Tuesday 13 March 2018 An international coalition of civil society organisations has written to SMBC, Mizuho and MUFG, warning of the risks associated with financing the 1,200MW Nghi Son 2 coal-fired power plant in Thanh Hoa province, Vietnam. The project is sponsored by Marubeni and the Korea Electric Power Corporation (KEPCO). SMBC, … Read More
Media release: Standard Chartered breaches own climate change commitment, funds coal plant in Vietnam
Friday 9 February 2018 The London-based bank Standard Chartered is reportedly in line to co-finance the planned 1,200MW Nghi Son 2 coal-fired power plant in Thanh Hoa province, Vietnam. It is understood that the sponsors of the plant are seeking to finalise key financial agreements by the end of March … Read More
Media release: Singaporean banks blowing smoke on climate
A new analysis from environmental finance group Market Forces shines a light for the first time on Singaporean banks’ continued funding of the coal industry, despite public pronouncements on climate action. Market Forces analysed data relating to the lending activity of Singapore’s big three banks, Oversea-Chinese Banking Corporation (OCBC), DBS … Read More
Media release: Response to Origin greenhouse gas reduction target
14 December 2017 Response to Origin Eraring coal-fired power plant closure announcement – Market Forces “While the headlines seem laudable, Origin is doing no more than closing Eraring on its 50-year use-by date.” “In fact given that Eraring makes up approximately 70% of Origin’s overall emissions, the company is committing to … Read More
Media release: NAB’s coal mining exclusion raises the bar for its competitors
14 December 2017 NAB’s new coal mining risk appetite statement goes further than any other major Australian bank by ruling out lending to new thermal coal mines or extensions, according to environmental finance advocates Market Forces. “NAB has lifted the bar above its competitors by becoming the first major bank … Read More
Media release: Fourth major Chinese bank walks away from Adani mega mine
Wednesday 13 December, 2017: China Merchants Bank today provided a statement to environmental finance campaigning group Market Forces, confirming it will have no part in the proposed Adani Carmichael coal mine. The bank replied to a letter outlining an array of concerns with the proposed project and the corporate record … Read More
Media Release: Industrial and Commercial Bank of China not funding Adani Carmichael coal mine
Reacting to the news that the Industrial and Commercial Bank of China has clarified it has no plans to arrange finance for the Adani Carmichael coal mine, Market Forces Executive Director Julien Vincent said: “Two of Adani’s biggest remaining hopes for finance for its proposed Carmichael coal mine are now gone. … Read More
Media release: Commbank confirms coal exit
Chairperson Catherine Livingstone will use today’s AGM to confirm Commonwealth Bank’s exit from investment in coal. In a statement submitted to the ASX and soon to be delivered at the AGM, Ms Livingstone says “our coal funding is comparatively small and has been trending down for some time. We expect … Read More
Media Release: Climate change spurs Medibank fossil fuel divestment
Monday 13 November, 2017: Medibank’s announcement it will divest tens of millions of dollars from fossil fuels due to the ‘health effects of climate change’ has been welcomed by environmental finance group Market Forces. The decision came today in an ASX statement in advance of the health insurer’s Melbourne AGM, … Read More
Media Release: Shareholders move to force Commbank to manage climate risk
28 August 2017 Shareholders have lodged a first-of-its-kind resolution with Commonwealth Bank that would embed climate change risk management into its constitution. It comes a month after shareholders began court proceedings against the bank over its failure to consider climate change as a material business risk. The resolution, coordinated by … Read More