Written by:
Future Group
6 December 2024
We've reached a milestone here at Future Group – we’ve just marked Future Super's 10th birthday. That’s 10 years of bold climate action, growth and positive impact – all powered by our members.
Back in 2014, as a climate campaigner, I was frustrated by the lack of climate action I saw, and by the lack of urgency from governments and industries. That frustration led to a few of us getting together and asking ourselves: Where does the power lie? And how can we use it to create a better future?
One of the biggest contributions you can make to slowing climate change isn’t the car you drive or the lightbulbs you use, although those are important. It’s actively choosing where your money is invested. The money in our super, savings accounts and mortgages drives carbon pollution, because financial institutions are investing in and lending to fossil fuel industries.
Recognising the power of investing and the capital within Australia’s superannuation system, in 2014 we created Future Super – Australia's first super fund to completely screen out investments in fossil fuel companies.
We launched Future Super at a climate rally and signed up dozens of members in the days that followed, and many of you are still with us. These people believed enough in our vision to divert their superannuation savings into delivering the climate progress that governments were failing to.
And you spread the word. Future Super grew – not because of flashy advertising, but because our movement became a community. Ten years of growth later, Future Super has more than 50,000 members (1).
That’s 50,000 voices saying no to the fossil fuel industry and yes to a better future. As these numbers grow, our voice becomes louder. Money talks, and yours has something to say.
We’re making progress in reducing emissions, thanks to consumer pressure. Fossil fuels have been negatively impacting financial markets for nearly a decade, according to research by IEEFA. As a result, the pressure is mounting on companies that are slow to adapt.
But the world is continuing to warm, and although you’re helping to combat this process as part of the global divestment movement, more people are yet to realise the power of their own money.
Superannuation is one of the easiest and most powerful ways to create the pressure needed to change the system. Our community of members has grown by connecting others to the urgency of the divestment movement, growing our voice and being awesome ambassadors for climate action. So many of you are already sharing our message with climate-concerned friends and family. Thank you, and keep up the incredible work.
Switch to Future Super, and that’s it – one of your biggest assets is moved into investment products that screen out coal, oil, and gas companies. The more people that do this, the faster we can end the pipeline of investment that props up the fossil fuel industry, and therefore slow climate change.
To show how far we’ve already come, take a look at what we’ve achieved in 10 years together.
RIAA research shows that 88% of people want their super to be responsibly invested, and that 74% would consider switching their super if they found their current fund was investing in ways that were inconsistent with their values.
Our vision is to see all of Australia’s super funds invested in ways that positively contribute to the climate and society. In fact, UTS research found that in 2021 it would only have taken 7.2% of super investment to fund Australian energy sector’s transition to meet the 2030 Paris Agreement milestone towards 100% renewable energy (2). So why aren’t more financial institutions doing this?
We grow your super by investing it in assets that meet our strict screening criteria and align with our shared values. In total we have so far invested hundreds of million in climate solutions and positive impact investments – including investments into renewable energy as well as social impacts like reducing homelessness and improving health outcomes. Our focus is on building your retirement savings and protecting your investments. Together, this enables us to change the world.
By the end of our second year, we had taken $100m of super savings into portfolios that screen out coal, oil and gas companies.
Halfway through our first decade, at the end of 2019, flames swept across Australia during the most catastrophic bushfire season on record. Fires destroyed more than 3,000 homes and killed an estimated three billion native animals, awakening the public to the dangers of climate change. Our Not Business as Usual campaign, launched in the wake of the fires, saw 3,000 businesses in Australia and New Zealand sign up to support their staff taking time off work to attend climate protests.
In 2022-2023, our investment with Kilter Rural supported the largest private donation of water in Australian history, replenishing 21 wetlands in the Murray-Darling basin with 5.2 gigalitres of water, helping to save 17 threatened species.
We’re also supporting the clean energy transition by investing in global renewable energy projects including wind, solar, hydro and batteries.
Globally, the value of assets committing to some form of fossil fuel divestment has reached almost $41 trillion – an increase of over 75,000% in just 10 years! The tide is turning, and even Trump can’t stop it.
So, let’s keep the momentum going! With your support, we have plenty of work left to do to push Australia towards meeting its climate commitments.
Together, we’re committed to building a better future.
As our growth continues to prove that you don’t have to choose between your values and your financial future, other big super funds are starting to follow suit. The superannuation industry turning away from fossil fuels will ramp up pressure on companies to reach net zero. When investor pressure from the top down meets consumer demand from the bottom up, fossil fuels get squeezed out of the middle.
None of this could have happened without you. It takes all of us to play our part in building the world we want to see.
Thank you for being part of this collective movement. We look forward to embarking on the next chapter with you.
There is no future without you.
Thank you.
Simon Sheikh
(1 ) 50,000+ members and $2 billion+ Funds Under Management as at 6 Nov 2024
(2) Source: UTS, Supercharging Australia's Clean Energy Transformation, 2021
You should consider the different fees and costs, amount of insurance cover offered and any other relevant information before deciding to transfer your super.
For more information on our certifications, visit https://bit.ly/future-super-b-corp & https://www.climateactive.org.au/buy-climate-active/certified-members/future-group. Certifications are only one factor to be taken into account when deciding whether to invest in a financial product.
