Do you know what kind of future your superannuation is funding?
Every year, Australians contribute nearly $120 billion to super accounts.
This is money we invest to ensure the best possible future – not just for ourselves, but for our planet and future generations too.
Until we retire, super funds use our savings to invest in a range of assets like shares or property.
Together, the super industry controls a whopping one-third of the Australian share market.
Invested for good, this money can support the climate solutions like big batteries, zero emissions vehicles and clean manufacturing that are here now and ready to take off.
But invested in the wrong things, this money can have catastrophic consequences for our planet.
Too many funds are investing in polluting industries like coal, oil and gas. Photo: Martin33/Shutterstock.com
So what exactly is our super supporting?
The reality is, too many funds are investing our hard-earned money in the polluting industries that are fueling the climate crisis, including coal, oil and gas.
We know super funds invest billions of dollars in fossil fuels every year, but the exact figure is unclear.
New laws were passed in November 2021 that, for the first time, require funds to disclose a range of their investments, however there are still loopholes that make the extent of money in polluting fossil fuels unclear.
Some funds claim ‘zero investments’ in fossil fuel companies, yet will invest in ‘diversified companies’ that manage multiple lines of business and still make revenue from the fossil fuel industry.
Today, with growing concern around the climate and extinction crises, more and more super fund members are standing up and demanding better. And they’re having an impact.
Photo: Julian Meehan
Case study: People power shifts QSuper to climate action
Thanks to member and community pressure, in late 2021 QSuper divested from some of its highest carbon emitting stocks, and brought its carbon footprint below the global benchmark for super.
After a relatively small number of members (approximately 150) spoke out, QSuper went from lagging behind on climate action, to being close to the front of the pack.
While there is still more QSuper needs to do, it shows that super funds take notice when members speak out, often leading to updated policies and products.
It’s now our opportunity to turn a few ripples across the super industry into a flood of change.
Kidston solar farm, QLD. Photo: Geoff Hunter/Kidston, Genex Power
How to get your super fund to stop investing in fossil fuels
With so much money at its disposal, the super industry could transform our economy and our future if it ramped up its support for climate solutions like big batteries, electric cars and buses, and clean manufacturing.
We’ve put together a simple yet powerful journey of actions that you can take to urge your super fund to move the money out of climate pollution.
Each action by itself is valuable, but completing the journey will make an impact that’s more than the sum of its parts.
Download our Super Toolkit today and join a wave of people power shaping this trillion dollar industry.
