Chief executive of VicSuper Michael Dundon, told AAP that his $8.5 billion fund would focus on investing in the renewable energy sector.
"We are avoiding funds or stocks where substantial exposure to carbon," he said.
"For example, you'd have to think carefully about understanding the impact on economic returns on brown coal producers with carbon pricing.
"We see opportunities in wind and solar and other forms of technology that will deliver long-term returns."
Sure, - what a great opportunity to lose funds' money.
Fund managers have become increasingly focused on ensuring their money is put to a responsible use since the global financial crisis. Australian super funds lost more than 20 per cent of their value during the course of 2008 and have been scrambling to claw back returns since, according to data from a professional services firm.
So having lost money since 2008, they now intend to recoup it by investing in renewables? Are they on another planet? US wind and solar comapnies' prices have been in terminal decline for several years;
Talk about rats swimming towards a sinking ship. But its worse than that. Fund managers charged with increasing their fund's values, are being pressured to invest in proven losers. Irresponsible.
