Canberra Times
Tuesday 18/3/2008 Page: 3
Australian government investment funds - including employee superannuation - are being used to bankroll fossil fuels and the nuclear energy industry, contrary to climate change policies supporting green energy, a new report says. The Australian Conservation Foundation says governments invested almost 50 times as much in fossil fuels and uranium mining than in renewable energy, making investment decisions at odds with policy commitments to reduce greenhouse emissions and tackle climate change.
Examining how $206 billion is invested by all Australian governments through 36 government investment funds, the foundation found $5.3 billion was invested in fossil fuels, $559 million in nuclear energy or uranium mining, and $126 million in renewable energy. The funds include superannuation, portable long-service leave funds, public insurance funds, trustee funds and some general treasury funds. The report, to be issued today in Brisbane, reveals the ACT Government is investing $56 million of its superannuation funds in fossil fuels, $6 million in nuclear energy and only $1 million in renewable energy.
It found that while the ACT Government stood alone in conducting a whole-of-government review of responsible investment practices, no funds were invested under an environmental, social or governance process which examines the potential for investments to contribute to risks such climate change. Foundation executive director Don Henry said the Future Fund, worth $9.6 billion, did not appear to have made any commitment to consider environmental, social and good governance principles in its decision making.
"With so much emphasis on climate change from federal, state and territory governments, many people would be shocked to discover government-controlled funds are still investing $47 in fossil fuels and uranium for every dollar they invest in renewable energy." The report, Responsible Public Investment In Australia, says the NSW, Victorian and Western Australian governments all have significant holdings in "uranium-related equities, despite legislative or political bans on uranium mining."
All governments had very low investment holdings in the renewable energy sector, despite claiming to have strong commitments to renewable energy. A Newspoll commissioned by Greenpeace found 90 per cent of Australians wanted to see renewable energy given the same or more government subsidies than those received by fossil fuels. The poll also found that 78 per cent of Australians were unaware that fossil fuels, such as coal, oil and gas, received more subsidies than renewable energy.
Greenpeace climate campaigner Julien Vincent said taxpayers were funding wealthy fossil fuel companies to the tune of $803 a taxpayer. "Rather than adding to their profits, we should be penalising the use of fossil fuels and putting public money into renewable energy solutions. such as solar and wind."
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