Australian superannuation funds have doubled their investment in fossil fuels over the last two years, new data shows. More than $39 billion has been invested in the global expansion of gas, coal and oil by Australia's top 30 super funds at the end of 2023, according to Tuesday's report by shareholder organisation Market Forces.
For the first time, researchers identified each fund's share of emissions from the fossil fuel expansion plans of index members and pointed out three companies as the biggest polluters. Woodside Energy, gas giant Santos and Whitehaven Coal were found to be responsible for more than half of index companies' projected emissions attributable to expansion plans.
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