Time for super funds to face up to climate risks Media Release

Mar 01, 2013 - 12:00pm

The Climate Institute is the agent of the Asset Owners Disclosure Project in Australia. This release was put out jointly.    - See more at: http://www.climateinstitute.org.au/articles/media-releases/first-global-climate-index-for-asset-owners-launched.html/section/397#sthash.qHoCZsi7.dpuf
The Climate Institute is the agent of the Asset Owners Disclosure Project in Australia. This release was put out jointly.    - See more at: http://www.climateinstitute.org.au/articles/media-releases/first-global-climate-index-for-asset-owners-launched.html/section/397#sthash.qHoCZsi7.dpuf
The Climate Institute is the agent of the Asset Owners Disclosure Project in Australia. This release was put out jointly.    - See more at: http://www.climateinstitute.org.au/articles/media-releases/first-global-climate-index-for-asset-owners-launched.html/section/397#sthash.qHoCZsi7.dpuf
The Climate Institute is the agent of the Asset Owners Disclosure Project in Australia. This release was put out jointly.    - See more at: http://www.climateinstitute.org.au/articles/media-releases/first-global-climate-index-for-asset-owners-launched.html/section/397#sthash.qHoCZsi7.dpuf
The Climate Institute is the agent of the Asset Owners Disclosure Project in Australia. This release was put out jointly.    - See more at: http://www.climateinstitute.org.au/articles/media-releases/first-global-climate-index-for-asset-owners-launched.html/section/397#sthash.qHoCZsi7.dpuf
The Climate Institute is the agent of the Asset Owners Disclosure Project in Australia. This release was put out jointly.    - See more at: http://www.climateinstitute.org.au/articles/media-releases/first-global-climate-index-for-asset-owners-launched.html/section/397#sthash.qHoCZsi7.dpuf

The Climate Institute is the agent of the Asset Owners Disclosure Project in Australia. This release was put out by AODP and the Australian Youth Climate Coalition.

As individuals wake up to the risks climate change poses to their superannuation, the Australian Youth Climate Coalition (AYCC), in partnership with the Asset Owners Disclosure Project (AODP), is launching a campaign pressuring funds to reveal the truth about their fossil fuel based investments and to balance their portfolios with cleaner investments.

At $60 trillion, superannuation is the largest single source of wealth on the planet yet 55% of it is invested in climate exposed investments such as fossil fuels and less than 2% in cleaner investments.  

“If funds’ clean energy investments were increased to just 5%, $3 trillion could be leveraged globally - that’s almost ⅓ of what’s needed to solve climate change,” says AODP Director Julian Poulter.

AODP’s research has shown that most Australian super funds understand the risks that climate change poses. In fact, a major roundtable of fund trustees in 2010 unanimously agreed that coal was a significant investment risk. Despite this, 94% of funds don’t calculate any portfolio-wide climate risks, 67% are unaware of how much money they’re investing in clean energy and none are aware of their fossil fuel exposure.

“Superannuation is heavily loaded against young people whose investments will have to bear the costs of climate change. We can no longer allow short-termist funds to use our weekly wages to build a completely unsustainable economy,” said AYCC National Director Lucy Manne

According to a report by the Actuarial Profession released last month, super funds could become insolvent within the next few decades if they don’t take climate change seriously.

“It’s time for our funds to protect our savings and our climate by seriously investing in the clean energy economy,” said Ms. Manne.

The campaign will be launched at 12pm Friday the 1st of March at The Climate Institute, Level 15, 179 Elizabeth Street, Sydney.

For more information
Julian Poulter | Executive Director, Asset Owners Disclosure Project | 02 8239 6299

Email   Print   Subscribe
Contact us. For further information. Follow us. Join the conversation.
 
Sydney

Level 15, 179 Elizabeth St.
Sydney NSW 2000
Tel   +61 2 8239 6299
Fax   +61 2 9283 8154
info@climateinstitute.org.au
 
 
Site Map
 
 
 
 
 
PLATFORM + DESIGN BY GLIDER