18 March 2019 Aurecon, a major consultancy working for Adani’s Abbot Point coal port, is taking Orwellian corporate spin to a new level by telling university students and its own staff it is not working on the disastrous Adani Carmichael project. It justifies this line by conveniently re-defining the project … Read More
Shareholders pressure QBE to end fossil fuel support
Today, shareholders coordinated by Market Forces together with the $2.85 billion investment manager Australian Ethical, lodged a resolution calling on QBE Insurance to set targets that reduce its investment in and underwriting of coal, oil and gas companies, in line with keeping global warming below 1.5C. This move comes off … Read More
QBE‘s climate credibility up in smoke
25 February 2019 QBE’s 2018 annual report, released today, disappointingly reveals the insurer will be doing absolutely nothing about its support for dirty fossil fuels for at least two more years – shredding any credibility the company had left when it comes to managing climate risk. This is despite its … Read More
QBE targeted over fossil fuel support as Australia burns
4 February 2019 As Australians suffer under record-breaking extreme temperatures, bushfires and floods, Market Forces has launched an outdoor advertising campaign demanding Australia’s major global insurance company end its support for the fossil fuel companies driving global warming. Thanks to donations from Market Forces supporters, the billboard on the City … Read More
Our Future: clean energy a test for banks’ rehabilitation
Today’s release of the Royal Commission’s report into the financial services industry will chronicle the recent misconduct of the major banks and plot a course for how the industry can restore some integrity. It’s going to be a long road back, but one opportunity for redemption comes in the role banks can play reshaping our energy landscape.
Friends in high places: fossil fuel political donations
February 2019 Every year, Australian governments and their departments spend billions of dollars of your money to help more coal, gas and oil to be extracted and burned. Favourable decisions include: Meanwhile, drought and extreme temperatures are fast becoming the new normal and annual carbon emissions were up by 0.6% … Read More
Is your super paying for Adani’s coal mine?
A search of Australian Super’s investments has shockingly revealed that it holds $9 million worth of shares in Adani Ports and Special Economic Zone Ltd – one of the Adani group of companies. This is the same Adani that has been fighting tooth and nail to get the disastrous Carmichael … Read More
HSBC’s cynical coal policy leaves Bangladesh, Vietnam and Indonesia open for business
HSBC’s coal power policy, released at its April 2018 AGM, boldly states it will not finance new coal-fired power plants, with some exceptions. It will still finance projects in Bangladesh, Vietnam and Indonesia, with further limits on the carbon intensity and financial close dates of the projects. The countries HSBC … Read More
Standard Chartered tries to have it both ways on coal
Op-ed by Julien Vincent, executive director Market Forces Published in Asia Times, 21 January 2019 While 2018 climate-change news was dominated by President Donald Trump’s announcement of the United States’ intention to withdraw from the Paris Climate Agreement, it was also a year when the financial sector continued its inexorable march … Read More
Incitec Pivot: 4°C warming = selling more fertiliser
December 2018 Incitec Pivot is an Australian multinational corporation that manufactures fertiliser, explosives, chemicals, and delivers mining services. At its annual general meeting yesterday, chairman Paul Brasher was asked if the board support the goals of the Paris climate agreement. Brasher refused to take a stance saying: “Our position is … Read More