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Greens leader Adam Bandt has taken credit for a fossil fuel companies’ stock price collapse after striking a climate deal with the Albanese Government.
Investors dumped several energy shares this week after Labor, with the Greens’ backing, announced a deal on the government’s key proposal to slash greenhouse gas emissions – a ‘safeguard mechanism’ to reduce pollution from major emitters.
The safeguard mechanism legislation passed in the Senate with the Greens’ backing on Thursday and will now go back to the lower to be rubber stamped into law.
‘Fossil fuel shares fell yesterday after the Greens’ secured a limit on coal and gas expanding,’ Mr Bandt wrote on Twitter.
‘Good. To those wanting to open new coal and gas mines, your days of wrecking the climate for profit are numbered,’ he said.
Greens leader Adam Bandt (pictured with partner Claudia Perkins at the Midwinter Ball) has taken credit for a fossil fuel company stock price collapse after striking a climate deal with the Albanese Government
The Greens leader included a series of graphs with his tweet, showing how the share price of various fossil fuel companies had fallen.
Mr Bandt’s delight came despite revelations that part of his generous, taxpayer funded 15.4 per cent superannuation payment goes to HESTA, which has $4billion invested in fossil fuel projects – with the other part invested in Future Super.
It is not made clear precisely how his money is invested with HESTA, but previous parliamentary disclosures said he used its sustainable growth option, which invests in Kerry Stokes′ Seven Group, which keeps the Australian mining industry running as the sole Caterpillar dealer in Western Australia.
The Seven Group also has interests in oil and gas projects in the US, and owns 30 per cent of oil firm Beach Energy, the Financial Review reported.
Greens leader Adam Bandt tweeted (pictured) his joy at the fall in fossil fuel companies’ share price collapse
Mr Bandt’s register of interests statement (pictured) shows his superannuation is split between HESTA and Future Super. HESTA has $4billion invested in fossil fuel projects. His partner Claudia Perkins’ super is with PSSAP, which also invests heavily in fossil fuel companies
That same HESTA plan also invests in Andrew Forrest’s Fortescue Metals Group, which is one of Australia’s biggest polluters.
Environmental website Market Forces, which is run by Friends of the Earth Australia, said HESTA’s main fund has around $4billion invested in fossil fuel projects.
The Environmental Defenders Office last year complained that HESTA invested ‘members’ savings into companies active pushing new fossil fuels’.
Mr Bandt’s statement also revealed his partner Claudia Perkins – who wore a dress emblazoned with anti-mining slogans to the the political Midwinter Ball last September – invests with Public Sector Superannuation Accumulation Plan (PSSAP).
PSSAP is taking care of Ms Perkins future saving by investing it in the likes of Saudi company Aramco, which is the biggest contributor to global carbon emissions over the last three decades.
It also invests in Russian company Lukoil – which is responsible for two per cent of world crude oil production – AGL, Woodside Petroleum and many other fossil fuel firms.
Mr Bandt’s deal with Labor means Energy Minister Chris Bowen’s safeguard mechanism will now be able to pass through the Senate after weeks of Labor claiming the Greens could vote down the proposal, as they did to Kevin Rudd’s emissions plan in 2009.
Daily Mail Australia has contacted Mr Bandt with a series of questions about his investments in fossil fuel through his superannuation contributions.
