Since January 2016, just after expressing support for the climate goals of the Paris Agreement, Australia’s major banks did something our climate simply cannot afford; they poured billions of dollars into projects and companies expanding the scale of the fossil fuel industry. Despite warnings from economists and scientists that our … Read More
Hesta dumps thermal coal, commits to net-zero portfolio
26 June 2020 $52 billion health industry super fund Hesta today announced it will fully divest from companies deriving more than 15% of revenue from coal that is used for energy generation, known as thermal coal. The fund has also committed to “reducing the absolute carbon emissions in its investment … Read More
IEA’s ‘sustainable recovery’ document undermines its leader’s climate ambition
19 June 2020 Yesterday the International Energy Agency (IEA), an autonomous policy adviser to the world’s governments, released its ‘sustainable recovery plan‘ in response to COVID-19. The plan focused on “quantify[ing] the economic and job-creation potential of building a more resilient and cleaner energy sector” and encouraged governments to take … Read More
Adani loses another banker as bushfire survivors call on creditors to walk away
19 June 2020 South African bank Investec has become the 68th major company to rule out involvement in the controversial Adani Carmichael coal project, while also distancing itself from Adani’s Abbot Point coal port, despite arranging a bond issue for the port back in 2017. This comes just as Abbot … Read More
Liberty Mutual, HDI/Talanx and Aspen revealed as Adani’s insurers
UPDATE 19 June 2020 All four of the insurers named in the article last week as underwriters for the Adani Carmichael project are now out! Aspen has confirmed it will not renew its insurance policies covering the Carmichael coal project. Read the news here. It is not yet known when … Read More
Matarbari coal power plants: Japanese companies threaten communities and climate in Bangladesh
12 June 2020 In the wake of the fiercest storm Bangladesh has experienced this century, Japanese financial institutions and coal developers are trying to push three new coal power stations, fuelling extreme weather and climate change. Locals on remote Matarbari Island on the southeastern coast of Bangladesh are still dealing … Read More
Marsh & McLennan present greenwash at AGM
28 May 2020 Marsh and McLennan’s 183-word ‘Client engagement principles’ is not a climate policy, it is greenwash. Last week Marsh & McLennan (MMC), Adani’s insurance broker Marsh’s parent company, held its 2020 annual general meeting (AGM). Following months of intense pressure in the lead-up to the AGM, not only … Read More
Shareholders: help hold CommBank to account
UPDATE 26 June 2020 150 Commonwealth Bank shareholders, led by Guy and Kim Abrahams, have written to the bank, demanding answers over apparent breaches of the bank’s climate policy. Read about the action and CommBank’s initial response here. Original post – 28 May 2020 Commonwealth Bank shareholders are demanding answers … Read More
FAR Ltd betting against Paris climate goals
27 May 2020 FAR Ltd is an oil and gas exploration company, with one major project nearing development: the Sangomar oil field off Senegal’s coast. With the company’s entire business model predicated on new oil and gas developments that cannot be burned in a 1.5°C warming scenario, Market Forces has … Read More
Adelaide Brighton investors must demand Paris-aligned targets
19 May 2020 In response to questioning from shareholders at its annual general meeting today, Australian construction material company Adelaide Brighton suggested its weak emission reduction targets could be stepped up to align with the Paris climate goals over the coming year. Investors must now use their position to hold … Read More