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UniSuper blocks development of Glencore coal mine – The Australian Financial Review
UniSuper has formally told fellow investors in Glencore’s Valeria thermal coal mine in Queensland that it wants the project shut down, saying the economics no longer stack up.
A UniSuper spokesman clarified that the fund had the indirect interest in the joint venture through a 49 per cent stake in Leichhardt Coal Pty Limited.
I cant think of a more tangible way of us demonstrating how seriously we think the risks are posed by decarbonisation,” Mr Pearce said.
However, the same economic concerns did not yet apply to gas.
Mr Pearce justified UniSuper’s continued investment in gas pipelines on the grounds that the environment must play second fiddle to financial need…
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