ESG is still in portfolios — but it's no longer on the podium
Despite pulling back from public ESG advocacy, super funds are still investing with climate in mind, says GSFM investment strategist Stephen Miller.
The political climate has prompted a number of superannuation funds to stop publicly promoting their investment efforts on climate change, even as these considerations remain part of their capital allocation strategies.
Speaking at a media roundtable, GSFM investment strategy adviser Stephen Miller said some super funds had told him they no longer go on the public record about climate change, although their members still want investments that are ESG-sensitive.
“It's not going to disappear but it just might get less attention, and people aren't going to be as strident in a public arena. I'm not sure that's necessarily a bad thing either,” Miller said.
He attributed the shift to changes in the political landscape and argued that the pendulum had swung too far toward ESG.
