Zali Steggall says super can play a major role in Australia's transition to renewable energy.Credit:Alex Ellinghausen
Former Fortescue Metals chief Neville Power chairs the commission and has been promoting cheap gas as the way to reboot the economy, including a gas pipeline from Western Australia. Mr Power is a non-executive director of oil and gas explorer Strike Energy and holds $2.5 million in the company's shares that will be worth an additional $2.1 million if the share value rises to 35¢ from 20¢,ASX disclosures show.
The COVID-19 Commission said in a statement that Mr Power had stepped back from participating in board meetings at Strike Energy"because of the perceptions of conflict of interest".
Environmentalists say gas can be as polluting as coal and energy expertTony Wood said it will be more expensive than wind and solar for gas to replace coal as a base load power.
First State Super's Damian Graham says it's not likely the fund would invest in a gas pipeline.Credit:Louie Douvis
"Something like the gas pipeline got ridiculed two years ago as being completely uncommercial. What defines a good proposal?” Ms Steggall said. “From the discussions I’ve had,they are only willing to talk about certain projects. They are not applying any consideration to low-carbon outcomes. So that says it all.”
Large,long-term assets are exactly the kind of infrastructure projects super funds want to invest in,but First State Super’s chief investment officer Damian Graham said he had turned away proposals similar to the national gas pipeline in the past. While he would not provide specifics,Mr Graham said gas is not a focus for the fund.