16 May 2019 | Joint release: No Coal Japan Japanese and international environmental NGOs welcomed Mitsubishi UFJ Financial Group (MUFG)’s release of its revised environmental and social policy framework, which now excludes finance to new coal power projects. Coming only days after Singapore’s three major banks also ended coal finance, … Read More
Media release: JBIC and commercial banks shamelessly agree to finance Van Phong 1, despite multiple unresolved issues
19 April 2019 The decision by the Japan Bank for International Cooperation (JBIC) and a consortium of commercial banks to finance the proposed Van Phong 1 coal-fired power station in Vietnam has been branded as shameless and cowardly by clean energy advocates. JBIC announced on its website that financing had … Read More
Media release: OCBC and DBS coal policies a game changer for Asian energy finance
Responding to the news that OCBC and DBS have, within two days of each other, signalled an end point to financing new coal power stations, Market Forces Executive Director Julien Vincent said: This week was a major game-changer for energy finance in the ASEAN region. The commitments by DBS and … Read More
OCBC bank ends new coal power lending, except for two projects in Vietnam
17 April 2018 OCBC’s chief executive officer Samuel Tsien said in an interview earlier this week that OCBC will not fund any more new coal – but will remain in two projects in Vietnam. Subscription news sources suggest these projects are Van Phong 1 and Vung Ang 2. “OCBC’s decision … Read More
Media Release: Market Forces welcomes QBE’s end to coal finance
Saturday 30 March, 2019: The announcement today by Australia’s largest insurer, QBE, to end its support for the coal industry has been welcomed by environmental finance group Market Forces. “QBE’s decision to withdraw insurance from the coal industry is business and environmental good sense,” said Market Forces campaigner Pablo Brait. … Read More
Media release: Shareholder resolution at QBE demands an end to fossil fuel masochism
Monday 4 March, 2019 Tomorrow, shareholders coordinated by Market Forces and publicly listed wealth manager Australian Ethical will lodge a shareholder resolution calling on QBE to set targets for reducing its investment and underwriting exposure to fossil fuels in line with the Paris Agreement goal of limiting global warming to … Read More
Media release: QBE faces new shareholder resolution in wake of continued climate failure
25 February 2019 Environmental finance campaigning group Market Forces has reacted furiously to QBE’s annual results, which document another year of losses from large catastrophes with no action on climate change. QBE breathed a sigh of relief as it posted a modest profit in 2018. But the company’s balance sheet … Read More
Media Release: World’s biggest insurers will not cover Adani Group’s Carmichael coal mine
Campaigners call on laggards to back UN climate targets andrefuse support for disastrous project Thursday 20 December 2018, 0001 Hours Central European Time Ten of the world’s foremost insurance companies will not provide support to develop the controversial Carmichael coal mine in Australia, following the lead set by many global … Read More
Media release: Reaction to Adani news of self-funding Carmichael project
29 November 2018 Reacting to the news that Adani has decided to self-fund the entirety of its Carmichael coal project, Market Forces Executive Director Julien Vincent said: This is an act of desperation from Adani, which knows the window of opportunity to build its Carmichael mega coal mine is rapidly … Read More
Media release: Korean Adani interest revealed in Freedom of Information request
Friday 5 October, 2018: A document released through Freedom of Information has revealed Korea responding positively to efforts by the Australian Government to promote Adani’s controversial Carmichael coal project. The document, sent from Seoul to Canberra in November 2016, follows a meeting between the Korean Export and Import Bank and … Read More