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2
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· Posted on
February 21, 2024

A UniSuper member just called the fund out on its climate claims... and something isn't adding up?

UniSuper says it's committed to having net-zero emissions from its investment portfolio... but something just doesn't add up.

What's the key learning?

  • UniSuper's got more than 450,000 members, $100 billion in assets and it holds a $161 million stake in Santos
  • The fund says it's committed to having net-zero emissions from its investment portfolio by 2050 but a member and the Environmental Defenders office think it could be a greenwashing
  • Greenwashing is when a fund misrepresents the extent to which an investment strategy is environmentally friendly, sustainable or ethical

👉Background: UniSuper is an industry super fund primarily for people in the higher education and research sector. It's got more than 450,000 members and $100 billion in assets.

👉 What happened: Fun fact: the fund holds a $161 million stake in Santos, the oil and gas company. Another fun fact: UniSuper says it's committed to having net-zero emissions from its investment portfolio by 2050.

👉 What else: A uni super member and the Environmental Defenders office have written to UniSuper: Something doesn't add up here? This could be a curious case of greenwashing...

What's the key learning?

💡In the superannuation world, greenwashing is when a fund misrepresents the extent to which an investment strategy is environmentally friendly, sustainable or ethical.

💡Get this: Eight of 11 major super fund investment options labelled ‘sustainable’ or ‘socially responsible’ are investing in companies expanding the fossil fuel sector, according to Market Watch.

💡ASIC, our corporate regulator has some very clear rules of what is and isn’t greenwashing. Now that super funds are on notice, it will be interesting to see whether it changes any of their investment strategies.

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