SYDNEY, May 8 (Reuters) - Australia's 30 biggest pension funds increased their investments in key coal, oil and gas producers by 50% in 2022 despite the funds' long term commitments to net zero carbon emissions, environmental activist group Market Forces said.
Superannuation or retirement funds raised their investment to more than A$34 billion ($23 billion) in companies most responsible for expanding fossil fuels, Market Forces said.
Market Forces only named AustralianSuper, which it said had increased its stake in Woodside Energy Group Ltd (WDS.AX), Australia's top independent gas producer, by about 19 times in 2022.
In an emailed response, AustralianSuper said it had raised its stake as gas was a key part of an "orderly energy transition" ahead.
It estimated more than A$140 billion of Australians' retirement savings are invested in fossil fuel companies through the funds, which have more than 9% of members' share investments in these firms on average.