Australian super funds double investment in fossil fuel companies, report finds

Australian superannuation funds' investment in fossil fuels has doubled over the past two years, a new report by an environmental advocacy group has found.

At the same time, clean energy investment from super funds decreased by half a billion dollars to $7.7 billion. "Any super funds claiming to support greater climate action must be forcing climate wrecking companies to end their fossil fuel expansion plans and be publicly divesting from them," he said.Mr Morgan said Market Forces had already worked with tens of thousands of members to demand their super funds stop investing in fossil fuels.

On average, less than 2 per cent of a fund's investments was in publicly listed clean energy companies. For example, the report found that the default investment option of Australia's largest super fund AustralianSuper had increased its investment in fossil fuels with a massive buy up of Woodside shares in 2022.Woodside alone makes up around 20 per cent of the value of AustralianSuper's investments in these "climate wreckers".

España Últimas Noticias, España Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Live updates: Australian share market to rise, Nasdaq hits record close after Powell reassures investorsA rally on Wall Street is likely to send Australian stocks higher, while investors await Wednesday's crucial US consumer inflation report. Follow the latest updates in our live blog.
Fuente: abcnews - 🏆 5. / 83 Leer más »

Live updates: Australian share market to open lower, Commonwealth Bank third-quarter cash profit falls 7pcA mixed session on Wall Street is likely to send Australian stocks lower, while the Commonwealth Bank's third-quarter cash profit falls 7 per cent. Follow the latest updates in our live blog.
Fuente: abcnews - 🏆 5. / 83 Leer más »

The fight brewing over the beer giants who have captured the Australian marketThe assistant competition minister says Australians are “paying too much for a schooner” and independent brewers say the consumer watchdog should investigate.
Fuente: smh - 🏆 6. / 80 Leer más »

The fight brewing over the beer giants who have captured the Australian marketThe assistant competition minister says Australians are “paying too much for a schooner” and independent brewers say the consumer watchdog should investigate.
Fuente: theage - 🏆 8. / 77 Leer más »