Fossil fuel assets taking huge hits

Curtis Island LNG plants 300x300

Earnings reports for the 2015-16 financial year are painting a very ugly picture for the fossil fuel sector, with $4.4 billion in writedowns reported so far.

IAG Commits To 2 Degrees

Musselroe Wind Farm - Credit Bob Burton

Insurance Australia Group (IAG) today became the first Australian insurance company to commit to the 2015 Paris Agreement to limit global average temperature rise to two degrees. You’d think insurance companies would have been the first institutions to acknowledge and support actions to address climate change, given their inherent understanding … Read More

Bank divestment day volunteer meeting: Sydney and Melbourne

Divestment Day 2016 Im leaving CBA

The big four banks are crucial to the functioning of the coal, oil and gas industries in Australia. From 2008 to 2015 they were involved in 76% of all the deals that facilitated the functioning and expansion of mines, power stations, drilling and ports. Convincing the banks to keep their … Read More

Ten dodgy fossil fuel deals hurting the banks

Wiggins Island compressed

Share this story The demise of the fossil fuel industry just got real for Australia’s big banks. Having provided the debt that fueled the last big fossil fuel boom, the likes of ANZ, CommBank, NAB and Westpac now find themselves exposed to projects that are both environmentally and financially toxic, … Read More

Banks fail 2ºC climate test, pour $5.6b into fossil fuels

fail

Australia’s big four banks have made a mockery of their ‘two degree’ commitments, pouring $5.6 billion into the fossil fuel sector since the December 2015 Paris climate change agreement. Our latest research shows the banks’ have failed to come anywhere close to meeting their commitments to help hold global warming to less … Read More

Climate change denial goes mainstream at Macquarie AGM

MacquarieAGM

“There are two sides to this debate.” These were the remarks of the Macquarie Group Chairman Peter Warne, after their AGM descended into somewhat of a farce earlier today, as shareholders asked tough questions of a bank that is fast becoming a significant fossil fuel player and deniers of climate … Read More

NAB chalks first stranded coal power plant

stranded callide c

The Callide C coal-fired power station in Central Queensland has gone into receivership after failing to make a $50 million payment on its debt which expired last month. Several news sources, including the Australian Financial Review, are reporting the development but what has so far gone unnoticed is the scale … Read More

Renewables lending plummets as Katter calls for coal funding

ANZ and CBA renewables lening so far 2016

On the same day that Bob Katter demands public money be sunk into the proposed Galilee Basin coal export projects we find that, as of late June 2016, the big four banks’ lending to renewable energy is near record lows. Use the form on this page to tell the major banks … Read More