Future Fund urged to take action on climate change

Independent public policy institute, the Centre for Policy Development, has urged the Future Fund, which invests on behalf of all Australians and has a quarter of a trillion dollars under management, to meet its obligation to industry best practice on climate risk.

In its report “Investing for Australia: Clarifying climate risk expectations of the Future Fund”, the institute said that publicly available information indicated the Australian sovereign wealth fund lagged best practice across investment, engagement, disclosure and governance relating to climate risk.

The report recommended clearer parliamentary guidance for the Future Fund’s reporting and an expert review to examine updates to the Fund’s mandate and its Statement of Expectations.