22 March 2022 According to a note published on 14 March, Adani has indicated to the Moody’s ratings agency that it is failing to find an external source to refinance the US$500m of bonds maturing in December of this year, issued by its coal port North Queensland Export Terminal (or … Read More
Hostplus net zero announcement meaningless without immediate action on fossil fuel investments
15 March 2022 Today, Hostplus announced its commitment to a net zero emissions investment portfolio by 2050. However, the fund has failed to announce any near term steps or interim targets towards that goal, and remains a laggard with no policies to cut investments in companies expanding the coal, oil … Read More
Cbus and Media Super merger: Combined fund must go further on climate action
4 March 2022 Cbus and Media Super announced merger plans last year, and have now set a completion date. However, each fund takes a different approach to climate change, and the question that remains to be answered for members of both funds is this: what will this merger mean for … Read More
Solidarity with Ukraine, and shame on the institutions investing our money in the invasion
Market Forces stands in solidarity with the people of Ukraine, who have been subjected to a brutal and illegal invasion perpetrated by the Russian military. We are also appalled that the custodians of our money, governments and financial institutions, have used it to invest in Russian companies – especially oil … Read More
Win! Credit Suisse rules out Whitehaven Coal
Climate-wrecking coal company Whitehaven Coal received a $1 billion loan in February 2020 from a group of major banks, including European investment bank Credit Suisse. Late last year, Credit Suisse updated its policy on thermal coal mining, clearly excluding Whitehaven from any further funding. This makes Credit Suisse the first … Read More
Woodside’s climate ‘plan’ full of hot air
17 February 2022 Reacting to Woodside’s Climate Report released today, Market Forces Asset Management Campaigner Will van de Pol said, “Woodside’s three point ‘plan’ to address its gargantuan scope 3 emissions profile amounts to nothing more than more hot air.” “Investors must see through the greenwash and demand the company … Read More
Super funds still undermining climate goals, despite $1 trillion shift out of coal
15 February 2022 New research from Market Forces reveals every major super fund in the country continues to undermine the Paris Agreement and net zero by 2050 climate goals by investing in companies expanding the scale of the fossil fuel industry. However, the research shows some movement, with super funds … Read More
Woodside and Santos face shareholder resolutions to manage down oil and gas production
11 February 2022 Market Forces has worked with Woodside and Santos shareholders to formally call on Australia’s two largest, and rapidly growing, oil and gas producers to manage down production in line with a net zero emissions by 2050 pathway. The resolutions, which will be voted on at the companies’ … Read More
Will GLAS shatter its reputation on Adani’s coal port?
In November 2021, after a short and sharp public backlash, the Bank of New York Mellon (BNYM) became the 104th company to cut ties with Adani’s disastrous Carmichael coal project. For many years, BNYM was playing a specialised role as the security trustee for the debt linked to Adani’s coal … Read More
Convex rules out insuring Adani’s mega mine and all new thermal coal production
4 February 2022 Earlier this week, UK and Bermuda-based Convex Insurance published a statement confirming it “will not insure the construction or operation of any new thermal coal mine and/or its dedicated infrastructure”. This commitment means Convex has ruled itself out of ever insuring the disastrous Adani Carmichael thermal coal … Read More