The Greens say that Australia\u2019s biggest superannuation funds are simply following Labor\u2019s lead after a new study exposed \u201cindustrial-scale greenwashing\u201d, revealing that most major funds have increased their investments in some of the world\u2019s biggest fossil fuel polluters \u2013 despite claiming to be on a pathway to net-zero.<\/p>\n\n\n\n
The report by Market Forces<\/u><\/a> assessed 30 of Australia\u2019s largest super funds against their public climate commitments by analysing their exposure to the world\u2019s 200 biggest fossil fuel producers, including Woodside and Santos.<\/p>\n\n\n\n It found that two-thirds of Australia\u2019s biggest super funds, including Australian Super, HESTA, Mercer and Australian Retirement, increased their investments in major global polluters between Dec 2021 and June 2024<\/p>\n\n\n\n ASIC has previously fined Mercer $11 million for misleading “sustainable” investment claims.<\/p>\n\n\n\n Greens assistant Climate Spokesperson, Sen. Steph Hodgins-May:<\/strong><\/p>\n\n\n\n \u201cBig Super is talking green while investing dirty \u2013 the same kind of spin we see from this Labor government.<\/p>\n\n\n\n \u201cWorkers are being told their money is building a safe climate future. But behind closed doors, it\u2019s flowing straight to companies like Woodside and Santos who are actively wrecking the climate.<\/p>\n\n\n\n \u201cWhen Labor approves 32 new coal and gas, investors take the hint. They keep pouring money into fossil fuels because the government is signaling that it’s business as usual.<\/p>\n\n\n\n \u201cThere\u2019s no point in saving for retirement if we don\u2019t have a safe planet to live on. This is a betrayal of workers, a betrayal of retirees, and a betrayal to our future.<\/p>\n\n\n\n \u201cAustralians should be able to rely on superannuation to do what it’s meant to do: protect their future, not bankroll climate collapse.\u201d<\/p>\n\n\n\n Greens Economic Justice Spokesperson, Sen. Nick McKim:<\/strong><\/p>\n\n\n\n \u201cLabor could end this today by ruling out approval for any further fossil fuel projects and setting mandatory climate-aligned investment standards for major funds.\u201d \u201cPeople\u2019s compulsory retirement savings should not be used as collateral for climate damage.\u201d The Greens say that Australia\u2019s biggest superannuation funds are simply following Labor\u2019s lead after a new study exposed \u201cindustrial-scale greenwashing\u201d, revealing that most major funds have increased their investments in some of the world\u2019s biggest fossil fuel polluters \u2013 despite claiming to be on a pathway to net-zero. The report by Market Forces assessed 30 of Australia\u2019s … Continue reading “Labor\u2019s climate inaction fuels Big Super\u2019s fossil fuel free-for-fall”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-36348","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/36348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=36348"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/36348\/revisions"}],"predecessor-version":[{"id":36349,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/36348\/revisions\/36349"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=36348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=36348"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=36348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\u201cUntil that happens, the risk is that Big Super will keep chasing returns in the industries wrecking our planet.\u201d<\/p>\n\n\n\n
\u201cThey should support a stable, liveable future built on renewables, climate resilience, and sustainable jobs.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"