13 October 2021 As the International Energy Agency (IEA) prepares to publish the most detailed account of its Net Zero Emissions by 2050 scenario—in which there’s no room for expansion of the fossil fuel industry—Commonwealth Bank’s annual shareholder meeting saw its investors push for the bank to limit fossil fuel … Read More
CommBank waters down funding hurdle for fossil fuel expansion, gives climate-wrecking companies another 4 years
11 August 2021 Despite supporting the Paris Agreement and the goal of net zero by 2050, CommBank’s annual report—released today—watered down an existing (albeit ineffective) barrier to funding expansionary fossil fuel projects, and gave climate-wrecking companies at least another four years to continue with business as usual. The International Energy … Read More
Dirty money – political donations from the fossil fuel industry
1 February 2021 Prime Minister Scott Morrison was denied a speaking slot at the UN’s 2020 Climate Ambition Summit, and for good reason: Australia’s climate policy is one of the worst, and the rest of the world knows it. Far from being a wake-up call, just weeks ago the Federal … Read More
Mineral Resources pursues pathway out of line with 1.5°C
The Mineral Resource board made it clear at yesterday’s annual general meeting (AGM) that they would continue to pursue dirty oil and gas development despite their peer Fortescue Metals announcing a major move into renewable energy and green hydrogen. Mineral Resources is a lithium and iron ore mining company with … Read More
NAB confirms it will update stance on polluting oil and gas
11 November 2020 Today NAB released its sustainability report, failing to take the minimum steps needed now to align the bank’s finance activity with the Paris Agreement, while confirming it will update its stance on funding the dirty oil and gas sector by next year. NAB’s funding for the oil … Read More
NAB mealy-mouthed on 2030 thermal coal exit
5 November 2020 NAB’s full year results released today reveal the bank is “expected” to exit thermal coal mining by 2030, five years earlier than its inadequate official commitment to exit by 2035. NAB’s announcement last year that it would exit thermal coal mining by 2035 drew widespread criticism for … Read More
Westpac increases exposure to fossil fuel power generation
2 November 2020 Westpac’s full year results released today reveal the bank has reduced its exposure to fossil fuel mining and extraction while increasing it to coal and gas-burning power generation over the past year. Westpac’s 2020 Sustainability Performance Report also revealed for the first time the extent of the … Read More
ANZ commits to exit thermal coal, but rewards climate-destructive companies
29 October 2020 ANZ’s updated fossil fuel policy, released today, signalled an end to the bank’s involvement in thermal coal, but rewards the most climate-destructive companies and fails to move the needle on oil and gas. In its latest policy update, the bank has said it will: Reduce to zero … Read More
CommBank fails to gaslight shareholders over its gas lending at 2020 AGM
13 October 2020 Today’s annual general meeting (AGM) heard from Commonwealth Bank shareholders who clearly feel the bank isn’t living up to its climate claims and commitments, especially considering its funding for expansion of the gas industry. Gas lending incompatible with the Paris Agreement In August 2019, CommBank committed to … Read More
Media Release: ANZ, NAB face shareholder resolutions on climate action
ANZ and NAB called upon to reduce exposure to fossil fuels in line with the Paris Agreement’s climate change goals. Thursday 1 October 2020 Environmental finance organisation Market Forces is today lodging shareholder resolutions with ANZ and NAB. The resolutions call for a reduction in exposure to the fossil fuel … Read More