Not only did 130+ Health & Community sector workers publicly dumped Hesta in June 2022, but Amnesty also put Hesta on notice to be dropped as their default fund. A growing number of organisations are joining Amnesty’s action. Will your organisation join?
Demand your super fund divest from Fossil Fuels or you’ll shift to a fossil free fund.
Fossil fuel free superannuation rollover
Making an Impact Together
In November 2021 ten social workers, “The Hesta 10”, dumped their super fund, Hesta, by switching their super to committed fossil free funds.
They were followed by a further 130+ health & community sector workers who publicly & collectively dumped Hesta in June 2022.
In addition Amnesty publicly put Hesta on notice that they’d be dumping Hesta as their staff default fund unless Hesta dumped companies expanding fossil fuels.
Other organisations are starting to follow suit.
Most super funds are still invested in many of 23 fossil fuel companies undermining the Paris Agreement (see Market Forces, “Out of Line, Out of Time” report) .
Despite Hesta’s companies opening massive new gas projects, Hesta justified these investments mainly by saying their policy of “engagement” or “active ownership” with fossil fuel companies was more effective than divesting.
Market Forces’ analysis also revealed that Hesta’s already inadequate 2030 target of 33% emissions reduction, was grossly misleading. Hesta doesen’t count 90% of the emissions caused when their company’s gas is burnt overseas (known as Scope 3 Emissions). We call out Hesta for relying on this ‘drug dealer’s defence’ – ‘I’m not responsible for the consequences caused by the products I sell’.
We also call out the ‘greenwashing’ by Hesta and other funds in offering “eco/sustainable” options if members don’t want to fund fossil fuels. The days of Super funds pretending that not investing in fossil fuels is only an “option” while the rest of the fund drives climate change…are over. We urge you and your organisation to shift your super to genuine committed fossil free funds collectively and publicly with our campaign – so we can apply moral pressure, expose greenwashing by all the big funds, and drive real change.
Together we can create change by telling Hesta, and other super funds, what we want and expect.
THE DIRTY SUPER SECRET is that most funds are still giving our money to expanding fossil fuels
THE CLEANER SUPER SECRET is that there are committed fossil free funds AND IT’S EASY TO ROLL OVER OUR SUPER! “it took me 5 minutes to roll over my super from Hesta to Australian Ethical” – Beth, Hesta 10 member, Welfare Worker, Bendigo.