If we want to hold global warming to well below 2°C, as was agreed at the Paris climate talks, the last thing we should be doing is exploring for even more dirty fossil fuels. Yet Australian fossil fuel companies have spent a combined $12.7 billion exploring for more coal, oil and gas since July 2012. Another $14.6 billion was spent searching for fossil fuels in Australia by just ten foreign companies between 2013-2015.
What’s worse, many companies’ executives are getting paid fat bonuses to continue looking for fossil fuels that simply can’t be burned if the world is to avoid runaway climate change.
How do they get away with this outrageous and unsustainable behaviour? These dirty bonuses get voted for year after year by superannuation funds that claim to care about climate change. Funds are voting with their members’ retirement savings to support these unsustainable rewards for fossil fuel exploration.
That’s our money, supporting executive rewards for actions that damage the climate.
We need to fix this broken business model. Tell your super fund that they need to vote down these fossil fuel exploration bonuses today!
You can read more about this research in our new report, Digging Deeper.