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AAP

Politics

Kaaren Morrissey

Funds accused of 'greenwashing' by market lobby group

Market Forces Brett Morgan Woodside Oil

Five superannuation funds managing a total of $1 trillion of retirement savings have been accused of greenwashing by not doing enough to rein in major fossil fuel companies.

The claim has been made by the Friends of the Earth-affiliated and environment-focussed financial lobby group Market Forces in a report released on Wednesday.

It alleges the super funds from a mix of retail and industry providers - AMP, Australian Retirement Trust, AustralianSuper, Aware Super and Commonwealth Super Corp - have failed to effectively engage with companies they invest in from the fossil-fuel sector.

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