When it comes to climate change, BHP Billiton says it’s a “a dream company to invest in.” In reality, it won’t invest in renewables, is the third largest coal miner in the world, among the top twenty greenhouse gas emitters globally, its climate policy is six years old and it recently withdrew its support for Australia’s carbon price. To top it off, BHP recently rejected former Shell Executive turned climate advocate Ian Dunlop’s bid to join the Board and help them chart a path out of climate catastrophe.
Your nest-egg invested in a climate dinosaur?
Australian super funds invest a massive US$20 billion in BHP. This means that they – and most importantly you - can play an important role in getting BHP to divest from its fossil fuel investments and stop fuelling the climate fire.
Take action today!
Tell your super fund how you feel about your retirement nest egg sitting in a climate dinosaur: copy and paste the text below into an email to your fund (you can find the email address below too).
Together, let’s stand up to BHP’s climate inaction and divest from climate destruction.
TEMPLATE LETTER
To Whom It May Concern:
[Insert Superfund Name]’s investments in BHP Billiton
As a member of your fund, I would like to express my concerns about BHP’s capacity to manage climate change risks, as highlighted at the Company’s recent AGM.
Chairman Jac Nasser claims BHP is a “a dream company to invest in”, given its position on climate change yet, BHP:
- Is among the top 20 global greenhouse gas emitters
- Recently withdrew its support for Australia’s carbon price
- Will not be investing in renewables, with Chairman Nasser advising shareholders: “If that's what you're interested in investing in, go and cash in your shares," and
- Hasn’t updated its climate change policy since 2007.
Additionally, BHP recently rejected former senior Shell Executive and current Chair of Safe Climate Australia Ian Dunlop’s bid for nomination of the BHP Board. If elected Mr Dunlop’ proposed to support BHP to manage climate change risks, in particular the risks posed to shareholder value given the company’s significant exposure to fossil fuel assets, the majority of which will be written off should dangerous climate change be averted.
Given the urgent need for action to limit global emissions, renewable energy’s growing competitiveness, declining demand for coal and the growing risks associated with fossil fuel investment risks (as highlighted by Goldman Sachs, the International Energy Agency, HSBC, Citi, Bernstein and others), I am extremely concerned about my retirement savings being invested in BHP.
As such, I’d be grateful to know:
- Whether you voted in favour of Ian Dunlop’s nomination and, if not, why not?
- How you plan to engage BHP Billiton in managing climate change risks, or, if you don’t have plans, how you justify investing in a company with no apparent strategy to manage the risks associated with the greatest moral challenge of our time.
With US$20 billion currently invested in BHP Billiton, Australian superannuation funds like [insert super fund name] can and must play a critical role in ensuring companies like BHP Billiton stop fuelling the climate fire.
I look forward to your response on this important matter.
Yours sincerely,
[insert name]
To email your super fund, simply click on the name of it below, which will open up an email for you to paste the above text into.
*If your fund is not listed here, head to their website to find their contact details. Note, Australian Ethical is not listed here because they do not invest in BHP.