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Investors - AUGUST 5, 2022

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Australia’s NGS Super fund ditches oil and gas exploration and production companies

by Kali Persall

Australia’s super fund, NGS Super, has announced plans to divest from oil and gas exploration and production companies.

The super fund is making strides toward a carbon-neutral portfolio by 2030, after the previous announcement of an interim target of a 35-percent reduction of scope 1 and scope 2 carbon emissions by 2025 within the diversified MySuper portfolio.

The fund already has placed restrictions on holding companies that generate more than 30 percent of revenue from distribution, power generation or extraction of thermal coal, and has now expanded those restrictions to include companies that are in the oil and gas production and exploration sector.

According to NGS, this divestment is expected to reduce risk and free up capital to invest across industries that are aimed at solving climate change, such as green hydrogen, renewable energies, agriculture solutions and automation.

“To solve climate change, we need to rapidly transition to energy so

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