Dear The Hon Peter Costello,
CC: The Hon Josh Frydenberg MP
We are calling on the Future Fund to drop its investments in the fossil fuel industry, starting with companies that mine, explore for and burn coal.
Right now, public money is being invested in areas that harm people and our planet and do little to modernise our economy.
The Future Fund has already made future-thinking investment decisions like refusing to invest in tobacco and certain armaments. Internationally, countries such as Norway and Ireland have committed their sovereign wealth funds to divest from fossil fuels.
That’s why we are calling on the guardians of the Future Fund– including you, Peter Costello – to make another decision for Australia’s future. The Future Fund should:
- Commit to divesting the Future Fund’s $154 billion in assets from all fossil fuels by 2030 as part of a low carbon, climate-aligned investment portfolio.
- Create a Climate Fund that invests heavily in Australia’s transition towards a 100% renewable, accessible and affordable energy system.
- Adopt and join initiatives for climate investment, including the G20’s Task Force on Climate-related Financial Disclosures framework.
- Give transparency in all the investments made by the Future Fund. The Future Fund is investing on behalf of every person in Australia, and our citizens deserve to know how public money is being used.