Treasurer Jim Chalmers calls for more investor money for climate-friendly energy

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“This is not a left fringe idea. It’s about better designed and better informed markets and more collaboration between investors and governments to modernize our economy and deepen and expand our industrial base, powered by clean and cheap energy,” he said.

“Our government wants to provide the vision, political stability and guard rails that investors have been clamoring for years.

“That is precisely why we are committed to delivering a forward-thinking, international-focused, sustainable financial agenda born of economic opportunity and contemporary imperative, rather than some outdated ideology still held by a minority.”

Costello argued Wednesday the future fund and superfund should focus on generating returns rather than pursuing social goals that governments might seek through direct budget or legislative spending.

“Governments are there to decide on social goals. companies don’t do that. Corporations exist to run corporations and to be accountable to shareholders,” he said when asked by a journalist about Chalmers’ essay.

“This idea that every institution has to be given every purpose — I think you’re just going to lose focus.

“The government can oblige companies by law to do what they want. And I think that’s the way to do it through the law.

“Everyone knows the rules, they can abide by them,” added Costello, who is also the chairman of this imprint’s owner, Nine Entertainment Co.

He stressed that neither Labor nor the Coalition had tried to tell the Future Fund what to invest in and said if that happened it would “end very badly”.

“This is a mutual fund, we invest for returns. That is why we are here. I would say it’s the same when it comes to retirement. Pension funds invest for reasons of return, because that is how people retire.”

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