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

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Climate Change News

Global Emissions,CO2,Greenhouse Gas

Australia's largest superannuation funds have doubled their investments in high-emitting companies over the past two years, according to environmental finance group Market Forces.

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".

 

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