Spread the word about Commbank’s dirty fossil fuel funding

13 October 2021

Commonwealth Bank shareholders today gathered at the company’s virtual annual general meeting (AGM), where they held the bank to account for all manner of issues, key among which is Commbank’s continued heavy financing for dirty fossil fuels. In fact, Market Forces supported shareholders to lodge a resolution that will be voted upon at today’s AGM, calling on the bank to rule out funding expansion of the climate-wrecking fossil fuel industry.

Commonwealth Bank has committed to the global goal of net zero emissions by 2050, even though the current state of climate science means we should be aiming for net-zero emissions far sooner. The International Energy Agency’s (IEA) recent Net Zero by 2050 report has given us the best insight yet of the rapid energy transition required to achieve this goal. The conclusion is clear: there is no room for new or expanded coal, oil and gas projects.

Despite this, Commonwealth Bank has continued undermining its own climate commitment by pouring billions of dollars into companies and projects that expand the fossil fuel industry. The projects pursued by these companies not only damage our climate, they also harm local communities and environments.

Will you help call out Commbank’s dirty fossil fuel funding and insufficient climate policy? Share the social media posts below!

Commonwealth Bank has fielded questions about its dirty fossil fuel funding and insufficient climate policy, from both inside and outside today’s AGM. We’re sharing these questions on social media as they come through, and updating this webpage so you can share them too.

To make it simple, here are a few tips to boost your impact:

• Retweet and share the Twitter and Facebook posts below.
• When sharing, add your own comment to boost your impact (it’s also fine to re-share without a comment).
  • Tailor your comment to the post below, reinforcing the point made or the question asked. (Hint: try to incorporate the talking points below wherever relevant.)
  • Keep your comment polite, personalised and to the point.
  • Tag Commonwealth Bank to make sure it sees your post (Twitter: @Commbank, Facebook: @commonwealthbank).
  • Tag Market Forces to make sure we see your post (Twitter: @Market_Forces, Facebook: @MarketForces).

Share these social media posts:

Talking points

Some other points your might want to make, or have up your sleeve if the bank replies to your comment:

• Commonwealth Bank has committed to both the Paris Agreement and the global goal of achieving net-zero emissions by 2050.
• The International Energy Agency’s (IEA) recent ‘Net Zero by 2050’ makes clear that achieving this goal leaves no room for new coal, oil and gas projects. Yet Commbank continues to fund new fossil projects, and the companies pursuing them.
• Between 2016 and 2020, Commbank loaned $2.4 billion to 9 major Australian companies undermining the Paris Agreement by pursuing projects that expand the fossil fuel industry, including AGL Energy, APA Group, Oil Search, Origin Energy and Santos.
• Commbank recently walked back its standing climate policy, opening the door to funding a broader range of new and expanded fossil fuel projects without needing to demonstrate these projects align with the Paris Agreement.

Learn more about the points above by visiting our ‘Funding Climate Failure’ webpage.

Make your own video

Already shared the posts above, and want to boost your impact further? Make your own video!

To make it simple, here are a few tips for formulating and boosting your message:

1. Write out your statement and question, including a self-introduction and context.

• What’s your name? Where are you from?
• Are you a Commonwealth Bank customer or shareholder? If so, consider including this to boost your impact.
• Why do you care about Commbank’s funding for fossil fuels? (Are you concerned that the companies funded by
• Commbank are driving worsening climate change? Has Commonwealth Bank funded a project impacting your community?)
• What do you want the bank to do? (Hint: see our talking points below. Consider telling Commbank to rule out funding companies seeking to expand the scale of the fossil fuel sector.)

2. Keep it succinct and polite. The bank will be more likely to listen to us if we’re respectful and clear in our ask.

3. Keep it short! People are more likely to watch short videos. Try to keep it under 1 minute.

4. Here’s an example script (make sure to personalise this!):

“Hi, my name’s Jane and I’ve been concerned about the impacts of the climate crisis for a while. The warmest six years have all been since 2015, with 2016, 2019 and 2020 being the top three. Australia has recently experienced some of its worst bushfires on record, as has California, while extreme weather devastated other parts of the world. I don’t want myself or my family living in a world devastated by climate extremes. We know that getting the climate crisis under control means there’s no room for new coal, oil and gas projects. Yet, far from ruling out investment in these activities, Commonwealth Bank has been lending billions to companies and projects expanding the scale of the fossil fuel sector. So on the day of its AGM, my question to Commbank is: when will you stop funding companies like Santos and Origin Energy, that are pursuing polluting fossil fuel projects our climate simply cannot afford?”

5. Post it to Twitter and Facebook along with a brief message. Make sure to tag Commonwealth Bank (Twitter: @Commbank, Facebook: @commonwealthbank), as well as Market Forces (Twitter: @Market_Forces, Facebook: @MarketForces) so we can see and share your video!

• Example message: “Here’s my message to @Commbank/@CommonwealthBank today, the day of its annual general meeting ⬇️ #StopFundingClimateDestruction”

6. See below for a comprehensive guide on how to make a stunning, effective video question for Commbank.

Talking points

Some other points your might want to include in your video:

• Commonwealth Bank has committed to both the Paris Agreement and the global goal of achieving net-zero emissions by 2050.
• The International Energy Agency’s (IEA) recent ‘Net Zero by 2050’ makes clear that achieving this goal leaves no room for new coal, oil and gas projects. Yet Commbank continues to fund new fossil projects, and the companies pursuing them.
• Between 2016 and 2020, Commbank loaned $2.4 billion to 9 major Australian companies undermining the Paris Agreement by pursuing projects that expand the fossil fuel industry, including AGL Energy, APA Group, Oil Search, Origin Energy and Santos.
• Commbank recently walked back its standing climate policy, opening the door to funding a broader range of new and expanded fossil fuel projects without needing to demonstrate these projects align with the Paris Agreement.

You can find more information about Commbank in our 2021 update to the big four scorecard.

Further tips on how to make good videos, and examples of them

Example of a great video