SUPER FUNDS

Another example of the Australian public being more interested than their government in renewables is ethical private pensions. Known locally as superannuation or just super, private pension assets totalled AU$3.1 trillion at the end of March 2021 in Australia, according to the Association of Superannuation Funds of Australia. As Australians become increasingly conscious of ethical investing, more and more funds have been introducing and expanding ethical products, including a move away from fossil fuels towards renewables. Roughly six per cent of people are already with an ethical super fund. Leading the ethical pack is Future Super, the country’s first 100 per cent fossil fuel-free super fund. According to its founder and CEO, Simon Sheikh, ‘superannuation underpins the Australian economy. It’s just about channelling that enormous pool of money in more positive directions, such as renewable energy, and it wouldn’t take much to effect even more change.’ Membership of the fund doubled between 2019 and 2021 and it now has AU$1 billion under management. ‘We’ve seen a massive growth in people who understand the power of their money, particularly when it comes to climate change,’ adds Sheikh. ‘People don’t want to choose clean energy or profit. They want both and they’re realising they can have both.’