[Greens-Media] Coal investments weigh down Future Fund

[Klug, Georgie (Sen C. Milne)]

Apologies forgot to send this earlier - release on Future Fund announcement 


Media Release

Thursday 6 June 2013

Coal investments weigh down Future Fund

Australian Greens Leader Christine Milne is calling on the Future Fund to live up to its name by offloading its coal company investments.

"Earlier this year the Future Fund ditched its tobacco investments in response to a campaign led by the Greens.  

"Now that climate change denier David Murray has left the fund's helm, the Board of Guardians should review investments in the coal companies driving global warming.

"We know that if we burned all Australia's coal reserves it would have a dramatic impact on our climate. 

"Global warming is already increasing our risk of floods, bushfires, heat waves and dangerous storms, so why would we allow the fund to prop up the companies which make our future even more uncertain? 

"Fossil fuel investments account for about 3 per cent of the Future Fund's assets so replacing coal  with less risky investments would not only be possible but potentially more profitable.   

"As Professor Lord Stern said recently, 'investing in companies that rely solely or heavily on constantly replenishing reserves of fossil fuels is becoming a very risky decision'.

"Our Future Fund should not be backing risky investments with taxpayers' money."

"In Australia, the Uniting Church of NSW & ACT has just committed to end investments in coal and coal seam gas. Students are starting divestment campaigns on their campuses, such as Fossil Free ANU in Canberra.

"City governments in San Francisco and Seattle are ending their investment in fossil fuel companies, along with universities and churches across the United States. 

"There is a growing movement of Australians ready to leave fossil fuel investments behind, including many who have pledged to move their savings to banks that don't invest in fossil fuels. The Future Fund should join that movement," Senator Milne said.

Media contact:  Georgie Klug 0438 376 082