The super and investment players have signed onto Climate League 2030, a 10-year plan aiming for a further emissions reduction in Australia of at least 230 million tonnes by the end of the decade.
TelstraSuper, ISPT (Industry Super Property Trust), U Ethical and Teachers Mutual Bank have committed to the scheme, joining other signatories such as founding partners Aware Super, Cbus, IFM Investors and QIC.
Climate League 2030 now has 20 participants, with the investors collectively responsible for more than $190 billion in assets under management.
The organisations in the project are pledging to support reducing emissions as well taking at least one new action a year to contribute towards it and report on progress and impact.
TelstraSuper has committed to slashing its portfolio emissions by 45 per cent by 2030, while ISPT has made promises to be carbon-positive by 2025 and U Ethical has pledged to engage more deeply with the companies with the highest climate risk profile in its portfolios.
Teachers Mutual Bank is the scheme’s first banking participant, having committed to deliver an additional $20 billion in certified responsible investment products by 2030, with no exposure to fossil fuels.
Climate League 2030 is being coordinated by the Investor Group on Climate Change (IGCC).
Emma Herd, chief executive of the IGCC commented the scheme is moving from its initial focus on investors towards being open to all actors across financial markets over the next few years.
“Helping deliver Paris-aligned emissions reductions by 2030 is responsible action to help secure a healthy economy for Australia,” Ms Herd said.
“End-of-decade goals to reduce emissions have come into sharp focus with new commitments emerging with the US, Canada, Japan and the European Union in recent weeks. The Australian private sector must be ready to help our country achieve deeper emissions reductions this decade as part of an orderly transition to net zero emissions by 2050.”
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Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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