Media Release

ASFA targets net-zero greenhouse emissions by 2050

Published 1 October, 2021

Published 1 October, 2021

1 October 2021

ASFA targets net-zero greenhouse emissions by 2050

The Association of Superannuation Funds of Australia (ASFA) has today released a discussion paper that calls out the risks of climate change and the impact it is expected to have on investment portfolio performance of superannuation funds.

“In the absence of a commitment to net-zero greenhouse emissions by 2050, the superannuation industry stands to lose billions of dollars in investment returns on behalf of their members, which ultimately translates to less retirement savings,” said ASFA CEO, Dr Martin Fahy.

The discussion paper explores the reasons superannuation funds should consider climate change risk when making decisions and the importance of employing mitigation strategies to reduce the risks.

The mitigations strategies that have been explored include a commitment by superannuation funds to:

reach net zero greenhouse gas emissions in their investment portfolio by 2050
engage with businesses on climate change risk to support them on their journey to mitigate climate change risk
adopt the Principles of Responsible Investment approach.

This paper poses questions to readers for feedback that will influence ASFA’s views on key issues relating to climate change risk. We are seeking feedback by COB Friday 15 October 2021. Comments should be sent to Helena Gibson at hgibson@superannuation.asn.au

For further information, please contact:
Jacqui Maddock, 0451 949 300.

About ASFA

ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.

Acknowledgement of Country

We want to respectfully acknowledge the Traditional Owners and Custodians of these lands, seas, and waters throughout Australia. We pay our respects to Elders both past and present. We acknowledge the history, the resilience and the continual contributions of Aboriginal and Torres Strait Islander peoples of their Country.

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Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.