Future Super, a leading “fossil fuel” superannuation, claims that Australia could fund the investment required to achieve 100 percent renewables by the year 2030 with less than eight percent of the savings in superannuation pool.
In its newest Impact Report, the company states that the advantages of putting investments in a fossil free superannuation fund could turn out as one of the most effective things that can be carried out in order to prevent climate change.
Renew Economy reported on its website that Future Super determined that two of its investment alternatives added to a net reduction in greenhouse gas emissions. “The benefits of shifting your retirement savings into options that avoid fossil fuel investments could have substantially more impact in terms of avoiding climate change than many common lifestyle changes,” the report stated.
Through its partnership with the Impact investment Group Solar Asset Fund and Infradebt Ethical Fund, Future Super was able to offer its members the chance for their superannuation to be directly invested in renewable energy projects.
To show protest against investments in fossil fuels, many have decided to shift their investments and bank accounts. This prompted leading banks and super funds not to fund any new coal projects.
The report further stated, “In its 208 investment Impact Report, Future Super has estimated that with a average account balance of $35,000, the benefits of placing your superannuation savings in its ‘Renewables Plus’ portfolio amount to an emission reduction of 14.12 tons of carbon dioxide emissions every year, while its ‘Balanced Impact’ portfolio saves 11.93 tons.”
The company stated, “Our current government has prioritized investing in fossil fuels over renewable energy despite the public outcry for a change. This report shows how the average person can make active steps to improving the environment despite current political shortcomings.”
“We don’t need to wait for the government to transition Australia to a renewable economy, nor will the transition take until 2050. Thousands of Aussies are using their consumer power to divest from fossil fuels and invest in the future they want to see,” Future Super further added.
To know more about this report, follow this link.