Local Government Super has achieved carbon-neutral status, becoming the fifth Australian super fund to hold the certification.
The $11 billion fund for local NSW government employees reported it had met all requirements of the Climate Active Carbon Neutral Standard, formerly known as the National Carbon Offset Standard.
It is being held to account to measure emissions, reduce them where possible, offset emissions and publicly report on the results.
The certification has included all LGS employees, the Sydney head office and the fund’s seven regional offices.
LGS chief executive Phil Stockwell commented: “Sustainability has always been a core value for LGS and becoming [carbon-neutral] underlines our [longstanding] commitment to reducing emissions and contributing to a low-carbon economy.”
“It demonstrates to our members and the wider community that it is possible to effectively reduce emissions through targeted action.”
LGS head of responsible investment Moya Yip added LGS supports a number of carbon offset projects, including a reforestation project in NSW, a biodiversity reserve project in Indonesia and a wind power development in India.
“The carbon offset projects align with the United Nations Sustainable Development Goals and the values of our membership base,” Ms Yip said.
“The projects deliver community benefits in the form of employment opportunities for the local population, especially for women in enterprise.
“They also raise living standards through clean water and solar energy as well as introducing innovations into local agriculture.”
LGS noted its head office is situated at 28 Margaret Street in the Sydney CBD, and is part of its property portfolio which is certified cabon-neutral by Climate Active.
HESTA, another carbon-neutral certified super fund, signalled two weeks ago that it is now aiming for zero-carbon emissions by 2050.
First State Super also recently indicated that it would be cutting emissions in its listed equities portfolio by 30 per cent in the next three years, and by 45 per cent across its portfolio by 2030.
It also promised to divest from companies earning more than 10 per cent of their revenue from thermal coal mining.
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].