Now the Greens are cheering the collapsing share prices of fossil fuel companies – as their climate deal with Labor moves through the Senate
- Investors dumped energy stocks after Labor/Greens deal
- Mr. Bandt took credit, but it could hurt his super balance
Greens leader Adam Bandt has taken credit for the stock price collapse of fossil fuel companies following a climate deal with the Albanian government.
Investors dumped several energy stocks this week after Labor, backed by the Greens, announced a deal on the government’s main proposal to cut greenhouse gas emissions – a ‘safeguard mechanism’ to reduce pollution from major emitters.
The safeguard mechanism legislation passed the Senate on Thursday with the support of the Greens and will now be sent back to the lower level to be passed into law.
“Fossil fuel stocks fell yesterday after the Greens put a cap on coal and gas expansion,” Bandt wrote on Twitter.
‘Good. For those who want to open new coal and gas mines, your days of destroying 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 the stock price collapse of a fossil fuel company after striking a climate deal with the Albanian government
The Greens leader added a series of charts to his tweet showing how the share price of several fossil fuel companies had fallen.
Mr. Bandt’s joy came despite revelations that part of his generous 15.4 percent taxpayer-funded pension payment will go to HESTA, which has invested $4 billion in fossil fuel projects – and the other part in Future Super.
It’s not clear exactly how his money will be invested at HESTA, but previous parliamentary revelations said he used his sustainable growth option, which invests in Kerry Stokes’ Seven Group, which keeps Australia’s mining going as the sole Caterpillar dealer in West -Australia .
The Seven Group also has interests in oil and gas projects in the US and owns 30 percent of Beach Energy oil company, the Financial Overview reported.
Greens leader Adam Bandt tweeted (pictured) his delight at the drop in fossil fuel company share price collapse
Mr. Bandt’s interest registration (photo) shows that his pension is divided between HESTA and Future Super. HESTA has invested $4 billion in fossil fuel projects. His partner Claudia Perkins’ super is with PSSAP, which also invests heavily in fossil fuel companies
The same HESTA plan also invests in Andrew Forrest’s Fortescue Metals Group, one of Australia’s top polluters.
Environmental website Market Forces, which is run by Friends of the Earth Australia, said HESTA’s main fund has about $4 billion invested in fossil fuel projects.
The Environmental Defenders Office complained last year that HESTA had invested “member savings” in companies actively promoting new fossil fuels.
Mr Bandt’s statement also revealed that his partner Claudia Perkins – who wore a dress with anti-mining slogans at the political Midwinter Ball last September – is investing in the Public Sector Superannuation Accumulation Plan (PSSAP).
PSSAP ensures Ms. Perkins’ future savings by investing in, among others, the Saudi company Aramco, which has been the largest contributor to global carbon emissions for the past three decades.
It also invests in the Russian company Lukoil – which is responsible for two percent of world crude oil production – AGL, Woodside Petroleum and many other fossil fuel companies.
Mr Bandt’s deal with Labor means Energy Secretary Chris Bowen’s safeguard mechanism can now get through the Senate after weeks of Labor claiming the Greens could reject the proposal, as they did with Kevin Rudd’s emissions plan in 2009.
Daily Mail Australia has contacted Mr Bandt with a series of questions about his investments in fossil fuels through his pension contributions.
Security Mechanism: The Facts
The safeguard mechanism requires Australia’s largest greenhouse gas emitters to keep all net emissions below a baseline limit.
– The government hopes to gradually lower the basic values to just zero in 2050
– The goal is to reduce emissions by five percent every year until 2030
– There are plans to introduce credits for installations that emit less than the baseline value
– The government provides tailor-made facilities, so that companies are ‘not placed at a disadvantage’ compared to international competitors