UniSuper: Vote in favour of the Market Forces-coordinated shareholder resolution at APA Group

APA Group is Australia’s largest gas pipeline operator. The company is planning to construct several pipelines to support extensive fracking in the Northern Territory’s Beetaloo Basin by gas companies Empire Energy and Tamboran Resources. As the largest shareholder in APA, UniSuper could have a significant influence on this company and its dirty gas expansion plans.

Shareholders have lodged a resolution at APA this year, calling on the company to produce a report which includes “disclosure of the APA Group’s plans to manage emissions from new gas infrastructure including potential Beetaloo basin pipelines and how these new assets are compatible with the APA Group’s existing climate commitments.”

UniSuper has a crucial opportunity to live up to its climate claims and must commit to voting in favour of this resolution.

APA’s proposed Beetaloo pipelines present a serious threat to the company’s climate commitments, and by extension those of its major shareholders. APA needs to demonstrate how these plans would align with its own climate commitments and produce a credible plan to manage the significant emissions associated with these pipelines.

You can read the resolution in full here.

Tell UniSuper to vote in favour of the resolution

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Dear UniSuper, APA Group's plans to build several major pipelines across northern Australia would enable fracking in the Beetaloo sub-basin, unleashing billions of tonnes of carbon emissions and posing significant risks to your own portfolio climate commitments and reputation. These proposed pipelines raise serious questions about APA’s ability to meet its emissions reduction commitments. The remote location and scale [1] of the Beetaloo pipelines makes it challenging for APA to adequately manage its methane emissions in line with its emissions targets. [2] With Empire Energy looking to run its full field development until 2070 [3], methane emissions pose significant long-term climate and cost risk for APA. Market Forces and SIX have worked with shareholders to file a resolution at APA this year, calling for enhanced disclosure from the company regarding its abatement strategy, including the costs of any abatements for the proposed Beetaloo pipelines. UniSuper has committed to “working with companies to reduce real-world emissions and accelerate the transition”, to “contribute to a 43% reduction in Australia’s emissions by 2030.”[4] To ensure UniSuper lives up to its own commitments it is my expectation that you: 1. Meet with Market Forces and SIX, the proponents of this shareholder resolution, to discuss the above issues; and 2. Pre-declare your intention to support this important shareholder resolution. I look forward to confirmation within one week that you will be taking these two actions. [1]https://www.investi.com.au/api/announcements/tbn/dbcba218-e9a.pdf https://www.investi.com.au/api/announcements/tbn/a95f035f-c68.pdf https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02788738-2A1513833 [2] https://www.apa.com.au/globalassets/asx-releases/2024/fy24-annual-report.pdf [3]https://empireenergygroup.net/wp-content/uploads/ADGO.pdf [4]https://www.unisuper.com.au/investments/how-we-invest/responsible-and-sustainable-investing/-/media/Files/investments/Climate-report-2023.pdf Sincerely,
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TOOK ACTION: Asked UniSuper to vote for the APA resolution
- TOOK ACTION: Asked UniSuper to vote for the APA resolution

UniSuper: Vote in favour of the Market Forces-coordinated shareholder resolution at APA Group

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