Australia’s largest superannuation fund – AustralianSuper – has announced that it is offering its members an option (“socially aware option”) that will restrict investments in companies with fossil fuel reserves. The decision means the fund has dumped 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.
AustralianSuper manages in excess of $92 billion. This decision means 98% of their members (around $90 billion) 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.
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