The members of Australia's health superannuation funds collectively hold the power that comes with the hundreds of billions of dollars they have saved for retirement. These funds, meant to secure well-being and security in later years, are currently invested in a range of problematic industries, some of which contribute directly to the very health problems health professionals work to prevent and treat. This could not be any truer than for the investments that our health superannuation funds still hold in the coal and gas industries, which are fuelling the catastrophic climate change emergency.
Climate change, caused by greenhouse gases like methane, poses the most serious threat to public health. Rising temperatures and extreme weather events exacerbate respiratory illnesses, heat stress, and the spread of infectious diseases.
Methane, in particular, is 80 times more potent than carbon dioxide at trapping heat in the atmosphere over the short term. Leaks and releases from coal and gas production significantly contribute to this problem, and it is urgent that methane emissions be better regulated and rapidly reduced.
A 75% reduction in methane emissions from coal and gas is crucial to slow down near-term warming and safeguard public health from air pollution. Not only is this target achievable, with existing technologies and cost-effective solutions readily available, but it's also strategically chosen. The International Energy Agency (IEA) recommends a 75% reduction in methane emissions from fossil fuel operations, which is a key strategy to limit the worst effects of climate change and keep warming within 1.5%.
So, why should we, as superannuation members, care about ethical engagement on methane emissions?
- Financial Risk: Methane emissions are not just bad for the environment; they're a financial risk. As countries transition to clean energy, fossil fuel companies face stranded assets and declining profits. We can ensure our investments are future-proofed by pressuring super funds to engage with companies on methane reduction.
- Long-Term Value: Clean energy solutions are not just good for the planet, they're a rapidly growing market. Holding high expectations from the fossil fuel industry to be as sustainable as they can as we transition to a green economy will better safeguard the long-term growth and returns from these investments.
- Shareholder Influence: Super funds are major shareholders in many Australian companies. We can leverage this collective power to influence corporate behaviour by working together. Imagine the impact if Australia's largest super funds demanded significant methane emission reductions from companies like Santos!
Ethical engagement is about responsible investment. Our super funds can use their shareholder voice to encourage companies to transition to cleaner practices, ultimately improving their long-term financial health and aligning their values with ours – a healthier planet for a healthier future.
What you can do now? Right now, the Superannuation Members Meetings are being scheduled for 2024. If you have your super with Aware, AusSuper, or ART, now is your chance to ask why they are investing your retirement savings into coal and gas.
Here at Healthy Futures, we want to ask what the big supers are doing to push for methane emissions reductions from Australia's coal and gas super-polluters. Reducing fossil methane is the fastest, cheapest way to slow global heating. We need to pressure the big polluters to be held accountable for taking the necessary steps to pollute less while their industry phases down, and as long as our super's stay invested in fossil fuels - we get a say.
Have your say today and register to ask a question about methane & email [email protected] for any more information or ideas about what to ask.
Here are the links for the upcoming meetings:
- Australian Super (AusSuper) Annual Members Meeting 2024 Tuesday the 19th of November, 6 pm REGISTER HERE TO ATTEND AND ASK QUESTIONS
- Australian Retirement Trust (ART) Annual Members Meeting 2024 Wednesday 20th November 530 pm REGISTER TO ATTEND AND ASK QUESTIONS HERE
Australia's top health super annuation funds are still invested in Australia's biggest methane polluters*.
Coal & Gas Investments | Company Holdings | About the fund | |
Australian Retirement Trust |
YES |
AngloAmerican + BHP + Glencore + Santos + Woodside |
2+ million members $260 billion in retirement savings New climate policy |
Australian Super |
YES |
BHP + Santos + South32 + Whitehaven + Woodside |
3+ million members $300 billion in retirement savings Australia’s largest super |
Aware |
YES |
BHP + Chevron + Glencore + Peabody + Santos + Woodside |
1+ million members $150 billion in retirement savings |
Hesta |
YES |
AngloAmerican + BHP + Chevron + Glencore + Santos + South32 + Woodside |
1+ million members $76 billion in retirement savings Selling down dirty stocks + leading engagement tool with their watchlist |
Australian health superannuation funds hold tremendous financial power. By working together, we can leverage this power to encourage these funds to prioritize ethical engagement on issues like methane emissions and transition towards a clean energy future.
- We are talking to Australia's top health super funds: we want to know their plans to address methane emissions and their ethical engagement strategies with the fossil fuel companies they are still invested in.
- Spread the word: Share this campaign with your friends, family, and colleagues who are also members of health super funds to let them know about methane
- Demand action: Use your voice to call for a healthier future for our planet and ourselves
Together, we can build a future powered by clean energy, responsible investment, and a healthier world for all.
#HealthSuper
*Information as of March 2024