Courier Mail
Friday 28/11/2008 Page: 44
INVESTMENT and superannuation funds manager Australian Ethical Investment has challenged the Rudd Government to take effective action to combat climate change. Anne O'Donnell, chief executive of the listed Canberra-based fund manager, called for a legally binding target for cutting greenhouse gas emissions by at least 30 per cent by 2020. Next month the Federal Government is to set out its plans for medium-term emission targets.
Ms O'Donnell said decisions in the next few years would determine whether the worst of dangerous climate change could be avoided. "It is irresponsible to continue to base our economy and society on energy sources that are having such a devastating impact on our planet," Ms O'Donnell told shareholders this week.
Australian Ethical Investment, whose value of funds under management grew 2 per cent to $562 million as of June and had a 20 per cent return on equity, is urging the Rudd Government to introduce a target for renewable or limitless energy sources to generate a quarter of Australia's energy supplies by 2020. Separately, consulting firm Mercer yesterday said investing in carbon futures contracts would provide a hedge for investors wanting to protect themselves against climate change risk.
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