The Transition Pathway Initiative (TPI) has welcomed HESTA as its first Australian investor Supporter.
In Australia, HESTA is the largest superannuation fund dedicated to Australia’s health and community services sector. HESTA CEO Debby Blakey
said the TPI would further inform the investment processes and decisions of large asset owners like HESTA, and provides additional insights to support active ownership activities.
“We’re proud to be among the leading global investors supporting this important new initiative,” Ms Blakey said.
“The finance sector has a vital role to play in supporting the transition to a low-carbon future and the TPI can increase the effectiveness of asset owners’ long-term stewardship activities.
“Championing a sustainable, low-carbon economy is essential to creating long-term value for our members and supporting a healthier planet and society.”
More than 60 investors globally have pledged support for the initiative since it launched in 2017, representing over $18 trillion in combined assets under management and advice.
HESTA will also join the TPI steering committee, which is co-chaired by representatives from founding signatories the Church of England National Investing Bodies (Church of England Pensions Board, the Church Commissioners and CBF Funds) and Brunel Pension Partnership Ltd (on behalf of the Environment Agency Pension Fund).
Emma Howard Boyd, Chair of the Environment Agency, said the group was “delighted” to welcome HESTA as its first Australian asset owner supporter.
“We hope that other Australian investors will be inspired to follow in HESTA’s footsteps by supporting TPI,” Ms Howard Boyd said.
“TPI provides investors with invaluable information that helps them to navigate the transition to a low-carbon economy and to play an active role in helping the world tackle the climate emergency.”
The TPI tool uses publicly disclosed information to evaluate how over 300 companies from some of the highest-emitting sectors are managing climate change. This includes data on emission reduction plans, and whether these are aligned to the ambitions of the Paris Agreement. The assessment looks at the companies’ strategic planning to manage risks and opportunities arising from a low-carbon economy transition.
The tool also provides analysis within sectors, identifying companies leading their peers at managing climate change.
More information about the TPI is available at www.transitionpathwayinitiative.orgEnds. About HESTA
HESTA is the largest superannuation fund dedicated to Australia’s health and community services sector. More than half of those working in the sector nationally invest their retirement savings with HESTA. An industry fund that’s run only to benefit members, HESTA now has over 860,000 members (more than 80% are women) and manages more than $55 billion in assets invested around the world.
HESTA is committed to creating a real difference to the financial future of every member. As a responsible steward of their members’ retirement savings, HESTA focuses on achieving strong, sustainable, long-term returns while making a positive difference to the world members will retire into. HESTA is the acronym for Health Employees Superannuation Trust Australia and should appear in capital About TPI
The Transition Pathway Initiative (TPI) is a global initiative led by asset owners and supported by asset managers. Aimed at investors and free to use, it assesses companies’ preparedness for the transition to a low-carbon economy, supporting efforts to address climate change. It is backed by over 50 asset owners with over $18 trillion of combined assets under management or assets under advice. More information: www.transitionpathwayinitiative.org