Dirty and Dark – political donations from the fossil fuel industry

1 February 2023 The Australian Government continues to support fossil fuel exploration and development in Australia, despite 2021 modelling by the International Energy Agency (IEA), confirmed again in late 2022, which finds that there can be no new coal, oil or gas projects if the world is to achieve zero … Read More

Ten years. A thank you message from the founder of Market Forces.

21 January 2023 It was ten years ago today that New Matilda published an article called “ANZ funds big coal boom”, describing ANZ’s recent coal deals and warning that the bank may well become involved in financing new coal mines and export projects in Australia. That was Market Forces’ first … Read More

Adani repays massive coal port debt out of own pocket

Ratings agency Moody’s has confirmed (paywalled) that Adani Group has had to pay back the US$500m of bonds issued by its NQXT coal port (formerly Adani Abbot Point Terminal) from its own pocket. The bonds matured on 15 December 2022. NQXT, situated in the Great Barrier Reef World Heritage Area, … Read More

Lloyd’s and Probitas1492 named as Adani Carmichael coal insurers

Stop Adani human sign townsville

Coal Action Network and Money Rebellion groups held a rally outside Probitas1492’s London office last Wednesday, calling on it to rule out any further insurance for Adani’s climate-wrecking Carmichael coal project in Australia. This rally follows insider information obtained by Market Forces indicating Lloyd’s of London insurer Probitas 1492 is … Read More

NAB fails to address fossil fuel lending loopholes at 2022 AGM

16 December 2022 NAB faces shareholder backlash over continued support for new fossil fuels at 2022 AGM Today, National Australia Bank (NAB) faced a formal proposal from shareholders asking it to demonstrate how the company’s financing would not be used for the purposes of new or expanded fossil fuel projects. … Read More

ANZ pulls the wool over investors eyes on climate at 2022 AGM

Australia New Zealand Bank

15 December 2022 Just over 8% of shareholders voted in favour of a formal proposal calling on the bank to demonstrate how its funding would not be used for new fossil fuel projects at today’s annual general meeting. Last month, a UN High-level Expert Group confirmed what many experts have … Read More

Westpac’s ‘laughable’ greenwashing called out at 2022 AGM

14 December 2022 Over 10% of Westpac’s shareholders defied the board to support a formal proposal calling on the bank to demonstrate how its funding won’t be used for new fossil fuel projects at today’s annual general meeting (AGM) in Melbourne. The bank was also grilled over the community costs … Read More

New Hope shuts out shareholders at its 2022 AGM

New Hope Group's Bengalla coal mine, 2014.

24 November 2022 New Hope’s 2022 annual general meeting (AGM) descended to new lows this year, with very limited accessibility for shareholders. A site visit for shareholders to the company’s Bengalla mine scheduled before the AGM was also cancelled. The company held its 2022 AGM in the regional New South … Read More