Australia's superannuation industry is underinvested when it comes to the nation's renewable energy transition, an environmental advocacy group claims.
The 30 largest super funds directly contributed $771 million of the $99 billion invested in Australian clean energy projects since 2020, roughly 0.03 per cent of the $2.5 trillion in retirement savings managed by those funds, a Market Forces report shows.
Local and foreign commercial banks provided more than half the cash flowing to Australian renewable projects, followed by developers and operators, government agencies and public authorities.
Canadian pension funds directly invested $408 million more in Australian renewable energy projects over the period than the top-30 funds, said report author and Market Forces Australian campaigns head Brett Morgan.
"Super funds are missing out on a critical opportunity to own the clean energy infrastructure that will power Australia's economy for generations," Mr Morgan told AAP.
