AustralianSuper and Aware Super, two of Australia’s largest pension funds, which collectively manage about A$400 billion ($268 billion), have boosted their share in the country’s gas sector, according to Reuters.
The pension funds collectively increased their shareholdings in Woodside Energy Group, Australia’s largest independent dedicated oil and gas company, by roughly 14 million shares in the past six months of 2022. In 2020, the petroleum exploration and production company announced targets for near- and medium-term emissions reduction below the gross annual average equity scope 1 and scope 2 greenhouse-gas emissions throughout 2016 to 2020.
“Our climate strategy has two key elements: reducing our net equity scope 1 and 2 greenhouse gas emissions and investing in the products and services that our customers need as they secure their energy needs and reduce their emissions,” Woodside’s website stated. “Woodside aims to thrive through the energ