One of the world's biggest superannuation funds has taken a stand against climate change by investing in sustainable agriculture.
Australia's Commonwealth Bank has pumped $50 million into Cibus Fund II, which focuses on the agriculture value chain, reports the Sydney Morning Herald.
The move by the bank's Employees' Super Scheme, or Rest, is part of a larger push by superannuation funds around the world to make impact investments that have a positive impact on the world's food supply and the environment.
The bank says it wants to reach a goal of investing 1% of its assets in impact investments by 2026.
Cibus Capital, an investment firm affiliated with the bank, says its investments in Australia's agricultural sector have "demonstrated that the industry can produce healthier food, use resources more efficiently and meet its nature-based target," per a release.
The release notes that Cibus Fund II's investments include a major producer and supplier of vegetable seedlings to growers across Eastern Australia pursuing plans to create more sustainable water and waste management practices through automation and robotics.
"Through our investment in Cibus Fund II, Rest is growing its exposure to the dynamic and sustainable future of agriculture," says Leilani Weier, head of responsible investment and sustainability at Rest.
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