Key facts
- AustralianSuper is Australia's largest superannuation fund.
- AustralianSuper has re-invested in coal miner Whitehaven Coal.
- AustralianSuper is now the biggest investor in Whitehaven Coal.
- The fund had previously divested from Whitehaven Coal.
- The decision raises questions about AustralianSuper's net zero emissions commitment.
- AustralianSuper cited investment opportunity as a reason for the re-investment.
- AustralianSuper cited diversification into metallurgical coal as a reason for the re-investment.
- Metallurgical coal is used in steel production.
AustralianSuper, the largest superannuation fund in Australia, has re-invested in Whitehaven Coal, a major coal mining company. This action makes AustralianSuper the biggest investor in Whitehaven Coal, reversing a previous divestment decision by the fund. The move has prompted concerns regarding AustralianSuper's commitment to its net zero emissions pledge. The fund justified its decision by citing a significant investment opportunity and the strategic diversification into metallurgical coal. Metallurgical coal, also known as coking coal, is primarily used in the production of steel. This re-investment positions AustralianSuper as a key stakeholder in a company whose operations are central to the fossil fuel industry, a sector targeted for significant reduction in emissions under net zero targets.