Industry super fund HESTA has announced that it will restrict investments into thermal coal across its whole portfolio as part of a efforts to foster a shift towards a low-carbon economy.

The decision by the $29 billion heavyweight marks the first occasion that an established super fund in Australia has curtailed its investments in thermal coal. The new restriction limits HESTA’s new investments in unlisted companies to those that derive no more than 15 per cent of their revenues or net asset…