Invest for climate or face consequences, lawyers tell super funds 22 April 2021
Super trustees are already legally obliged to clamp down on the financial risks posed by climate change in their portfolios and to dump vulnerable investments, two barristers have ruled.
The legal opinion from Noel Hutley and James Mack, commissioned by climate activist group Market Forces, has built on the lawyers’ previous take on the Rest case in recent years, where a member sued the retail industry super fund for failing to consider climate change in its investments.
Super trustees are exposed to multiple risks from climate change, the new opinion detailed, from economic consequences if the world fails to align with the Paris climate goals, to the regulators, who have recently signalled they will be stepping up efforts to police climate risk in the finance sector.
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