Home > NAB, ANZ and Westpac hit with climate risk shareholder resolutions

NAB, ANZ and Westpac hit with climate risk shareholder resolutions

10 October 2019

10 October 2019

Market Forces has lodged shareholder resolutions with NAB, ANZ and Westpac, calling on the three major banks to reduce their exposure to coal, oil and gas in line with the climate goals of the Paris Agreement.

The resolutions come after the major banks have continued to lend heavily to the fossil fuel sector, with exposures to coal mining and oil and gas extraction increasing alarmingly recently.

The resolutions ask for the banks to set targets to reduce exposure to fossil fuels in line with the Paris Agreement and will be voted on at the banks’ annual general meetings in December.

Commonwealth Bank did not receive a resolution after it produced an update to its environmental policy this year, committing to:

continue to reduce its thermal coal mining and coal-fired power generation exposures with a view to exiting the sector by 2030, subject to Australia having a secure energy platform.
only providing banking and financing activity to new oil, gas or metallurgical coal mining projects if they are in line with the goals of the Paris Agreement.

TAKE ACTION! Use the form below to tell ANZ, NAB and Westpac to get out of fossil fuels in line with the Paris Agreement!

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Your message to ANZ, NAB and Westpac
Dear ANZ, NAB and Westpac, Have you seen the commitment by Commonwealth Bank to be out of thermal coal mining and coal power by 2030? I’m writing to make sure you’re aware of just how far you are falling behind your competitor on climate change action, and urge you to match or better Commonwealth Bank’s commitment. It is imperative that we do everything possible to hold global warming to 1.5ºC. The decisions of major financial institutions will have a huge say in whether we achieve this critical goal. No other major Australian bank has declared its intent to reduce its thermal coal exposure to zero by 2030. This should be one of the simplest, most obvious commitments we should expect from all of the big banks. Another is to ensure we do not expand the scale of the fossil fuel industry. Commbank has said any new fossil fuel projects need to be demonstrated as consistent with the goals of the Paris Agreement. This is an opportunity to go one better. The Intergovernmental Panel on Climate Change clearly shows we need to reduce all fossil fuels, starting immediately, if we stand the best chance of limiting global warming. Even the head of the International Energy Agency has said we can not afford to build any new CO2 emitting infrastructure if we want to keep global warming below 2ºC, itself far too much warming to allow. So by ruling out any new fossil fuel projects of all types, you would be able to better the commitments made by Commonwealth Bank and be far more consistent with the Paris climate goals. I want to hear what you are planning to do on both of these points that will match or better the commitments made by Commonwealth Bank. Sincerely,
Your message to Commonwealth Bank
Dear Commbank, I’m writing to acknowledge the fact that, by committing to be out of thermal coal by 2030, you’re taking an important step to align your lending and investments with the goals of the Paris Agreement. This is a very positive step, which I hope will be the first of many over the coming months and years. It is imperative that we do everything possible to hold global warming to 1.5ºC. The decisions of major financial institutions will have a huge say in whether we achieve this critical goal. This sort of move has been a long time coming from Commonwealth Bank, and I hope we will also see the figures around your lending and exposure to all fossil fuels fall in line with the Paris climate goals. It is unfortunate that you make your commitment conditional on a secure energy platform. Obviously, everybody wants this outcome but Commbank should be as committed to creating a secure energy platform with investments in renewables, efficiency and storage as it is on exiting coal. And there’s nothing secure about runaway climate change. I am also unhappy that the bank is still willing to entertain the idea that any new fossil fuel project could be considered compatible with the Paris Agreement. The Intergovernmental Panel on Climate Change clearly shows we need to reduce all fossil fuels, starting immediately, if we stand the best chance of limiting global warming. Even the head of the International Energy Agency has said we can not afford to build any new CO2 emitting infrastructure if we want to keep global warming below 2ºC, itself far too much warming to allow. So while your coal exit plans are welcome, I will continue to watch and advocate the bank aligns all its lending and exposures with the Paris climate goals. Sincerely,
Yes, I want to hear more from Market Forces about this campaign
- Yes

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https://www.facebook.com/MarketForces/posts/1420337244785825

Fed up with flowery words in place of #climatechange action. We've just landed shareholder resolutions with @ANZ_AU, @NAB and @Westpac, calling for #coal, #oil & #gas exposures to fall in line with the #ParisAgreement. @CommBank being watched closely… https://t.co/EaTkw6toPY
— Market Forces (@market_forces) October 9, 2019