From Market Forces:
HCF – the private health fund for over 680,000 Australians and responsible for $2 billion of assets – has confirmed that it is divesting from fossil fuels!
This is an Australian first for a health insurance fund and what makes HCF’s announcement all the more important is the fund’s recognition that fossil fuels are harmful to the health and well being of their members.
Based on HCF’s announcement, this is likely to mean about $20 million in fossil fuel shares dumped by the fund.
Over the last several years, health funds have lead the broader divestment out of tobacco, and in many cases munitions too, finally acknowledging the hypocrisy of investing in products destructive to human health.
Yet health funds have resolutely ignored the health impacts of fossil fuels, and the resulting impacts of climate change – until now. Medical bodies around the world have communicated the systemic threat climate change poses to public health, including the Lancet and locally, the Australian Medical Association and the Royal Australian College of Physicians.
Read the full article here.