Australian asks: why save for the future if there is none?
A scientist takes his retirement fund to court for not facing up to the risks of climate change
16 November 2019 - 08:52
Melbourne — Mark McVeigh, a 24-year-old environmental scientist from Australia, won’t be able to access his retirement savings until 2055. But, concerned about what the world may look like then, he’s taking action now, suing his A$57bn (R575bn) pension fund for not adequately disclosing or assessing the impact of climate change on its investments.
The federal court battle is shaping up to be a unique test case. Are pension funds in breach of their fiduciary duties by failing to mitigate the financial ravages of a warmer planet?..
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