7 October 2020 AGL today refused to adopt a shareholder proposal to bring forward the closure of its coal fired power stations in line with the company's own analysis of closure dates required to meet the Paris Agreement's 1.5°C warming goal. Big investors, including...
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Super funds are slowly moving on climate action – are your retirement savings still invested in climate destruction?
6 October 2020 2020 has seen some significant shifts in how super funds are dealing with climate change and the risks it poses, resulting in hundreds of millions of dollars being withdrawn from some of Australia’s dirtiest companies. Millions more Australians no...
Media Release: ANZ, NAB face shareholder resolutions on climate action
ANZ and NAB called upon to reduce exposure to fossil fuels in line with the Paris Agreement’s climate change goals. Thursday 1 October 2020 Environmental finance organisation Market Forces is today lodging shareholder resolutions with ANZ and NAB. The resolutions call...
NAB to review oil & gas policy after competitors commit to tighten lending to the sector
14 September 2020 NAB has announced it will review its policy relating to finance for oil & gas within the next 6-12 months. The bank’s CEO Ross McEwan disclosed NAB’s intentions on Friday afternoon as part of a House of Representatives Economics Committee...
BHP’s new emission targets fail to meet 1.5°C ambition
10 September 2020 BHP, one of the 20 largest historical contributors to global greenhouse gas emissions, this afternoon announced targets to reduce its operational emissions by 30% by 2030. This falls short of the ~42% reduction that would be required to align with a...
Adani forced to haul its own coal, driving up the cost of Carmichael
10 September 2020 Under the veil of the newly created Bowen Rail Company, Adani will be self-transporting Carmichael coal from pit to port. It appears that Adani tried to hide this development, with the new company’s website and media communications not mentioning...
Media release: ANZ to ditch companies without a climate plan
Will this mean it says 'no' to a $500m loan to gas company Santos? 9 September 2020 ANZ CEO Shayne Elliot says the bank will drop customers who fail to develop low carbon transition plans. Speaking at ANZ’s 2020 ESG briefing yesterday, Elliot said: "But if we get to a...
Five Korean creditors dump Adani’s Abbot Point as judge orders $106m payment to customers
28 August 2020 Market Forces and Bushfire Survivors...
Dear companies, your fossil fuel support is a reputational ticking time bomb
24 August 2020 When the response finally came through from engineering consultancy GHD’s Chairman on 5 July 2019, it was fairly typical, “Please contact Adani directly on any matters that may relate to their business activities.” The company that had been providing...
Suncorp out of oil and gas drilling, leaving QBE isolated
21 August 2020 Suncorp has sent a clear message that it will not be a part of the Federal Government's gas expansion plans, with an updated policy released today that bans the company from investing in, financing and insuring new and additional oil and gas exploration...