Australian Retirement Funds Have Doubled Investment in Traditional Energy Companies

Published on May 29, 2024

Despite an Australian government push towards net zero by 2050, a just-released report shows investment by leading superannuation funds in gas, coal, and oil interests has almost doubled since 2021. From 2021 to December 2023, Australian 30 largest retirement funds have increased their investment in traditional energy companies from $19 billion to $39 billion (US$25.93 billion). In comparison, the super funds invested $7.7 billion in green energy solutions—a decrease of half a billion over the same period. Advocacy group Market Forces put together the report scrutinising whether super funds were investing in ways that align with climate change goals. According to the group, the three energy companies, Woodside Energy, Santos, and Whitehaven Coal were identified as Australia’s biggest emitters, accounting for 59 percent of projected emissions....

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