HESTA: DIVEST FROM FOSSIL FUELS. HESTA is investing our money in harmful fossil fuels. If you’re a HESTA member, ask them to divest and help create a healthier future!
WHY DIVEST?
FOR HEALTH: Our planet has warmed an average of 1 degree Celsius since pre-industrial times. Already climate change is estimated to cause over 150,000 deaths worldwide each year through increased extreme weather events, increased transmission of infectious diseases and failing food production (2). Burning fossil fuels for heat and electricity are the single largest sectoral contributor to greenhouse gas emissions and climate change. Air pollution from combustion of fossil fuels causes hundreds of thousands of deaths worldwide each year.
FOR OUR FINANCES: Over 2014-15, HESTA’s Core Pool lost an estimated $485 million on fossil fuel company shares. That’s $735 for every HESTA member.
HESTA’S INVESTMENTS: HESTA disclose 49% of their Australian holdings and 15% of their international holdings in their Core Pool online here. Their Core Pool’s Australian holdings include Woodside Petroleum – Australia’s largest independent oil and gas company. HESTA have refused to provide us with any further details of their fossil fuel investments. However, HESTA have divested from tobacco and from Transfield Services (now Broadspectrum) who operate asylum seeker detention centres. There is therefore a clear precedent for divesting from industries that harm health.