18 August 2021 Woodside yesterday announced its plan to acquire BHP's global portfolio of oil and gas assets, which would roughly double the company's fossil fuel production capacity. In payment, Woodside will issue new shares amounting to 48% of the combined...
Blog
Coal miner insurance mutual a desperate and dangerous attempt to prolong coal
13 August, 2021, for immediate release Market Forces has responded to today’s news of coal mining companies seeking to establish a new mutual fund to insure Australian coal mining operations by calling on reinsurers, insurance brokers, and governments to refuse to...
‘Deepwater BHP’ faces shareholder resolution to manage down its fossil fuel operations
Wednesday 11 August, 2021: Environmental finance group Market Forces has lodged a resolution with BHP on behalf of more than 100 shareholders, calling on the company to manage down its fossil fuel production in line with its stated support for net-zero emissions and...
CommBank waters down funding hurdle for fossil fuel expansion, gives climate-wrecking companies another 4 years
11 August 2021 Despite supporting the Paris Agreement and the goal of net zero by 2050, CommBank’s annual report—released today—watered down an existing (albeit ineffective) barrier to funding expansionary fossil fuel projects, and gave climate-wrecking companies at...
Media Release: CommBank to face shareholder resolution over failed climate commitments
Wednesday 11 August 2021 As the IPCC issues a fresh warning of the devastating consequences of the climate crisis and the narrowing window to avoid catastrophe, Commonwealth Bank (CBA) has today released an updated policy which weakens and undermines its own existing...
State Bank of India still considering loan to “fully funded” Adani coal project
5 August 2021 In November 2020, Indian media reported that the State Bank of India (SBI) was considering a A$1 billion loan for Adani’s Carmichael thermal coal project. People all over the world took immediate action, leading to international news headlines and a...
Adani is doubling down on coal, investors and bond arrangers must act
30 July 2021 In mid-July Adani Electricity Mumbai issued US$300m worth of “sustainability-linked” bonds - a form of general corporate finance which carry no obligation to be directed towards sustainable projects and can be issued by any company willing to report on...
Macquarie fails to rule out funding fossil fuel projects incompatible with net zero
29 July 2021 Major Australian financial institution Macquarie was today challenged by shareholders and communities over its support for the oil and gas industry, and inconsistencies between this support and its commitment to net zero emissions by 2050. Just weeks...
Adani’s dishonest attempt to cool coal-to-plastics controversy debunked
26 July 2021 Recently, the news of Adani’s next toxic venture - a coal-to-PVC plant - broke in the media. According to Adani’s own submission to the Indian Government, the plant will use 3.1 million tonnes of coal per year to make PVC plastic with the coal...
ASIC investigation requested into New Hope statements
21 July 2021 Australian coal company New Hope has a track-record of dodging questions about the material financial risks to its business from climate change. That’s why this week EDO Australia, on behalf of Market Forces, wrote to the Australian Securities and...