Unisuper is being targeted because it is the default fund for academics, scientists and researchers and should therefore "be at the vanguard of climate policy".

Professor Singer, a Unisuper member who has academic positions at the University of Melbourne and Princeton in the US, said the bushfire crisis in Australia had intensified concerns about climate change and Unisuper "ought to take the lead in divesting from companies with business plans that assume nothing will be done".

In a statement, Unisuper said it had a "fiduciary duty to make decisions to achieve the best financial outcome for members as a whole".

As a responsible investor, Unisuper preferred engagement with companies over divestment, the statement said.

"As Market Forces notes, many organisations have made significant progress towards the Paris Agreement.

"We believe this is due in large part to the approach of major investors, such as ourselves.

"Being an investor enables us to be part of the conversation and use company engagement and proxy votes to encourage management in these companies to improve their practices.”


Unisuper offers seven fossil fuel-free investment options. But Professor Singer is calling for wholesale divestment.

"I'm sure if Unisuper polled all of its members it would get a very decisive response – it's more important to stop warming up the planet for the future of all of us than it is to earn an extra .01 per cent on having investments in coal," he said.

"The bushfires have made people realise that the future is now. It's not just something that is going to affect our children or grandchildren, but that it's happening now."

Professor Steffen, an Australian National University climate scientist and former adviser to the Australian government on climate change, said pulling money out of fossil fuel and deforestation enterprises was one of the best ways to tackle climate change.

"The investment sector is hugely important. They are the ones who are bankrolling the continuing expansion of the fossil fuel industry and the increase in deforestation in the Amazon.

"Here in Australia, they are involved in the expansion of the fossil fuel industry, both coal and gas, and could stop the expansion of these polluting industries by refusing to invest in any new coal mines or gas fields."