Shareholders: help hold CommBank to account

UPDATE 26 June 2020 150 Commonwealth Bank shareholders, led by Guy and Kim Abrahams, have written to the bank, demanding answers over apparent breaches of the bank’s climate policy. Read about the action and CommBank’s initial response here. Original post – 28 May 2020 Commonwealth Bank shareholders are demanding answers … Read More

Climate scepticism remains at the top of AMP

Last week in the USA, JPMorgan Chase announced the demotion of former Exxon CEO and architect of climate denial, Lee Raymond, from his previous lead director role. Yet in Australia, the head of AMP David Murray stays in his position of chairman despite having previously disputed the science of climate … Read More

Westpac sets thermal coal exit date, re-commits to Paris alignment

4 May, 2020 Westpac’s Climate Change Action Plan Update, released today, is another nail in the coffin for thermal coal, while the seriousness of the bank’s broader commitment to lend in line with the Paris Agreement climate goals will be revealed in time via its oil and gas lending. Westpac … Read More

The investors helping Woodside weather one crisis but not the other

28 April 2020 Woodside Energy is Australia’s largest gas producer, with a focus on liquefying and exporting gas, a fossil fuel the use of which cannot be expanded if we’re to limit global warming to 1.5°C. Woodside is headquartered in Western Australia, where most of its projects are located, including … Read More

Millions call on Westpac to end funding of fossil fuel expansions

15 April 2020 Market Forces has coordinated a letter signed by 52 organisations representing 4.2 million people from all over the world, calling on new Westpac CEO Peter King to end Westpac’s practice of loaning money to expansionary coal, oil and gas projects and companies. See the full letter here. … Read More

Westpac heavily favouring fossil fuels over renewables

11 April 2020 As you read this, Westpac is rewriting its climate change policy. And it clearly needs an upgrade. Since the Paris Agreement was reached, Westpac has loaned $5.4 billion to fossil fuels and only $2 billion to renewable energy technology. That means for every dollar Westpac loaned to … Read More

Bushfire survivors call on banks to stop funding climate crisis

20 March 2020 Today, anyone leafing through the pages of the Australian Financial Review can’t have missed this powerful ad on page 15: The Bushfire Survivors for Climate Action group has sent an open letter to the major Australian banks calling on them to stop funding new fossil fuel projects … Read More

Adani looking for Abbot Point investors

12 March 2020 Adani is asking investors to back the Abbot Point coal export terminal for the next seven years through a new bond. With take-or-pay contract protection now largely expired, whoever invests is placing a massive bet about the Carmichael coal project going ahead, but some key aspects of … Read More

Australia’s major banks keep on fueling the climate crisis

Big banks fueling the climate crisis

7 March 2020 The latest data on bank lending to fossil fuels over the last four years shows that Australia’s major banks continue to undermine the Paris Agreement and global action on the climate crisis by lending to dirty fossil fuels. Westpac, Commbank, ANZ and NAB collectively poured a massive … Read More