Australian pension fund Cbus targets carbon-heavy coal and gas investments

first_imgAustralian pension fund Cbus targets carbon-heavy coal and gas investments FacebookTwitterLinkedInEmailPrint分享The Guardian:Construction and mining industry super fund Cbus says it will slash emissions from its investments by 45% within the next 10 years, putting carbon-intensive companies on notice that they will need to demonstrate how they will cut greenhouse gas emissions in order to stay within the fund’s $54bn portfolio. Cbus has also expanded an existing pledge to hit the Paris agreement target of zero emissions by 2050 in its property and infrastructure investments to cover its entire portfolio.Its chief investment officer, Kristian Fok, stopped short of ruling out any investment in new thermal coalmining but said any such business would face an extremely high hurdle to attract Cbus’s money.“I’m not going to rule out anything, but the hurdles are going to be so high for these things, because the way we would see it is that it would have to be highly competitive against the alternatives,” he said. “Basically, we now have a [carbon] budget in our portfolio, so it would have to be more compelling than something else.”Institutional investors such as pension and superannuation funds have been ratcheting up the pressure on big emitters, such as mining companies, to slash their carbon output.In April, Norway’s US$1.1tn Government Pension Fund Global, one of the world’s biggest investors, put BHP on notice that it needed to get out of thermal coal or the fund would dump its stock in the company. At the same time, it announced it had sold its stake in Australian energy company AGL, which owns coal-fired power stations including the carbon-intensive Liddell plant in New South Wales.Asked if Cbus would be willing to take shares in a BHP coal spin-off, Fok said the new framework wouldn’t stop the fund from doing so. “But what it does make us look very carefully at is what price we’re paying for it,” he said. “In relation to thermal coal, we would look at it in relation to the global economy. But it’s quite clear the lifecycle of thermal coal is shorter than the next fossil fuel, which is gas – but the lifecycle of gas is shorter than what it used to be as well.”[Ben Butler]More: Construction and mining industry super fund puts carbon-intensive companies on noticelast_img read more

Michael Emenalo defends Chelsea’s loan policy

first_img “That didn’t suit the reason for which we had already gone to get him. “So we felt it would be better for him to go and rediscover his confidence and he hasn’t just gone to any other team… he’s gone to Juventus. “These players go to top clubs and when they get there they prove we don’t recruit bad players, just like Salah did last season.” Chelsea technical director Michael Emenalo has defended the loan policy which saw more than 30 players depart the Barclays Premier League club on a temporary basis this summer. The reigning champions have allowed the likes of Juan Cuadrado – bought from Fiorentina for £23.3million in January – and Mohamed Salah to move to Juventus and Roma respectively, while Victor Moses joined West Ham for the 2015-16 season shortly after signing a new contract with the Blues. Nathaniel Chalobah and Marco van Ginkel are among the other senior players now operating elsewhere. Press Association The remaining loanees are mostly members of Chelsea’s youth academy and Under-21 ranks but the club, who are not breaking any rules, have been accused of unfairly stockpiling players. Emenalo insists the loan system has been put in place precisely to promote the development of talent. He told Chelsea TV: “We have the difficult job – one we happily accept because we are a big club – of trying to balance being successful with making sure we have the right players at the right time. “Sometimes we know there are players whose development is not finished, just like Victor (Moses), who we want to keep with our squad but who maybe needs to play more football to get to the level we think he can get to, because he is very, very talented.” The Nigerian admitted Cuadrado had been allowed to join Juventus after suffering a crisis of confidence when he arrived at Stamford Bridge in the wake of Chelsea’s 5-3 defeat at Tottenham. At the same time, though, Egypt international Salah was sent to Fiorentina, for whom he would score nine goals, reinforcing Emenalo’s faith in Chelsea’s loan policy. “Sometimes the timing is not right for them,” he said. “For example we got (Juan) Cuadrado straight after a very difficult game at Spurs and we had to change our strategy for the rest of the season. last_img read more