AustralianSuper to offer chance to avoid fossil fuels

AustralianSuper to begin offering options on
redirecting investments away from fossil fuels.

Australia’s largest superannuation fund – AustralianSuper – has announced that, from next month, it will offer its members an option that will restrict investments in companies with fossil fuel reserves. The decision will see the fund dump between $190m and $235m worth of fossil fuel stocks.

This is welcome news, as AustralianSuper joins the ranks of dozens of funds that are getting out of fossil fuels. But this is still a far cry from serious climate action, as less than 2% of members will have their fossil fuel exposure partially reduced.

The fund will combine its three existing sustainable investment options, creating a new option with approximately $2 billion of assets under management. However, AustralianSuper manages in excess of $92 billion, so this decision means 98% of their members still have their retirement nest eggs invested in dangerous climate change. Climate change is a systemic risk – it shouldn’t be left to members to opt in or out of the enormous risks it poses to all of us.

Read the RewnewEconomy story - “Australia’s biggest super fund makes start on fossil fuel divestment.”