Australia Future Fund Embraces Net-Zero Transition
Australia Future Fund Embraces Net-Zero Transition

Australia Future Fund Embraces Net-Zero Transition

News summary

Australia's Future Fund, valued at $230 billion, will undergo a significant shift in its investment mandate to include housing, green energy, and infrastructure projects, reflecting national priorities. The Albanese government supports this change, ensuring investments align with the fund's primary goal of achieving a return of 4-5% above inflation while maintaining an independent and commercial focus. This adjustment, backed by the fund's chair Greg Combet, aims to bolster Australia's transition to a net-zero economy and improve infrastructure without compromising financial returns. Finance Minister Katy Gallagher and Treasurer Jim Chalmers emphasized that no drawdowns will occur before 2032, allowing the fund to potentially grow to $380 billion. Despite assurances, concerns remain among some, including former treasurer Peter Costello, about potential political influences. A new executive director will be appointed to oversee efforts related to the energy transition, ensuring investments support environmental, social, and governance criteria.

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