FUTURE FUND: OUT OF COAL
Investing in coal, oil and gas companies is risky business.
Either their vast carbon reserves are left responsibly in the ground, stranding potentially trillions of dollars worth of assets, or they are burned, fuelling catastrophic global warming.
Either way, it's a risky choice. Our Future Fund should not be backing risky investment decisions with taxpayers' money.
Earlier this year, the Future Fund's board decided to stop investing in tobacco companies after a campaign spearheaded by our Senator Richard Di Natale.
We've done it before. We can do it again.
Right now, we estimate that the Future Fund holds around $2 ½ billion of assets in fossil fuels, or around 3% of their portfolio. Investing that money responsibly will be straightforward.
Cities, churches, campuses and citizens across the United States, and here in Australia, are divesting from fossil fuels. Australia's public Future Fund should do the same.
- Read our Future Fund brief (PDF).
- Find out which banks are investing in coal and gas ports on the Reef Coast.
- Pledge to move your savings if your bank doesn't divest from fossil fuels.
- Ask your super fund to disclose and divest their fossil fuel holdings.
- Find local campaigns on divesting from fossil fuels.
- Read Bill McKibben's article in The Monthly on Australian coal.
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