The $72 billion HESTA announced on Friday it had hit its initial carbon reduction target of a 33 per cent in Scope 1 and Scope 2 emissions by 2030, some eight years ahead of  plan.

The fund committed to cut Scope 1 and Scope 2 emissions by a third against a 2020 baseline but since revised the target last September to half those emission by 2030. HESTA however has not made any public commitments to cutting Scope 3 emissions which are indirect emissions from the supply chain of a firm.