29 January 2023 Australia’s second biggest gas company, Santos, is able to proceed with its $5.7 billion offshore Barossa gas project, following a Federal Court decision earlier this month. Barossa is located in the Timor Sea north of Darwin and the Tiwi...
Big four banks make strides, but action still dangerously slow in a climate emergency
16 November 2023 All big four Australian banks have now released updated fossil fuel finance restrictions this year that have, to varying degrees, moved the dial on what they can’t finance going forward. But, like everything with the banks – the devil is in the...
NAB commits to future fossil finance restrictions, business as usual for next two years
10 November 2023 Yesterday NAB announced that from 1 October 2025 it will require the majority of fossil fuel companies to have Paris-aligned transition plans in place in order to provide additional lending. From that deadline, to get a corporate or project...
Westpac takes two steps forward, one big step back
8 November 2023 This week Westpac announced a host of new project finance restrictions for new and expanded fossil fuel projects, but also walked back a key policy that restricts finance to the companies developing them. In a disappointing regression on its...
CommBank avoids resolution, but warned it’s not off the hook on climate action
11 October 2023 Today, Commonwealth Bank faced questions from shareholders over the remaining gaps in its climate policy. This year, Market Forces, along with hundreds of shareholders decided not to file a resolution on climate-related risk at the CommBank AGM. This...
CommBank’s climate policy update leaves ANZ, NAB and Westpac in the dust
9 August 2023 This morning Commonwealth Bank announced a host of new fossil fuel finance restrictions, bringing Australia’s biggest bank closer to alignment with its commitments to the goals of the Paris Agreement and net zero emissions by 2050. Announcing a series of...
Banks finally dump Whitehaven Coal
In a win that's been a long time coming, news broke this week that Australia's largest independent coal miner Whitehaven Coal is currently unbankable. This is a major development that further proves the effectiveness of the people-powered movement to drive finance out...
Big four banks pour $7.6 billion into fossil fuel expansion
MEDIA RELEASE Tuesday 30 May: A new report by Market Forces reveals Australia’s big four banks have used smoke and mirrors to continue pouring billions of dollars into fossil fuel expansion. The report - Banking Climate Failure - finds ANZ, Commonwealth Bank of...
Big four banks loan $10.7 billion to coal since Paris Agreement
10 May 2023 Market Forces’ new analysis shows Australia’s big four banks – ANZ, Commonwealth Bank, NAB and Westpac – have loaned a combined $10.7 billion to the coal industry since the Paris Agreement was signed, with ANZ ($3.6 billion) and NAB ($3.3 billion) the...
Whitehaven rushing ahead with new coal mine, backed by NAB and Westpac
2 May 2023 Whitehaven Coal has announced plans to start production at a new coal mine this year, flying in the face of global efforts to limit warming to 1.5°C. What’s worse, the company is pursuing these plans with the financial backing of two of Australia’s biggest...