{"id":80653,"date":"2025-07-22T09:08:38","date_gmt":"2025-07-21T23:08:38","guid":{"rendered":"https:\/\/www.marketforces.org.au\/?p=80653"},"modified":"2025-07-22T11:40:53","modified_gmt":"2025-07-22T01:40:53","slug":"australiansuper-re-invests-in-whitehaven-claims-thermal-coal-is-important-in-energy-transition","status":"publish","type":"post","link":"https:\/\/www.marketforces.org.au\/australiansuper-re-invests-in-whitehaven-claims-thermal-coal-is-important-in-energy-transition\/","title":{"rendered":"AustralianSuper re-invests in Whitehaven, claims thermal coal is \u201cimportant\u201d in energy transition"},"content":{"rendered":"\n
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AustralianSuper is the largest super fund in Australia, managing $367 billion in retirement savings on behalf of more than 3.5 million members. Unfortunately AustralianSuper is now the second-largest shareholder in Whitehaven Coal, which has the biggest coal expansion plans of any coal company operating in Australia.<\/strong><\/p>\n\n\n\n

AustralianSuper has recently invested more than $300 million<\/strong> of its members\u2019 retirement savings in one of Australia\u2019s worst climate wreckers, Whitehaven Coal, making a risky bet on an unsafe climate future.<\/p>\n\n\n\n

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Submit a formal complaint to AustralianSuper and demand answers about its recent investments in Whitehaven.<\/p>\n\n\n\n

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AustralianSuper members: Demand answers from your fund.<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
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AustralianSuper had previously divested from Whitehaven on climate grounds back in 2020, claiming<\/a> at the time that this was \u201cgood investment practice.\u201d<\/p>\n\n\n\n

Yet the fund has backflipped on this position and recently started buying up Whitehaven shares like the coal industry is going out of fashion (spoiler alert: it is), acquiring more than 60 million<\/strong> shares in this climate wrecker so far this year.<\/p>\n\n\n\n

Until recently, Whitehaven primarily mined thermal coal \u2013 which is burned for energy production \u2013 historically generating<\/a> around 94% of its revenue from this highly-polluting fossil fuel. But as global financial markets have been increasingly shunning<\/a> thermal coal miners like Whitehaven, these climate wreckers have been attempting to put a new spin on their same old polluting business practices.<\/p>\n\n\n\n

In Whitehaven\u2019s case, this looks like \u2018diversifying\u2019 its revenue stream by mining and selling\u2026 a different type of coal. This is clearly (not) a company with a long-term vision for a clean energy future!<\/p>\n\n\n\n

Climate science<\/a> and energy experts<\/a> are clear: there can be no new coal mines or mine expansions<\/strong> \u2013 thermal or metallurgical \u2013 if we are to have a shot at meeting the climate goals of the Paris Agreement.<\/p>\n\n\n\n

AustralianSuper\u2019s massively increased stake in Whitehaven is at odds with the fund\u2019s stated support<\/a> for the Paris climate goals, raising concerns about greenwashing. Worse still, a large investor like AustralianSuper buying up such a big stake in Whitehaven could actually make it easier<\/a> for the company to pursue its highly-polluting coal expansion plans!<\/p>\n\n\n\n

Unless AustralianSuper is using its near 10% stake in Whitehaven to demand an end to the company\u2019s polluting coal expansion plans, there can be no justification for such a massive backflip on one of Australia\u2019s worst climate wreckers.<\/p>\n\n\n\n

AustralianSuper members: Demand answers from your fund.<\/a><\/strong><\/p>\n<\/div>\n\n\n\n

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Take action!<\/h3>\n\n\n\n

Submit a formal complaint to AustralianSuper and demand answers about its recent investments in Whitehaven.<\/strong><\/p>\n\n\n