Australia's Super Industry Drives Energy Transition with A$3.5 Trillion
Australia's superannuation industry, managing over A$3.5 trillion, is playing a pivotal role in the country's energy transition. John Pearce, chief investment officer at UniSuper, has confirmed the sector's commitment to responsible investment practices.
In 2023, the Responsible Investment Association of Australasia (RIAA) recognised 10 super funds for their responsible investment practices. These funds, including notable players like REST and Perpetual, demonstrated ambition, allocation, and aggressiveness in their responsible investment strategies. This recognition highlights the growing commitment of Australia's superannuation industry to sustainability.
The industry is dominated by 14 major super funds controlling 80% of assets. Their allocation and stewardship decisions are crucial for Australia's 43% emissions reduction goal by 2030, as set out in the Climate Change Bill introduced by Prime Minister Anthony Albanese in August 2022. Most Australian super funds have aligned with this vision, indicating a collective effort towards a low-carbon future.
Australia's superannuation industry, with its vast assets and commitment to responsible investment, is well-positioned to drive the country's energy transition. The recognition of 10 funds by RIAA in 2023 and the alignment of most funds with the government's emissions reduction target underscore this responsibility. As the industry's heavyweights continue to steer their investments towards sustainability, Australia inches closer to its 2030 emissions reduction goal.
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