030 to mitigate climate change risk on members’ retirement savings, which may require the superannuation fund, which has over A$11.4 billion (US$8.77 billion) of assets, to sell off stakes in some companies.
The fund deems the 2050 target in the Paris climate agreement as “misaligned” with scientific timelines, and aims to finalise its transition plan for a carbon neutral portfolio by the end of this year.
NGS Super says it has excluded public companies generating more than 30% of their revenues from thermal coal from its portfolio since 2016.