Related: 50 Things We Can Do About Climate Change As Individuals
How to Find an Ethical Bank and Super Fund in Australia
Your bank and super fund are almost certainly investing in fossil fuels unless you’ve actively chosen otherwise.
Australia’s four biggest banks have collectively loaned over $43 billion to fossil fuel projects since 2016, and the top 30 super funds still hold more than $33 billion in companies with active fossil fuel expansion plans. That’s your money, your savings, and your retirement fund all pooled and put to work on projects most of us would never knowingly support.
Here’s how to find out where your bank or super is investing your money, and what to do if you want to move it.
Do Australian banks still fund fossil fuels?
Yes. ANZ and Westpac were responsible for over 80% of the big four’s fossil fuel lending in 2024 and 2025, funding gas fields in the Beetaloo Basin, new coal mines, and oil drilling operations. Your salary and savings are pooled and used to fund loans and major projects, and in Australia a significant portion of that money still goes toward fossil fuel expansion.
A 2023 Climate Analytics report found that many of Australia’s major funds continue to invest in companies like Santos and Woodside, both of which are actively expanding fossil fuel operations. Even funds marketed as ‘sustainable’ may still include fossil fuel producers in their portfolios.
How to check if your bank funds fossil fuels
Your salary, savings, and everyday business income are pooled together and used to fund loans, major projects, and corporate investments. In Australia, a significant portion of that money still goes toward fossil fuel expansion, new coal mines, fracking operations, gas pipelines, and port infrastructure.
What You Can Do
The quickest way to find out where your bank sits is to head to the Market Forces comparison table.
Search for your bank by name, and you’ll see:
- What fossil fuel projects they’ve funded
- How much they’ve loaned
- Whether they’ve made any public commitments to stop
You can also send your bank a message directly from the platform, either asking them to change or letting them know you’re leaving.
Australian Banks That Don’t Fund Fossil Fuels
Not all banks are equal. Some have committed to never funding fossil fuels and are putting that policy into practice:
- Bank Australia: Certified B Corp, customer-owned, zero fossil fuel exposure.
- Summerland Credit Union: Community-owned, strong environmental and social focus, fossil fuel-free. They also offer generous discounts
- Teachers Mutual Bank, Bank First, and Beyond Bank: All part of the Global Alliance for Banking on Values.
Before switching, check their investment policy and product terms to make sure they align with your priorities (e.g. housing, community investment, renewables).
How to Check if Your Super Fund Invests in Fossil Fuels
If you’ve never changed your super fund, there’s a good chance your money is sitting in a default investment option with exposure to companies like Woodside, Santos, or ExxonMobil.
Australia’s top 30 super funds had $33 billion invested in fossil fuel expansion companies as at June 2025, more than three times what those same funds invest in clean energy companies. Even funds marketed as ‘sustainable’ may still include fossil fuel producers in their portfolios.
How to Check Your Super Fund
You don’t need to call a fund manager or sift through annual reports. Just head to the Market Forces super comparison tool and look up your current provider.
It shows:
- Whether your fund invests in fossil fuels
- What commitments (if any) they’ve made to divest
- Where they sit compared to other funds
For extra detail, check out the Responsible Returns platform for funds that meet RIAA certification.
The best Australian ethical superannuation funds
Some funds have made strong, public commitments to stay out of fossil fuels. They’re not perfect, but they’re transparent and actively working toward a better model.
- Future Super – climate-positive, 100% fossil fuel free, with active shareholder advocacy
- Australian Ethical – full holdings transparency and strong exclusions
- Verve Super – focused on gender equity and sustainability, designed by and for women and non-binary people
- Cruelty Free Super – screens out fossil fuels, animal exploitation, tobacco and weapons
Before switching, review each fund’s Product Disclosure Statement (PDS), look at their investment portfolio, and don’t hesitate to ask questions. Remember, it’s your money.
Does Your Health Insurance or Investment App Fund Fossil Fuels?
Still with me? Good. Because your bank and super aren’t the only places your money could be funding fossil fuels.
Some health insurers, like Medibank, NIB and HCF, have taken steps to divest from international fossil fuel exposure. But many still hold Australian assets with ties to coal, oil and gas.
If you’ve chosen a fund for its health coverage, it’s worth checking what they’re doing with your premiums.
Investing platforms are another area to watch. Products like Spaceship Earth, BetaShares ETHI, and some micro-investing apps position themselves as ethical or ESG-friendly. But ESG doesn’t always mean fossil-free. Many portfolios still include companies involved in fossil fuel infrastructure, supply chains, or financing, even if the connection isn’t immediately obvious.
What to Look For
When reviewing your insurer or investment provider, ask:
- Do they disclose their full list of holdings?
- Are fossil fuels excluded by policy, or just “minimised” under ESG screens?
- Do they hold independent certifications, like RIAA, B Corp, or inclusion in a Clean Energy Index?
Market Forces has a full breakdown of Australian health insurers and their fossil fuel exposure, if you’d like to explore further.
How to Switch to an Ethical Bank or Super Fund in Australia
Let’s be honest, financial admin isn’t exactly thrilling. But moving your money to ethical providers doesn’t have to be a hassle.
Here’s how to do it:
- Audit your accounts. Check where your money is: bank, super, health insurer, investing apps.
- Review for fossil fuel exposure. Use Market Forces, RIAA, or your provider’s own disclosures to see if they’re backing fossil fuels.
- Compare ethical alternatives. Look for fossil-free funds and banks that align with your values — whether that’s climate, housing, gender equity, or local investment.
- Make the switch. Most banks and super funds let you transfer online. It’s quicker than you think.
- Let your old provider know. Send a quick message or use a template. It adds pressure and helps shift the status quo.
You don’t have to be perfect or move everything at once. Just start where it’s easiest. Each step you take sends a signal that business as usual isn’t going unnoticed.
Banks and super funds aren’t going to change overnight. But they do listen to customers. When enough people ask questions, demand transparency, or walk away, it forces the conversation.
Let’s make sure our money is working for a future we actually want to live in.
Resources:
- Market Forces
- RIAA Responsible Returns
- Climate Council Divestment Toolkit
- SuperRatings
- The Guardian Ethical Super Guide
- Canstar Super Comparison
And if you’re looking for more ways to live a little lighter
The Green Hub has been sharing practical advice on sustainable living since 2015. From native gardening and ethical fashion to food waste and climate-friendly habits, we’re here to help you start, or keep going, wherever you’re at.
