One of Australia's biggest superannuation funds is taking a stand against climate change with a $150 million investment in green companies.
The Australian Prudential Super Fundbetter known as Restsays it is the first superannuation fund in the world to make an investment in impact investments, which invest in companies that have a positive impact on the environment and the economy, the BBC reports.
"Through these investments, we aim to help our members grow their retirement savings with strong, long-term investment returns and also generate measurable positive environmental impacts," Rest's head of listed assets tells the Sydney Morning Herald.
The $75 billion fund says it plans to invest 1% of its portfolio in impact investments by 2026, with a particular focus on renewable energy, resource efficiency, and electrification.
Ninety One, the global investment manager behind the investment, says it is "thrilled" to be working with Rest.
"The transition to a lower-carbon economy is presenting us with new investment opportunities to accelerate returns for our members' retirements," Singh says.
"We believe it's very important that our members have exposure to companies with growth leveraged to decarbonization solutions."
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