Super funds need to take “a venture capital approach” to investing in critical minerals if they want to cash in on the energy transition, Guy Debelle says, as only a fraction of their bets in the sector will pay off but those that do will “make massive returns”.

The former RBA deputy governor doubled down on his calls for big super to help fund the energy transition on Wednesday, saying the investment horizons and potential returns of the critical minerals sector suited funds’ objectives.