AustralianSuper has reinvested in the country’s largest coal producer, Whitehaven Coal, a move the superannuation giant insists is consistent with its commitment to net zero emissions by 2050 but which environmental activists have labelled an insult to the fund’s 3.5 million members.

Last week – just days before three climate-related investment groups of which AustralianSuper is a member declared they’d double down on pressuring listed companies to decarbonise – AustralianSuper bought 1.3 million shares in Whitehaven, according the miner’s disclosures.