Emergency Leaders have joined shareholders warning Westpac has a duty to meet its climate commitments by ending finance for companies expanding coal, oil and gas, fuelling worsening bushfires, floods and deadly heatwaves.
The warning from Emergency Leaders for Climate Action comes as Westpac faces a resolution lodged by more than 100 shareholders and Market Forces at its annual general meeting in Sydney, requiring the bank to prove how its fossil fuel finance aligns with global climate goals.
Since October this year, any financial support from Westpac to companies ramping up coal, oil and gas expansion is a contravention of its publicly stated commitments to the Paris Agreement.
Yet Westpac has been backsliding, pushing the myth that new gas mining is necessary in the shift to renewable energy and continuing to fund companies including Woodside, Santos and BP to pursue a new wave of fossil fuel expansion.
Greg Mullins AO AFSM, Founder of Emergency Leaders for Climate Action said:
“I’ve been fighting fires for over 50 years and I’m seeing conditions escalate incredibly, supercharged by the burning of coal, oil and gas.”
“I’m gobsmacked that 10 years after the Paris Agreement was signed, Westpac is making green promises but still supporting the expansion of coal, oil and gas. It’s no longer just immoral, it’s economically reckless.”
“Climate change is one of the biggest threats to our economy and the housing market that banks love so much. You’d think Westpac would be more concerned about protecting homes than fuelling fires that destroy them.”
Morgan Pickett, Senior Banks Analyst, Market Forces, said:
“Westpac brands itself as a climate champion, but behind the spin it is financing companies like Santos, Woodside and BP and their fossil fuel expansion, putting Australians in the firing line of deadly fires, cyclones and flooding.”
“Westpac has betrayed its shareholders and customers by scrapping its science-based climate policy and replacing it with one so full of loopholes it looks like Swiss cheese.”
“CommBank and NAB have ruled out funding for reckless oil and gas producers while Westpac is doing dirty deals, risking a safe future and stable economy.”
Three of the world’s major investors – including the AU$464 billion New York City Pension Fund, Norway’s biggest pension fund, AU$140 billion KLP and largest asset manager, AU$184 billion Storebrand – have backed the Market Forces shareholder resolution calling on the bank to confirm that its funding for coal, oil and gas is aligned with its stated commitments to the climate goals of the Paris Agreement.
Last year major global investors including New York City Pension Systems, Fidelity International and UBS along with Australia’s three largest superannuation funds, Australian Super, Australian Retirement Trust and Aware Super voted in favour of a similar resolution resulting in a record 34% vote demanding Westpac discloses how its fossil fuel financing is aligned with global climate goals.
Shareholders have joined with Market Forces and Australian Ethical to file resolutions at Westpac and ANZ, demanding the banks demonstrate how their finance for fossil fuel companies is aligned with global climate goals.
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