By Kyle Robertson, Head of Research, Market Forces. People across Asia and Australia are experiencing another scorching season of deadly and terrifying wildfires, heatwaves and floods. The world has just endured the three hottest years on record according to the World...
Westpac
Emergency Leaders, shareholders warn Westpac: meet climate pledges
Emergency Leaders have joined shareholders warning Westpac has a duty to meet its climate commitments by ending finance for companies expanding coal, oil and gas, fuelling worsening bushfires, floods and deadly heatwaves. The warning from Emergency Leaders for Climate...
Big four banks fund major fossil fuel firms $43 billion in 10 years
Wednesday 12 November: New analysis by Market Forces finds that in the decade since the Paris Agreement was adopted to rein in climate change, Australia’s big four banks – ANZ, Commonwealth Bank, NAB, and Westpac – have provided AU$43.4 billion to the world’s major...
Westpac’s new climate plan betrays scientific reality
In-short: Westpac’s new climate plan, released late last week, is a massive backpedal on its previous position and puts it more on par with perennial climate laggard, ANZ. Westpac formerly had a clear requirement for oil and gas clients to produce a 1.5°C-aligned...
Retail banks in Australia ‘burning our future’: pour $74 billion into fossil fuels
Tuesday 11 February: New Market Forces analysis finds 10 retail banks in Australia committed AU $74.4 billion in finance to fossil fuel companies around the world in 2023. The new report - The Dirty Ten: Banks in Australia still backing fossil fuels - also finds that...
Westpac – Bank AGM Season 2024
Westpac held its 2024 AGM in Sydney on the 13th of December, and faced significant shareholder backlash for its failure to bring its fossil fuel finance policy in line with its commitments to the Paris Agreement.
Banks must bring in 2025 with a big bang for the climate
By Will van de Pol, Chief Executive Officer, Market Forces, clean energy finance advocacy organisation. What’s your New Year’s resolution? The Commonwealth Bank has made a groundbreaking resolution to stop funding coal, oil and gas companies without genuine plans...
Emergency Leaders, shareholders call on big four banks to end finance for new fossil fuels
Friday 13 December: Emergency Leaders have joined bushfire survivors and hundreds of shareholders calling on the big four Australian banks to end finance for companies expanding coal, oil and gas production. The calls by Emergency Leaders for Climate Action come as...
ANZ, NAB and Westpac still have no clear plan to stop financing fossil fuel expansion
ANZ, NAB and Westpac all released their annual Climate Reports last month, with mostly disappointing results. The key takeaway is that the door is still open for fossil fuel companies to keep receiving more finance for their climate destroying expansion plans. Take...
Big four Australian banks pour $3.6 billion into fossil fuels in 2023
MEDIA RELEASE Tuesday 16 July: A new report by Market Forces reveals Australia’s big four banks have poured more than AU$61 billion into fossil fuels since the global agreement to limit climate change was adopted in Paris over eight years ago. The analysis finds ANZ,...