HESTA is the industry superannuation fund dedicated to Australia’s health and community services sector. More than half of those working in the sector nationally invest their retirement savings with HESTA. An industry fund that’s run only to benefit members, HESTA now has over 870,000 members (more than 80 per cent are women) and manages more than $52 billion in assets invested around the world.

FY 2021/22 (FY 22)

Collaborating with companies you invest in and partner with to deliver emission reductions

Investment Manager Engagement on Emissions Reduction

In progress

In FY22, HESTA will engage with its external investment managers in all relevant asset classes to advocate for actions that support management of transition risks and reduction of real-world emissions.

The engagement will target the largest emitting assets in each manager’s portfolio and those with inadequate carbon risk management strategies, as identified based upon data and analysis from Climate Action 100+ and the Transition Pathway Initiative.

FY 2020/21 (FY 21)

Integrating Paris-aligned emissions reduction goals into your organisation’s investment policy or business strategy

2030 portfolio-wide carbon reduction target

In progress

HESTA has committed to reducing the absolute carbon emissions in its investment portfolio by 33% by 2030 and to be net zero by 2050 in line with the goals of the Paris Agreement. Through carbon reduction targets, HESTA seeks to manage key financial risks to its investment portfolio from the transition to a low carbon economy and also support real-world economy change aligned with the Paris goals. A baseline for the 2030 target of a 33% absolute reduction will be set at 30 June 2020 and performance against the target will be regularly assessed along with broader investment objectives. HESTA proposes to monitor and report progress against its emissions reduction targets on an annual basis.

Collaborating with companies you invest in and partner with to deliver emission reductions

Climate change engagement plan

In progress

HESTA has identified its 12 most emissions intensive ASX holdings based on analysis of its carbon footprint (being AGL, ORG, WPL, STO, BLD, S32, BSL, OSH, RIO, BHP, CTX & QAN). Overarching change objectives have been set by HESTA for each company to decarbonise in line with the Paris goals. The goals of the Climate Action 100+ initiative have then been considered to identify gaps in each company’s approach, including on targets or metrics, scenario analysis aligned to less than 2°C or integration of climate risk into company governance and strategy. To date, company engagement on these objectives has been carried out through the Climate Action 100+ initiative and via our service providers. In 2020 HESTA is extending our collaboration by enlisting external fund managers to join us in seeking change in the companies, given their role in evaluating companies and making investment decisions.

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