NAB, ANZ and Westpac are among 18 global banks that have loaned1 to a gas processing facility that paves the way for a carbon bomb at the scale of 15 coal power stations. The banks—including Japanese megabanks Mizuho, MUFG and SMBC, UK’s HSBC and Standard Chartered,...
NAB: withdraw investment in the Coastal GasLink pipeline
Despite its commitments to net-zero by 2050 and the Paris Agreement, NAB has continued pumping hundreds of millions of dollars into projects that expand the fossil fuel industry and the companies pursuing them. Last year, it loaned CA$117.5 million to the 670km...
NAB allows itself to continue funding new oil and gas amidst climate crisis
NAB’s updated oil and gas policy, released today, is a greenwashing exercise that allows it to continue funding expansion of the fossil fuel industry. In its latest policy update, the bank made a number of commitments that sound positive, but would have little or no...
Commbank wants to hear from its customers. Tell the bank: net-zero by 2050 means no new fossil fuels!
Just weeks after Commbank was rebuked over its fossil fuel funding at its annual shareholder meeting,[1] its CEO Matt Comyn has invited customers to “ask questions and share your ideas on ways we can support you, businesses and the community”. Customers can submit...
Spread the word about Commbank’s dirty fossil fuel funding
13 October 2021 Commonwealth Bank shareholders today gathered at the company’s virtual annual general meeting (AGM), where they held the bank to account for all manner of issues, key among which is Commbank’s continued heavy financing for dirty fossil fuels. In fact,...
Funding climate failure: how Australia’s big banks are undermining the Paris Agreement and net zero by 2050.
Adani loses 5th current insurer for its Carmichael coal project.
16 June 2021 In a victory for the #StopAdani movement and life on Earth, Ascot Group announced last week it has ruled out renewing its policy for the Adani Carmichael coal mine, once it expires in September this year.[1] This makes Ascot Adani's 5th current insurer to...
New legal opinion confirms super funds must manage climate risks
22 April 2021 Released today, a new legal opinion commissioned by Market Forces has confirmed super funds are legally required to understand and manage the material financial risks posed by climate change. The new legal advice from barristers Noel Hutley SC and James...
Hold-out Lloyd’s insurers increasingly isolated as MS Amlin says no to Adani
8 April 2021 This week, MS Amlin, the last of the top five Lloyd's insurers yet to commit to not insure the disastrous Adani Carmichael thermal coal project finally joined its competitors, with its CEO Johan Slabbert publishing the following statement on LinkedIn:...
Tell your super fund: Vote for climate action
1 April 2021 Over the coming weeks, your super fund has a number of huge opportunities to demand real climate action from some of Australia’s biggest gas companies, as well as globally-significant fossil fuel financiers and developers. By investing your retirement...