Australia’s largest 15 superannuation funds are collectively investing at least $25 billion in fossil fuel expansion!
That’s enough to shout every person on the planet a coffee that’s going into brand new coal, oil and gas projects from just 15 investment portfolios. This is not the legacy Australians want to have.
Super funds manage over 3.4 trillion dollars – a whopping one-third of the economy. Super funds determine the future by choosing what they invest in – coal, oil and gas or renewable energy. So, are they investing in a safe, livable, equitable future?
Despite making big commitments to tackling climate change, Australia’s super funds are still heavily invested in climate wrecking fossil fuels! We’ve crunched the numbers and found an eye watering $25 billion is being poured into opening new coal, oil and gas projects with retirement savings from the largest 15 funds.
These figures measure new and expansionary fossil fuels for the balanced fund options as of December 2022
To tackle climate change and have a chance at keeping below 1.5 degrees of warming, it’s clear that we cannot open any new coal, oil or gas.
Super funds moving money out of coal, oil and gas into renewable energy could significantly accelerate the transition to a sustainable future powered by the wind and sun. This is our money and we should decide how to invest it. The future we fund is the future we’re creating – and right now, our superfunds are funding climate chaos.
The 15 largest super funds' investments in new or expansionary coal, oil and gas investment
|
|
Total $ amount invested in new or expansionary coal, oil or gas (as at Dec 22) |
Total $ amount invested in Australia’s top three polluters – Chevron, Woodside and Santos (as at Dec 22) |
|
AMP |
160,000,000 |
35,470,000 |
|
Australian Retirement Trust |
2,770,000,000 |
579,620,000 |
|
AustralianSuper |
9,890,000,000 |
1,990,770,000 |
|
Aware Super |
630,000,000 |
133,150,000 |
|
BT Super |
10,000,000 |
1,530,000 |
|
Cbus |
2,140,000,000 |
534,770,000 |
|
Colonial First State |
10,000,000 |
1,260,000 |
|
Commonwealth Super Corporation |
60,000,000 |
11,930,000 |
|
equipsuper |
40,000,000 |
10,850,000 |
|
HESTA |
2,860,000,000 |
565,270,000 |
|
Hostplus |
2,110,000,000 |
565,470,000 |
|
MLC Super |
60,000,000 |
12,460,000 |
|
OnePath |
10,000,000 |
1,890,000 |
|
REST |
50,000,000 |
9,410,000 |
|
Unisuper |
4,310,000,000 |
207,820,000 |
|
Total |
25,110,000,000 |
4,661,660,000 |
Money invested by the largest super funds in new coal, oil and gas
The largest 15 super funds are collectively investing at least $25 billion in new fossil fuels, below is a breakdown of how much each fund is investing in expansionary coal, oil and gas. Our analysis shows that the fund with the most invested in new fossil fuels, by a big margin, is AustralianSuper. How much is your super fund investing in new coal, oil and gas?
Email your super fund to ask them to stop funding climate change.
How much do the 15 largest super funds have invested in the three biggest polluters: Chevron, Santos and Woodside?
Super funds are invested in hundreds of different fossil fuels companies and projects. We took a look at the 15 largest super funds’ investments in the three biggest polluters: Chevron, Santos and Woodside. Australia’s top three highest polluting companies were identified according to Climate Council’s research which found that these three companies have been responsible for 44% of the emissions from Australia’s twelve biggest polluters since 2016 alone. Knowing who funds them allows us to take targeted actions to help cut total emissions fast.
Sign our open letter to call on the funds to hold Australia’s biggest polluters to account, including voting against executive bonuses and board directors that are blocking or delaying the transition to renewable energy by focusing company resources on opening new coal, oil and gas.
Read the full report: Superfund disclosure analysis: Australia's 15 largest super funds' investments in expansionary coal, oil and gas.
