2025-12-02
The Greens say that Australia’s biggest superannuation funds are simply following Labor’s lead after a new study exposed “industrial-scale greenwashing”, revealing that most major funds have increased their investments in some of the world’s biggest fossil fuel polluters – despite claiming to be on a pathway to net-zero.
The report by Market Forces assessed 30 of Australia’s largest super funds against their public climate commitments by analysing their exposure to the world’s 200 biggest fossil fuel producers, including Woodside and Santos.
It found that two-thirds of Australia’s biggest super funds, including Australian Super, HESTA, Mercer and Australian Retirement, increased their investments in major global polluters between Dec 2021 and June 2024
ASIC has previously fined Mercer $11 million for misleading "sustainable" investment claims.
Lines attributable to Greens assistant Climate Spokesperson, Sen. Steph Hodgins-May:
“Big Super is talking green while investing dirty – the same kind of spin we see from this Labor government.
“Workers are being told their money is building a safe climate future. But behind closed doors, it’s flowing straight to companies like Woodside and Santos who are actively wrecking the climate.
“When Labor approves 32 new coal and gas, investors take the hint. They keep pouring money into fossil fuels because the government is signaling that it's business as usual.
“There’s no point in saving for retirement if we don’t have a safe planet to live on. This is a betrayal of workers, a betrayal of retirees, and a betrayal to our future.
“Australians should be able to rely on superannuation to do what it's meant to do: protect their future, not bankroll climate collapse.”
Lines attributable to Greens Economic Justice Spokesperson, Sen. Nick McKim:
“Labor could end this today by ruling out approval for any further fossil fuel projects and setting mandatory climate-aligned investment standards for major funds.”
“Until that happens, the risk is that Big Super will keep chasing returns in the industries wrecking our planet.”
“People’s compulsory retirement savings should not be used as collateral for climate damage.”
“They should support a stable, liveable future built on renewables, climate resilience, and sustainable jobs.”