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More investors have been asked to join a ground-breaking collaborative fixed income investor engagement initiative for sovereign issuers coordinated by the UN Principles for Responsible Investment (PRI).

HESTA said divestment on climate grounds from four energy firms it has warned of intensified engagement is its option of last resort - but remains possible if their response to engagement is "insufficient".

HESTA has warned four energy firms they face heightened scrutiny and potential divestment due to their lacklustre decarbonisation strategies, as the Australian pension fund announced a strengthened 2030 decarbonisation target.

Australian superannuation HESTA has invested A$20 million ($15 million) in a A$100 million issuance of shares by healthcare mutual company Australian Unity.

Australian pension fund First State Super has outlined a number of climate change actions and targets, including exiting thermal coal, as it urged other Australian pension funds to do the same.

The A$52 billion ($36 billion) pension fund HESTA is to cease all investments in thermal coal, and will offload all fossil fuels over the next decade to meet a net zero emissions target by 2050.

One of Australia's largest pension funds, First State Super, has selected Hermes Equity Ownership Services (EOS) to provide engagement services in overseas markets.

Rio Tinto will face mounting pressure at its annual general meeting (AGM) as investors with a combined £1.8 trillion ($2.5 trillion) take aim at its policy on funding lobby groups that obstruct action to combat climate change.