(Australian Associated Press)
Australians’ retirement savings could fund a shift to 100 per cent renewable power by 2030, according to new research.
The report, commissioned by climate campaigners 350.org and anti-fossil fuel superannuation fund Future Super, found an investment of 7.7 per cent of retirement savings could pay for the transition to a 100 per cent renewable power sector by the end of next decade.
Full decarbonisation – including projected power needs in transport and industry – could be achieved with an allocation of 12.4 per cent, according to the report.
Future Fund co-founder Simon Sheikh said the University of Technology Sydney research showed a small portion of Australia’s superannuation could fund the nation’s transition to renewable energy.
“The vast majority of Australians want a renewable energy powered society,” he said.
“We must act swiftly to protect the climate from dangerous greenhouse gas emissions and to do that, we need to ensure not another penny of our money goes to support fossil fuels.”
Founder of 350.org, Bill McKibben, says resource-based coal, oil and gas industries are being “violently disrupted” by a wave of innovation.