The union representing the public sector, the CPSU, is calling for the Future Fund to divest all fossil fuel investments as soon as reasonably possible.
The retirement incomes of many federal public servants will be financed by the Future Fund. CPSU members are calling on both the Morrison government and the Future Fund’s independent board to divest from fossil fuel investments.
The Future Fund is a government-owned and independently managed sovereign wealth fund established in 2006, to help finance public sector superannuation liabilities. The Future Fund currently has over $200 billion in assets under management, and only a minor proportion of this is understood to be directly invested in fossil fuel industries, including coal mining, oil and gas extraction and associated infrastructure and electricity generation.
One such investment includes the Future Fund’s $3.2 million holding in the Adani Group of companies. Reports in March 2021, illustrate the Adani Group also maintains a close business relationship with the military dictatorship in Myanmar, which:
- has engaged in murder, violence and brutality against trade unionists and other civilian leaders following its February 2021 coup; and
- is the subject of international sanctions for its crimes against humanity and genocide against the Rohingya and other communities.
Michael Tull, CPSU National Assistant Secretary said, “In 2013, the Future Fund ceased financing tobacco production for health and ethical reasons. And now federal government and the Future Fund must take the same approach to fossil fuel investments.”
“At the Governing Council of the Community and Public Sector Union meeting at 21 October 2021, the CPSU’s Governing Council passed a resolution calling on the Future Fund to divest all fossil fuel investments as soon as reasonably possible.”
“The world sent a message about the future of fossil fuels, and about the imminent and catastrophic danger of climate change. More and more businesses, including mining companies like BHP and Fortescue, are in the process of rapidly moving away from fossil fuels.”
“CPSU members want to ensure that their superannuation investments are properly funded, they don’t want to be stuck with worthless investments just because of Scott Morrisons love of all things coal.”
“We have seen the Morrison Government take an axe to public sector scientific and climate change outcomes; our members will not accept their superannuation being used to prop up dangerous investments. It’s time for the Future Fund to divest from all fossil fuel investments, as quickly as possible.”
MEDIA CONTACT: ALEX WEST 0427 359 316