Now the Greens are cheering the collapsing stock prices of fossil fuel companies – as the climate change deal with Labor passes in the Senate
- Investors dumped energy stocks after the Labor/Greens deal
- Bandit claimed the credit, but he may be hurting his superlative credit
Green Party leader Adam Bandt takes credit for the collapse in share prices of fossil fuel companies after striking a climate deal with the Albanese government.
Investors dumped many energy stocks this week after Labor, backed by the Greens, announced a deal on the government’s flagship proposal to cut greenhouse gas emissions – a “preventive mechanism” to reduce pollution from major sources of emissions.
The protection mechanism legislation passed the Senate with the support of the Green Party on Thursday and will now return to the lower level to be sealed 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 climate destruction for profit are numbered.
Greens leader Adam Bandt (pictured with partner Claudia Perkins at the Midwinter Bowl) takes credit for the fossil fuel company’s stock price crash after striking a climate deal with the Albany government
The Green Party leader included a series of charts with his tweet, showing how the share price of various fossil fuel companies has fallen.
Bandt’s joy came despite revelations that part of his generous taxpayer-funded 15.4 percent of superannuation payments goes to HESTA, which has invested $4 billion in fossil fuel projects — with the other part invested in Future Super.
Exactly how his money was invested with HESTA has not been made clear, but previous parliamentary disclosures said he used the sustainable growth option, which invests in Kerry Stokes ‘Seven Group, which keeps the Australian mining industry running as sole agent for Caterpillar in Western Australia.
The Seven Group also has interests in oil and gas projects in the United States, and owns 30 percent of the oil company Beach Energy, a company Financial review mentioned.
Green Party leader Adam Bandt (pictured) tweeted his joy at the collapse in share prices of fossil fuel companies
Mr Bandt’s Record of Interest Statement (pictured) shows his pension is split between HESTA and Future Super. HESTA invests $4 billion in fossil fuel projects. His brilliant partner Claudia Perkins works with PSSAP, which also invests heavily in fossil fuel companies.
The same HESTA scheme is also investing in Andrew Forrest’s Fortescue Metals Group, which is one of Australia’s largest polluters.
The Environmental Market Forces website, run by Friends of the Earth Australia, said HESTA’s flagship fund is investing around $4 billion in fossil fuel projects.
The Environmental Advocates’ Office complained last year that HESTA had invested “members” savings in active companies that drive new fossil fuels.
Mr Bandt’s statement also revealed his partner Claudia Perkins – who wore a dress emblazoned with anti-mining slogans to the Midwinter Ball political competition last September – is investing in a Public Sector Pension Accrual Scheme (PSSAP).
PSSAP takes care of Ms. Perkins’ future savings by investing them in companies such as Saudi Aramco, which has been the largest contributor to global carbon emissions over the past three decades.
It also invests in Russia’s Lukoil – responsible for 2 percent of global crude oil production – AGL, Woodside Petroleum and many other fossil fuel companies.
Bandit’s deal with Labor means the protection mechanism put in place by Energy Secretary Chris Bowen will now be able to pass through the Senate after weeks of Labor demanding that the Greens vote against the motion, as they did with Kevin Rudd’s emissions scheme in 2009.
Daily Mail Australia contacted Mr Bandit with a series of questions about his fossil fuel investments through his retirement contributions.
