<
https://reneweconomy.com.au/super-funds-back-fossil-climate-wreckers-over-clean-energy/>
"For every dollar invested in clean energy companies, superannuation funds have
five dollars invested in the expansion of fossil fuels, an index has found.
Australia’s top 30 super funds have more than $39 billion invested in the
global expansion of gas, coal and oil, according to a report released on
Tuesday by shareholder organisation Market Forces.
Retirement savings allocated across the Climate Wreckers Index – a group of
190 coal, oil and gas companies – have more than doubled in the two years to
December 2023 in the largest or default investment options, based on the latest
available disclosures.
Simultaneously, the amount allocated to listed clean energy companies has
declined by half a billion dollars to a mere $7.7 billion despite the funds’
climate pledges.
Even as the market watchdog warns it is on the lookout for false green
credentials, almost all of these super funds have signed up for net zero
emissions by 2050 or acknowledge that climate change poses significant risks.
Yet the index showed no major trend of these super funds actively selling down
stakes in “climate wrecker” companies."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
