22 December 2020 The State Bank of India (SBI) is facing a growing backlash from finance sector firms, after news broke last month that it is seriously considering a A$1 billion loan to the controversial and destructive Adani Carmichael coal project. SBI’s potential...
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Investors rebuke NAB over fossil fuel funding at AGM, despite government threats
18 December 2020 As members of the Australian government seek to launch a probe into the legality of banks divesting from fossil fuels, NAB’s annual shareholder meeting saw its investors push for the bank to further limit funding in line with the Paris Agreement. In...
As Lloyd’s of London moves away from coal is this the final nail in the coffin for Adani’s access to insurance?
17 December 2020 Under pressure from the #StopAdani and #InsureOurFuture campaigns, Lloyd’s of London has just told its insurers to exclude new insurance for thermal coal mining, tar sands and arctic drilling by 2022 and phase out all insurance cover for these fossil...
State Bank of India staff reject its proposed loan to Adani coal
17 December 2020 Over 90% of respondents to Market Forces’ State Bank of India (SBI) staff survey would oppose the public bank’s lending of A$1 billion to Adani’s Australian mega-mine. This puts SBI’s management on a collision course with its employees if it ends up...
ANZ held to account for climate inaction at AGM
16 December 2020 Following the release of a lacklustre update to its climate policy in October, today's ANZ annual general meeting (AGM) saw the bank's board held to account for the gap between rhetoric and action on climate change. However, perhaps the bank wasn’t as...
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Westpac 2020 AGM: funding climate failure is the ‘sweet spot’
11 December 2020 Westpac’s board knew they would be facing tough questions from shareholders at today’s annual general meeting (AGM) given the banks’ continued funding for Australia’s most climate-destructive companies, including Whitehaven Coal and Santos. The bank’s...
New Hope’s largest shareholder says it doesn’t need to think about net-zero by 2050
9 December 2020 The largest shareholder of Australian thermal coal mining company New Hope, Washington H Soul Pattinson, fielded a number of shareholder questions on the shift away from coal-fired power generation required to avoid the worst impacts of climate change....
HSBC can help stop the State Bank of India from funding the Adani Carmichael coal mine. But will it?
9 December 2020 Since reports surfaced that the State Bank of India (SBI) is considering lending almost A$1billion to Adani’s Carmichael mega-mine, backlash against the loan has spread through the finance sector. Blackrock, the world’s largest asset manager, and...
Despite record hurricane season, Bermuda’s insurers still backing coal
7 December 2020 2020’s Atlantic hurricane season has been by far the worst ever recorded. On November 10, Theta became the 29th named storm, surpassing the record from 2005, with three weeks of the official hurricane season still to go. Scientists say the links...