Australia’s largest superannuation funds are investing more in companies expanding their fossil fuel infrastructure while advertising their green credentials to members, according to new research, as climate advocates accuse the pension industry of hypocrisy on emissions.
Market Forces analyst Brett Morgan said the industry was “greenwashing on an industrial scale” after the investment advocacy group reviewed 30 large super funds and found that less than one-third had reduced their investment in 200 global companies that are building out their coal, oil and gas capacities.
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