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Sydney University creates waves with investment ban on coal

mdsolar (1045926) writes | about 2 months ago

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mdsolar (1045926) writes "The University of Sydney has become the first institution of its type in Australia to halt further investments in coalmining, a move likely to send ripples through the funds industry.

On Monday, the university said it had halted investments in Whitehaven Coal, the miner developing the controversial Maules Creek open-cut coalmine, which is the largest such project in the country.

As part of a review being undertaken by the Mercer Group, however, Sydney University told Fairfax Media the bar on investments extended beyond Whitehaven.

"The university has issued an instruction to its Australian equities managers to make no further investments in the coal and consumable fuels subsector of the ASX," a spokeswoman for the university said.

The institution is yet to decide what to do with existing coal investments in its $1 billion portfolio, although divestment of its $900,000 holding in Whitehaven is one of "various options" being considered, she said.

The spokeswoman declined to detail the reason for stopping purchases of coal stocks, which other companies are affected and when the halt kicked in.

The current consultation "over our investment in coal and consumable fuels is part of our ongoing review to ensure we meet our responsibilities to students, staff and donors", the spokeswoman said."

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