{"id":330733,"date":"2024-05-31T19:52:09","date_gmt":"2024-05-31T17:52:09","guid":{"rendered":"https:\/\/climatescience.press\/?p=330733"},"modified":"2024-05-31T19:52:11","modified_gmt":"2024-05-31T17:52:11","slug":"green-outrage-aussie-retirement-savings-funds-pumping-big-money-into-fossil-fuel","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=330733","title":{"rendered":"Green Outrage: Aussie Retirement Savings Funds Pumping Big Money into Fossil Fuel"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From Watts Up With That?<\/a><\/p>\n\n\n\n

Essay by Eric Worrall<\/strong><\/p>\n\n\n\n

According to Renew Economy, Retirement funds are investing $5 into fossil fuel for every $1 invested in renewables. My question \u2013 why are they wasting $1 in $5<\/s> $1 in $6?<\/p>\n\n\n\n

\n

Super funds back fossil \u201cclimate wreckers\u201d over clean energy<\/strong><\/p>\n\n\n\n

Marion Rae<\/a>
May 28, 2024<\/p>\n\n\n\n

For every dollar invested in clean energy companies, superannuation funds have five dollars invested in the expansion of fossil fuels, an index has found.<\/p>\n\n\n\n

Australia\u2019s top 30 super funds have more than $39 billion invested in the global expansion of gas, coal and oil, according to a report released on Tuesday by shareholder organisation Market Forces.<\/p>\n\n\n\n

Retirement savings allocated across the Climate Wreckers Index  \u2013 a group of 190 coal, oil and gas companies \u2013 have more than doubled in the two years to December 2023 in the largest or default investment options, based on the latest available disclosures.<\/p>\n\n\n\n

Simultaneously, the amount allocated to listed clean energy companies has declined by half a billion dollars to a mere $7.7 billion despite the funds\u2019 climate pledges.<\/p>\n\n\n\n

\u2026Read more: https:\/\/reneweconomy.com.au\/super-funds-back-fossil-climate-wreckers-over-clean-energy\/<\/a><\/p>\n<\/blockquote>\n\n\n\n

It\u2019s becoming painfully obvious by now that renewable energy is a bust. The skyrocketing energy demands of the AI age<\/a> have likely smashed every green energy transition model which assumed energy efficiency measures would mitigate growth in demand.<\/p>\n\n\n\n

Maybe I\u2019m being a bit harsh with the retirement funds, they seem to be heading the right direction, gradually reducing their exposure to high risk green investments. Perhaps the slow drawdown is strategic, perhaps they are divesting green investments slowly to preserve member policy value, to avoid spooking the market with big selloffs. Or maybe they are selling simply because their green investments are failing to perform.<\/p>\n\n\n\n

\n\n\n\n

Correction (EW): h\/t PariahDog<\/a> \u2013 $1 in $6, not $1 in $5.<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

According to Renew Economy, Retirement funds are investing $5 into fossil fuel for every $1 invested in renewables. My question \u2013 why are they wasting\u00a0$1 in $5\u00a0$1 in $6?<\/p>\n","protected":false},"author":121246920,"featured_media":330735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691819627,691828901,691828902,691828900],"class_list":{"0":"post-330733","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-clean-energy","9":"tag-coal-companies","10":"tag-oil-and-gas-companies","11":"tag-renew-economy","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/05\/00bigstock-oil-pumps-at-sunset-sky-backgr-24054653-1-1024x778-1.webp?fit=1024%2C778&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1o2p","jetpack-related-posts":[{"id":264888,"url":"https:\/\/climatescience.press\/?p=264888","url_meta":{"origin":330733,"position":0},"title":"World Now Wasting $1 Trillion Or More Per Year Investing In Useless “Renewables”","author":"uwe.roland.gross","date":"01\/07\/2023","format":false,"excerpt":"More than USD\u00a01.7\u00a0trillion is going to clean energy, including renewable power, nuclear, grids, storage, low-emission fuels, efficiency improvements and end-use renewables and electrification.","rel":"","context":"In \"1 Trillion\"","block_context":{"text":"1 Trillion","link":"https:\/\/climatescience.press\/?tag=1-trillion"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0-throw-away-money.jpeg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0-throw-away-money.jpeg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0-throw-away-money.jpeg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0-throw-away-money.jpeg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0-throw-away-money.jpeg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":255037,"url":"https:\/\/climatescience.press\/?p=255037","url_meta":{"origin":330733,"position":1},"title":"Claim: Anti-ESG Investment State Leaders Have Conflicts of Interest","author":"uwe.roland.gross","date":"28\/04\/2023","format":false,"excerpt":"Of course, if claims that renewables are cheaper and better are actually a pack of lies, I understand your angst.","rel":"","context":"In \"BlackRock\"","block_context":{"text":"BlackRock","link":"https:\/\/climatescience.press\/?tag=blackrock"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/05vetsrzhmdkmaxresdefault.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/05vetsrzhmdkmaxresdefault.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/05vetsrzhmdkmaxresdefault.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/05vetsrzhmdkmaxresdefault.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/05vetsrzhmdkmaxresdefault.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":257005,"url":"https:\/\/climatescience.press\/?p=257005","url_meta":{"origin":330733,"position":2},"title":"Hydrogen Fraud? 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