As bushfires and floods fuel public concerns in Australia about global warming, ...
SYDNEY - As bushfires and floods fuel public concerns in Australia about global warming, the country’s powerful mining lobby is facing increasing pressure from investors to drop support for new coal mines, according to a dozen interviews with shareholders in global mining companies.
Australia’s devastating bushfire season has fueled public anger toward powerful lobby groups that support new coal mines, such as the Minerals Council of Australia and New South Wales Minerals Council, and their close association with Prime Minister Scott Morrison’s government. Aberdeen Standard Investments Ltd, a top ten investor in BHP and a top 20 investor in Rio Tinto, said it would consider selling shares in mining companies that remain members of lobby groups not supporting the Paris agreement.Aberdeen voted in favor of a shareholder resolution in London on Oct 17 to compel BHP to leave the lobbying groups. Another resolution was held in Sydney on Nov 7.
Allianz Global Investors, the fund arm of German insurer Allianz SE, which manages around 557 billion euros, also raised concerns about investing in companies not fully aligned with Paris goals. Under shareholder pressure, Anglo American vowed to change its rules in December to strengthen oversight of lobby groups. Anglo declined to comment further.The NSW Minerals Council last year stated explicitly for the first time that they supported the 2015 Paris accord, and were committed to investing in technology that would improve efficiency and environmental standards.
A survey of 1,056 respondents in a new poll taken between Feb. 6 and Feb. 9 by Essential Research, a leading market research firm, found that 62% of Australians favored banning political donations from fossil fuel companies, with the same number opposed to new coal mines.
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