Australia still has a long way to go towards establishing a world-class clean technology investment industry, according to AMP Capital Investors.

In a paper written for the 6th AustralAsian Cleantech Forum, AMP Capital Investors senior investment specialist Angus Dennis said clean technology was a theme that remained more evident in global markets.

"While there are some larger leading Australian companies in select industry sectors, for example, waste and recycling, we are still yet to establish a broad clean tech industry with significant investment depth," Dennis said in the paper.

Change Investment Management executive director Lisa Wade said one reason for this was the lack of regulatory certainty in Australia.

"Clean tech in Australia has an index with 80 stocks, but the lack of certainty in Australia makes it un-investable for us," Wade said.

Change is one of Australia's few dedicated clean tech funds and has so far invested in only one Australian company, wind farm developer and operator Infigen Energy.

Currently, Change and other clean tech funds like Arkx have no further plans to invest in Australia.

Change executive director Nikki Ashton said the fund was focusing on the United States and Europe, however, China and India were also of interest.

"The energy side of it is a big pillar, but places like China and India are also exciting with population growth and recycling and waste," Ashton said.

As for institutional investors, Dennis said superannuation fund investors were particularly well positioned to invest in private equity and to consider clean technology strategies.

"The focus on clean technology is also increasingly topical with institutional investors. This has been supported by a growing pool of funds with a track record of taking environmental, social and governance issues into account, together with many funds signing up to the United Nations Principles for Responsible Investment," he said.

"There are still a relatively limited number of investors that have prioritised unlisted clean tech within their investment strategy."

 Wade said Change had been approached by some big superannuation funds.

"It is encouraging . but everything is subject to legislation which can change at a moment's notice. Boards have a fiduciary responsibility to investors and asset consultants are doing the work, but they're not there yet," she said.

"But we respect the process and with the global financial crisis it did get set back."