The 30 largest super funds directly contributed $771 million of the $99 billion invested in Australian clean energy projects since 2020, roughly 0.03 per cent of the $2.5 trillion in retirement savings managed by those funds, a Market Forces report shows.
Local and foreign commercial banks provided more than half the cash flowing to Australian renewable projects, followed by developers and operators, government agencies and public authorities.
Canadian pension funds directly invested $408 million more in Australian renewable energy projects over the period than the top-30 funds, said report author and Market Forces Australian campaigns head Brett Morgan.
"Super funds are missing out on a critical opportunity to own the clean energy infrastructure that will power Australia's economy for generations," Mr Morgan told AAP.
"Any super fund which supports the Paris Agreement's climate goals must significantly ramp up its policy advocacy efforts to remove barriers to scaling investments in clean energy."
Six of the top-30 super funds had direct investments in Australian renewable energy or battery storage projects: Aware Super, Cbus, HESTA, NGS Super, Prime Super and Rest.
However, all but one of the other 24 funds were likely indirectly invested in green projects through external asset managers or infrastructure funds, but confidentiality agreements put the actual figure beyond the report's reach.
"Public policy reform would be needed to mandate more detailed disclosure on Australian renewable energy investments, which members are demanding to see," Mr Morgan said.
The indirect figure was likely significant, with pooled or managed funds generally accounting for almost half of the $3.1 trillion in allocations in funds regulated by the Australian Prudential Regulation Authority.
Australia's total superannuation industry is valued at $4.4 trillion, including self-managed funds and public sector pension assets, APRA figures show.
The lack of indirect holdings was a key gap in the report, Australian Association for Superannuation Funds chief executive Mary Delahunty said.
"Australia has a deep and unique capability in the provision of patient capital for infrastructure projects, including those that will add to the energy transition," Ms Delahunty said in a statement.
Super funds were legally required to invest members' best financial interests, she added, and were subject to performance tests against tailored benchmarks by APRA.
"The fact that the vast majority of funds are exposed to energy assets shows the asset class holds potential opportunity for members," Ms Delahunty said.
"If funds have not participated in certain investment opportunities, it is likely because those opportunities do not meet their requirement for appropriate risk‑adjusted returns."
The federal government is consulting on redesigning the performance test following its implementation in 2021, with submissions closing on Friday June 19.
Critics have argued the test encourages "index hugging", which diverts investment from innovation and growth into safe, established companies or index funds.
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