In an attempt to justify continued investment in climate wrecking oil and gas producers Woodside, Santos and Origin, HESTA announced today it had asked the impossible of those companies, requesting they demonstrate how their new or proposed fossil fuel projects fit...
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Lockton rejects Adani’s Carmichael coal mine
26 August 2022 Adani continues to face difficulties managing insurance coverage for its climate-wrecking Carmichael thermal coal project. Would-be insurance broker Lockton has revealed to Market Forces that it never signed the letter of appointment it was sent by...
Shareholders demand coal wind down plan from Whitehaven
Media release: 25 August 2022 - For Immediate Release Market Forces and Whitehaven Coal shareholders have filed a resolution, calling on one of Australia’s largest coal miners to wind down its production in line with global climate goals. The resolution points out the...
Santos sanctions another new project incompatible with 1.5°C
17 August 2022 Australia’s second biggest oil and gas producer, Santos, has today announced a final investment decision on the new Pikka Phase 1 oil project in Alaska. The decision comes despite the International Energy Agency’s warning that no new oil fields should...
Super funds can stop fuelling the climate change fire
OPINION | Brett Morgan, Superannuation Funds Campaigner At long last, some superannuation funds are taking a stand to end investment in companies expanding fossil fuels. Yet most funds are prolonging the life of industries that are driving us towards irreversible...
Commonwealth Bank faces shareholder resolution after climate policy leaves door open to fossil fuel expansion
MEDIA RELEASE: Wednesday 10 August 2022 Environmental finance campaigning organisation Market Forces has responded to Commonwealth Bank of Australia’s latest climate report and targets with a shareholder resolution, calling on the bank to ensure its financing no...
Legal advice says Deutsche Bank breaching own coal policy by financing companies building new coal mines
10 August 2022 As a lender to Whitehaven Coal and Adani Enterprises, both companies investing heavily in expanding thermal coal mining, Deutsche Bank has been a financial institution of concern for some time. However the bank’s 2020 policy on thermal coal mining,...
HESTA’s investments in Santos and Woodside may be a breach of the law
The Environmental Defenders Office has sent HESTA a legal letter on behalf of HESTA members Rod and Sue. The letter states that HESTA’s investments in Santos and Woodside could be in breach of the fund's obligations to manage climate risk. The letter also claims...
Westpac: climate change commitments one week, financing climate-wreckers the next?
2 August 2022 Last week, Westpac announced it was joining the Net-Zero Banking Alliance and made some further climate change commitments that still fail to demonstrably align with the Paris Agreement’s goals. As Westpac made the announcement, another part of the...
Is your super fund’s ‘sustainable’ option invested in companies expanding the fossil fuel industry?
21 July 2022 In response to member concerns over their super fund’s investments in climate wrecking companies, funds often point members to their ‘sustainable’ investment options. However, new analysis from Market Forces reveals some of these options are failing to...