Australia. A 24-Year-Old Is Suing Pension Fund for Not Being Green Enough

Mark McVeigh, a 24-year-old environmental scientist from Australia, won’t be able to access his retirement savings until 2055. But, concerned about what the world may look like then, he’s taking action now, suing his A$57 billion ($39 billion) pension fund for not adequately disclosing or assessing the impact of climate change on its investments.

The Federal Court battle is shaping up to be a unique test case. Are pension funds in breach of their fiduciary duties by failing to mitigate the financial ravages of a warmer planet? Before launching the legal action, McVeigh asked Retail Employees Superannuation Trust, or Rest, how it was ensuring his savings were future proofed against rising world temperatures.

Read also Green Coalition: Pension Plans Miss Billions by Not Divesting from Fossil Fuels

Its response didn’t satisfy him and he ended up engaging specialist climate change law firm, Equity Generation Lawyers.

“I see climate change as a huge risk that dwarfs a lot of other things — it’s such a big physical impact on the planet, and the economy,” McVeigh said in a phone interview from Brisbane, where he works as an ecologist for a local government.

He said other people had contacted him on learning of the case and also wanted such information from their funds. Rest says climate change is just one of a variety of factors it must consider when investing the savings of its around 2 million members, which include grocery-store clerks and shop keepers, according to court filings.

Read more @Fortune