15 August 2019 Whitehaven Coal, Australia’s biggest pure-play coal miner, has once again trumpeted coal demand projections based on a scenario that would see the utter failure of the Paris Agreement. “Whitehaven Coal’s plans to massively increase coal production seem to be based on the presumption that the world will … Read More
Media release: AGL management rejects climate resolution
8 August 2019 AGL’s management today advised shareholders to reject a resolution calling on the company, Australia’s largest greenhouse gas emitter, to reduce emissions in line with the climate goals of the Paris Agreement. “AGL’s argument against a common sense shareholder resolution appears to reject the science, which tells us … Read More
Media release: Commbank out of thermal coal by 2030
New fossil fuel projects must prove carbon compliance Wednesday 7 August 2019 In today’s commitment, made in the bank’s new Environmental and Social Framework, to exit thermal coal by 2030, Commonwealth Bank has issued a stark warning to industry and policy-makers that coal has no place in Australia’s future. Commonwealth … Read More
Media release: Suncorp dumps thermal coal
26 July 2019 In response to Market Forces lodging a shareholder resolution, Suncorp has revealed it is exiting the thermal coal sector, meaning there are now no Australian insurers willing to underwrite new thermal coal mines and power stations. A Suncorp spokesman told InsuranceNews, “Suncorp does not directly invest in, … Read More
Media release: Suncorp shareholders demand phase out of fossil fuel exposure
Thursday, 25 July 2019 Market Forces has lodged a shareholder resolution on behalf of over 100 Suncorp shareholders, calling on the insurer to set targets to reduce its investment and underwriting exposure to coal, oil and gas in line with the Paris Agreement’s goal of limiting global warming to 1.5 … Read More
Media release: Chubb’s coal policy has an Australia-sized loophole
July 9, 2019 Chubb’s new restrictions on its underwriting and investments in thermal coal have come under attack from Australia, as groups there call upon the insurer to clarify its stance on the controversial Adani Carmichael coal project. Chubb’s policy rules out underwriting new risks from companies that receive more … Read More
Media release: Japan’s MUFG commits to end financing for new coal projects, NGOs call for further steps
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
18 April 2019 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 … 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
