Held at the Yea Wetlands Discovery Centre on Thursday, July 17, the event, titled Ethical Retirement Investments: How Your Super Can Last a Lifetime While Supporting the Planet, focused on how one’s retirement savings could contribute to a more sustainable future.
Local accountant John Agostinelli from Murrindindi and Munira Chowdhury from advocacy group Market Forces led the discussion, exploring how everyday Australians could align their superannuation investments with their values, particularly when it came to supporting environmental and ethical cases.
As of July this year, Australians have invested between $3.9 and $4.1 trillion in super funds, according to professional service network KPMG.
Around $1.6 trillion of this is committed to responsible investing.
However, Mr Agostinelli and Ms Chowdhury agreed that ‘greenwashing,’ when companies overstate their environmental credentials, remained a serious issue.
Mr Agostinelli said most people seeking ethical investments wanted to avoid putting their money into harmful industries, such as weapons, tobacco, gambling or child labour.
“We don’t need to sacrifice performance for principles,” he said.
During the event, Mr Agostinelli drew attention to a number of resources that enabled investors to track sustainability, including the Responsible Investment Association Australasia and Sustainable Platform, which rates investments based on the UN Sustainable Development Goals.
Mr Agostinelli said there had been recent improvements in transparency, with new standards requiring super funds to report their investments more clearly, thanks in part to legislation such as Your Future, Your Super.
Ms Chowdhury spoke about the mission of Market Forces.
“We aim to follow the money and push for a world where finance protects the climate and nature, not harms it,” she said.
“We can all play a role: talk to your bank, ask questions, consider switching.
“If enough people raise their voices, banks and investment firms will listen.”
Ms Chowdhury also said that while Australia’s major banks had pledged to act on climate, they had still poured over $61 billion into fossil fuel projects, but public pressure was making a difference.
The evening ended with questions from the audience.
Attendee Ron Litjens asked how individuals could influence large financial institutions, to which Ms Chowdhury responded with the practical steps: to start conversations, to switch banks, or to support stakeholder resolutions.
The event was made possible by a Murrindindi Quick Response grant.
A recording of the session will be available at 2030yea.com.au/videos/
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