New fossil fuel projects must prove carbon compliance Wednesday 7 August 2019 In today’s commitment, made in the bank’s new Environmental and Social Framework, to exit thermal coal by 2030, Commonwealth Bank has issued a stark warning to industry and policy-makers...
Suncorp and QBE abandon coal but are still undermining Paris Agreement
Volunteers outside QBE's head office in Sydney, 2018 1 August 2019 The insurance sector globally is waking up to the fact that if it wants to avoid the growing impact on its profits caused by the climate crisis, it needs to stop providing insurance to and investing in...
Market Forces’ take on BHP’s latest climate commitments
31 July 2019 Last week, BHP Billiton CEO Andrew Mackenzie made a speech in London that grabbed global headlines for two main reasons: The language he used made it clear that, even if BHP has a long way to go on addressing climate risk, there’s no doubt that the...
Media release: Suncorp dumps thermal coal
26 July 2019 In response to Market Forces lodging a shareholder resolution, Suncorp has revealed it is exiting the thermal coal sector, meaning there are now no Australian insurers willing to underwrite new thermal coal mines and power stations. A Suncorp spokesman...
Macquarie’s slow progress leaves room for gas expansion
25 July 2019 Macquarie Group’s annual general meeting today saw the company face community and shareholder backlash over its advisory role on the huge Rio Grande liquefied natural gas (LNG) project in the United States. While Macquarie has made some good progress on...
Media release: Suncorp shareholders demand phase out of fossil fuel exposure
Thursday, 25 July 2019 Market Forces has lodged a shareholder resolution on behalf of over 100 Suncorp shareholders, calling on the insurer to set targets to reduce its investment and underwriting exposure to coal, oil and gas in line with the Paris Agreement’s goal...
Adani’s engineers GHD stay silent on coal mine work
The Alpha test coal pit above was the first in the Galilee Basin. GHD is working on the engineering design for Adani's nearby Carmichael coal mine project. Credit: Andrew Quilty 15 July 2019 The engineering consultancy managing the design of Adani’s Carmichael coal...
Stuck in the pipeline: Vietnam’s coal projects stall while renewables surge
August 2019 Fifty-seven per cent of Vietnam's planned coal power capacity has faced repeated delay, with postponements to 93% of the projects financed by private, often foreign investors, under the "build-operate-transfer" model. Across the projects, investors are...
Media release: Chubb’s coal policy has an Australia-sized loophole
July 9, 2019 Chubb’s new restrictions on its underwriting and investments in thermal coal have come under attack from Australia, as groups there call upon the insurer to clarify its stance on the controversial Adani Carmichael coal project. Chubb’s policy rules out...
Banks could accidentally fund Carmichael coal via Adani bond issue
8 July 2019 In early July 2019 Adani issued US$1billion in bonds for one part of its business (Adani Ports and Special Economic Zone), which nine major banks invested in. This company operates several ports in India. Unfortunately, the evidence shows that the Adani...