The superannuation or retirement funds increased by 50% over the past year their investment exposure to both Australian and foreign companies developing new or expanded coal, oil and gas projects, the group said in a report published on Sunday.
Some funds have committed to achieve net zero carbon emissions in their investment portfolio by 2050.- operators of the five largest funds cumulatively managing more than A$1 trillion - did not immediately respond to Reuters requests for comment. Market Forces estimated more than A$140 billion of Australians' retirement savings are invested in fossil fuel companies through the funds, which have more than 9% of members' share investments in these firms on average.
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