(SYDNEY)– $51 billion super fund First State Super has shed virtually all fossil fuel companies and companies related to fossil fuel expansion, exploration and transportation from its socially responsible investment option.

“I’m delighted that I can now have a clear conscience about my super fund, and not worry that I am backing environmentally and socially damaging fossil fuels,” said Jonathan Doig, a longtime member of First State Super. “I’m particularly pleased that First State is excluding investment not just in coal, but gas and oil as well. They all have to go if we are to secure a livable climate for our kids.”

In a letter to members, First State Super said it would “exclude companies that source more than 20% of their operating revenues from the production, sale and distribution of fossil fuels, including thermal and coking coal, oil, natural gas, transmission or transportation for the purpose of exporting and/or non-household use (e.g. power generation).” The fund also said it would also exclude companies that explore and or develop fossil fuel reserves, or have a substantial involvement in coal seam gas fracking.

“First State Super has made a bold first step by divesting its Socially Responsible option, but we know they can and must do more,” said Isaac Astill, a fossil fuel divestment campaigner with 350.org Australia. “With $51 billion in assets under management, a significant portion of First State Super’s portfolio is still invested in companies that are unlocking catastrophic climate change. We look forward to them divesting from fossil fuels across their holdings.”

First State Super joins almost 400 institutions worldwide that have moved their money away from investments in coal oil and gas companies, including the Norwegian Sovereign Wealth Fund, the Rockefeller Brothers Fund, the ACT Government and Newcastle City Council, home to the world’s largest coal port.

Contact: Isaac Astill, 0428 849 332, isaac@350.org.au