Norwegian sovereign wealth fund pulls $3 billion out of AGL, BHP and South32

The Norwegian government’s decision to tighten the Government Pension Fund Global’s (GPFG) coal exclusion criteria will see the world’s richest sovereign wealth fund withdraw a combined AU$3 billion from AGL, BHP and South32. The announcement comes at a particularly bad time for AGL, just days after the company’s share price … Read More

AGL reaffirms closing Liddell coal-fired power station by 2022

26 September 2018 Today energy giant AGL faced angry community representatives and shareholders at its annual general meeting (AGM) in Melbourne. Most of question time was taken up by the Western Port community voicing their concerns over Crib Point, with the board becoming visibly frustrated at having to engage with the … Read More

Another year, another $1m in political donations from fossil fuel companies

1 February 2018 Malcolm Turnbull’s personal donation of $1.75 million around the time of the 2016 Federal election may have grabbed all the headlines, but the ongoing contributions to political parties by Australia’s largest fossil fuel companies may explain why our climate policies are so appallingly weak. Fossil fuel companies … Read More

Shareholder Action 2017

Market Forces is working with shareholders to put climate change on the agenda of Australia’s biggest companies, and getting some great results. Below are some highlights from annual general meetings held in the second half of 2017. 19 December 2017 Click to read our full write up of the ANZ … Read More

AGL shareholders back Liddell closure, call for rapid coal exit

27 September 2017 At AGL’s annual general meeting (AGM) today in Melbourne, 126 shareholders, collectively holding a position in the company worth $5.4 million, delivered a statement, supporting the board’s decision to close its Liddell coal power station in 2022. The shareholders asked that the board reaffirm these plans, a move … Read More

AGL shareholder statement on Liddell power station

19 September 2017 In recent weeks AGL has been criticised for its plan to close the Liddell power station in 2022, with pressure applied by the Prime Minister, his government and coal industry representatives to extend the life of the power station. These criticisms are deeply unhelpful and the work … Read More

Tell the big banks: Don’t cave on dirty coal finance!

18 September, 2017 News this morning has highlighted the utter lunacy of the current state of the energy ‘debate’ in Australia, with Trevor St Baker, Chairman of Delta Electricity, calling on the government to pressure banks to keep lending to dirty power stations like the ones he owns. We need … Read More

How renewable are the “Big Three” energy retailers?

Figures correct at 30 June, 2016 AGL, Origin Energy and Energy Australia are known as the “big three” electricity companies, dominating the Australian energy retailing industry. While all three claim to be supporters of renewable energy, AGL, Origin and Energy Australia all still rely heavily on fossil fuels for the vast … Read More

Allianz, world’s largest insurer, dumps coal

24 November 2015 Allianz Investment Management, the money management arm of the largest insurer in the world, has committed to divesting coal from their portfolios. The firm manages in excess of EUR 600 billion of assets covering the liabilities of the insurer. In an interview with broadcaster ZDF, Chief Investment … Read More