Australia, Renewables, Solar

Federal gov open to industry funds’ clean energy investment reform

Treasurer Jim Chalmers has backed the Albanese government's openness to significant reforms proposed by industry superannuation funds, aiming to mobilise private capital for Australia’s clean energy transition.

Treasurer Jim Chalmers has backed the Albanese government’s openness to significant reforms proposed by industry superannuation funds, aiming to mobilise private capital for Australia’s clean energy transition.

Following a Canberra meeting with key financial players on Tuesday, December 5, Chalmers pledged to assess measures presented by major funds like AustralianSuper, Cbus, HostPlus, CareSuper, Hesta, UniSuper, and IFM Investors, collectively managing around $1.2 trillion.

IFM Investors, owned by 17 Australian industry super funds, managed approximately $217 billion in the last financial year.

Chalmers lauded the proposed reforms, recognizing significant industrial opportunities in the clean energy sector.

“There’s a lot of good work and deep thinking that’s gone into those proposals. We’ve committed to consider them,” Chalmers said, acknowledging the potential implementation of some proposals after careful evaluation.

During the investor roundtable, participants established principles guiding sectoral plans, creating a roadmap to meet national emissions reduction targets for 2035 and 2050.

The federal government pledged to explore leveraging $2.5 trillion from superannuation funds and major banks for clean energy, defence, and social spending.

Chalmers aimed to stimulate greater private investment in crucial national areas, including the net-zero transformation, defence initiatives, and social impact investment.

Chalmers emphasised aligning the interests of investors and superannuation fund members with broader community and national goals.

“It’s all about making sure that capital is flowing in ways that modernise our economy and maximise our advantages in a really important time for the future of our economy and our people,” he said.

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