Super funds sit out of $99b renewables boom

Binaya Dahal

Journalist

16 June 2026

Australia’s largest superannuation funds have largely sat out the country’s $99 billion clean energy investment boom, contributing a mere 0.8% of total direct capital since 2020 despite managing $2.5 trillion in members’ savings.

A report released on Monday by clean-energy finance advocacy group Market Forces found the country’s 30 biggest funds invested only $771 million in renewable energy and battery storage projects over the past five years, less than that of Canadian pension funds, which inserted $1.2 billion.

The findings come as Australia works towards its target of generating 82% of its electricity from renewable by 2030. According to Australian Energy Market Operator estimation, more than 97 gigawatts of renewable capacity will be needed to achieve that goal, excluding rooftop solar.

Market Forces argues super funds risk missing a major long-term investment opportunity as the energy transition accelerates.

“Super funds are missing out on a critical opportunity to own the clean energy infrastructure that will power Australia’s economy for generations,” said Brett Morgan, the group’s head of Australian campaigns.

“Millions of working Australians could benefit from their retirement savings supercharging Australia’s clean energy revolution and delivering reliable, affordable renewable energy.”

As per the report, only six of Australia’s 30 largest super funds have direct investments in domestic renewable energy or battery storage projects. They include Aware Super, Cbus, HESTA, NGS Super, Prime Super and Rest.

The remaining funds may still have exposure to renewable energy through external asset managers or infrastructure funds, but the report said the extent of these indirect investments is difficult to determine due to limited public disclosure.

The research further found commercial banks remain the dominant source of financing for renewable energy developments, accounting for 57% of primary finance flowing into projects.

“Australian super funds need to set ambitious targets for increasing investments in Australian renewable energy projects, and report to members on progress,” Morgan said.

“Any super fund which supports the Paris Agreement’s climate goals must significantly ramp up its policy advocacy efforts to remove barriers to scaling investments in clean energy.”