Many super funds assure members their money is ethically invested to save the planet or does not go toward the production of alcohol, tobacco products, firearms and landmines. The funds also appoint high-profile and respected Australians to promote a sense of credibility and sincerity.
None of the above have been associated with funds that have run into trouble. But many Australian companies jumped on the greenwashing bandwagon. Some misrepresented the extent to which a financial product or investment strategy was environmentally friendly, sustainable or ethical. But they have started walking back their public commitments to climate change as the regulator started cracking down on alleged greenwashing.It was too late for some.
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