Want to know what your super is invested in? Shocked to discover you’ve been supporting the high-carbon economy? Join young people across Australia encouraging their super funds to become climate leaders.
THE ISSUE
A recent survey found that over 55% globally is invested in coal, oil, gas and other high-carbon assets whilst less than 2% is invested in climate solutions like renewable energy. If super funds switched even a fraction of their investments to renewables, it would completely transform the energy industry. As young people with our whole working lives ahead of us, Super funds have a reason to listen to what we have to say. We have the opportunity to radically transform superannuation from the world’s biggest fossil fuel investor to a renewable energy champion.
THE FACTS
How much money is at stake? At over $1 trillion, Australia has a massive pool of wealth that is invested on your behalf for an unsustainable future. At over $30 trillion globally, superannuation is the largest single source of wealth on the planet. This will grow by $500 billion over the next 8 years as our compulsory minimum contribution rate is increased from 9% – 12%.
How is Super related to climate change?
Collectively, Australian super funds are currently investing billions in an unsustainable future on our behalf. Chances are that when your employer puts money into your super account, a significant percentage of it is invested in coal, gas and other fossil fuel projects that are not in our vision for a 100% renewable future. In fact, a recent analysis calculated that if the proportion of super invested in climate solutions was increased from 2% to 5%, nearly $3 trillion would be leveraged for clean assets globally – perhaps a third of the total cost to fix climate change (according to the International Energy Agency)!
Does it matter what super fund I’m with?
The short answer is, no! However, the biggest super funds in Australia are listed below and they would be the ones with the most members and thus the greatest investment.
MLC/NAB
AMP
Colonial First State
HOSTPLUS
ING
Sunsuper
Super SA
GESB (WA)
BT Financial Group
REST
First State Super
Vic Super
CSC
Australian Super
Unisuper
HESTA
RBF (Tasmania)
We only need a few people to create change. All it takes is a few vital people voicing their concerns. And that’s where you come in. Your super fund is legally obliged to respond to your concerns if you’re unhappy with the way they’re investing your money. So, if each of us acts together, we could shift billions of dollars out of carbon-intensive investments and into climate solutions like renewable energy.
Who Are The Vital Few?
We’ve partnered with the kind folks at the Asset Owner’s Disclosure Project who’ve developed an online platform called The Vital Few through which you can contact your super fund to find out what your super is actually invested in.