Money Talks And Bull Excrement Walks

FREEDOM-of-information documents have suggested that the guardians of the $70 billion Future Fund have not discussed climate change in any meetings since 2007, prompting questions about how Australia’s largest fund is managing carbon risk on investments.

In response to a Climate Institute FOI submission requesting the minutes of all meetings where ”climate change” was mentioned, the Future Fund said no documents could be found matching the request.

The Climate Institute business director, Julian Poulter, said it was ”extraordinary” that Australia’s largest institutional fund had not been actively and concertedly managing potential carbon risk on investments. ”This is a clear admission that there has been no consideration, otherwise it would have been minuted,” he said. ”It is Australia’s largest fund and its sole purpose is to plug a long-term gap on Australia’s future pension fund liabilities. It seems extraordinary that potentially the greatest risk to that portfolio has had no consideration by the board of guardians.

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