21 January 2023 It was ten years ago today that New Matilda published an article called “ANZ funds big coal boom”, describing ANZ’s recent coal deals and warning that the bank may well become involved in financing new coal mines and export projects in Australia. That...
Adani repays massive coal port debt out of own pocket
Ratings agency Moody’s has confirmed (paywalled) that Adani Group has had to pay back the US$500m of bonds issued by its NQXT coal port (formerly Adani Abbot Point Terminal) from its own pocket. The bonds matured on 15 December 2022. NQXT, situated in the Great...
Lloyd’s and Probitas1492 named as Adani Carmichael coal insurers
Coal Action Network and Money Rebellion groups held a rally outside Probitas1492’s London office last Wednesday, calling on it to rule out any further insurance for Adani’s climate-wrecking Carmichael coal project in Australia. This rally follows insider information...
NAB fails to address fossil fuel lending loopholes at 2022 AGM
16 December 2022 NAB faces shareholder backlash over continued support for new fossil fuels at 2022 AGM Today, National Australia Bank (NAB) faced a formal proposal from shareholders asking it to demonstrate how the company’s financing would not be used for the...
ANZ pulls the wool over investors eyes on climate at 2022 AGM
15 December 2022 Just over 8% of shareholders voted in favour of a formal proposal calling on the bank to demonstrate how its funding would not be used for new fossil fuel projects at today's annual general meeting. Last month, a UN High-level Expert Group confirmed...
Westpac’s ‘laughable’ greenwashing called out at 2022 AGM
14 December 2022 Over 10% of Westpac's shareholders defied the board to support a formal proposal calling on the bank to demonstrate how its funding won't be used for new fossil fuel projects at today’s annual general meeting (AGM) in Melbourne. The bank was also...
New Hope shuts out shareholders at its 2022 AGM
24 November 2022 New Hope’s 2022 annual general meeting (AGM) descended to new lows this year, with very limited accessibility for shareholders. A site visit for shareholders to the company’s Bengalla mine scheduled before the AGM was also cancelled. The company held...
Aware Super member sends legal letter on fund’s vote against climate action
21 November 2022 An Aware Super member sent a legal letter to the fund last week, raising concerns that Aware failed to understand and properly consider its vote on a crucial request for climate action at the recent Commonwealth Bank annual general meeting and...
NAB gets dangerously close to climate policy breach
NAB, which has committed to net-zero emissions by 2050 and the goals of the Paris Agreement, today released its inaugural Climate Report and once again failed to commit to ruling out financing companies building new fossil fuel projects. NAB said it will be...
Westpac sees climate impacts, increases fossil fuel exposure
Westpac, which has committed to net-zero emissions by 2050 and the goals of the Paris Agreement, revealed an 11% increase in FY22 of its overall exposure to fossil fuels, with the increases attributed to customers in the coal rail transportation, LNG terminal, and oil...