9 June 2023 14:02
The $72 billion HESTA announced on Friday it had hit its initial carbon reduction target of a 33 per cent in Scope 1 and Scope 2 emissions by 2030, some eight years ahead of plan.
The fund committed to cut Scope 1 and Scope 2 emissions by a third against a 2020 baseline but since revised the target last September to half those emission by 2030. HESTA however has not made any public commitments to cutting Scope 3 emissions which are indirect emissions from the supply chain of a firm.
Roger Urwin, one of the industry’s most well-known proponents of TPA, has defended it against the growing scepticism of its reported performance edge over SAA, saying “TPA is a system” and any performance attribution is difficult to isolate from the broader context each fund operates in.
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