Analysis: Singapore banks signal an end to new coal financing

18 April 2019 This week saw Singapore’s two biggest banks, Oversea-Chinese Banking Corporation (OCBC) and DBS, commit to an end point for their lending to new coal power plants. On Monday, OCBC CEO Samuel Tsien told media: “We won’t do any new coal-fired power generation plants in any countries, except … Read More

Suncorp: The last major Australian insurer supporting new coal

Bush fire in Queensland

11 April, 2019 One of Australia’s biggest insurance companies has ended up being the last major insurer still open to providing insurance to (underwriting) new thermal coal projects. Suncorp, which owns brands AAMI, GIO, APIA and Just Car, was put into this embarrassing position after competitor QBE announced an end … Read More

CIMIC Group refuses to rule out Adani

Adani List banner

11 April 2019 The Adani Carmichael coal mine and rail project is perhaps the most contested mining project in Australian history. An eight-year campaign has seen more than 40 banks and insurance companies worldwide refuse to back it, as have many engineering and construction contractors. To be seen doing business … Read More

Tell your super fund: Vote for climate action!

April 2019 Through your retirement savings, you can have a say in how many Australian companies are run. Tell your super fund to vote for climate action from corporate Australia. Market Forces has worked with shareholders to put climate action on the agenda at three major Australian company meetings coming … Read More

QBE dumps thermal coal due to global warming

QBE Sydney Market Forces action 2018

2 April 2019 On Saturday, Australia’s biggest coal underwriter (insurer) took the positive step of committing to phase out its entire thermal coal business by 1 January 2030. QBE also ruled out providing insurance to any new thermal coal mine, power plant or transport network from 1 July 2019, and … Read More

Media Release: Market Forces welcomes QBE’s end to coal finance

Saturday 30 March, 2019: The announcement today by Australia’s largest insurer, QBE, to end its support for the coal industry has been welcomed by environmental finance group Market Forces. “QBE’s decision to withdraw insurance from the coal industry is business and environmental good sense,” said Market Forces campaigner Pablo Brait. … Read More