27 May 2020 FAR Ltd is an oil and gas exploration company, with one major project nearing development: the Sangomar oil field off Senegal’s coast. With the company’s entire business model predicated on new oil and gas developments that cannot be burned in a 1.5°C warming scenario, Market Forces has … Read More
Fossil fuel investments tanking
16 May 2020 The value of Australia’s fossil fuel producers has tanked over the last 10 years, a trend which has been exacerbated during the Covid-19 pandemic. We identified 11 companies in the top 300 listed on the Australian share market (ASX 300) whose sole business is producing coal, oil … Read More
Caltex still has no emission targets or fossil fuel exit plans
14 May 2020 Caltex claims to support the Paris climate goals, but still has not set any targets to bring down its greenhouse gas emissions, or transition away from its fossil fuel operations. The company today told shareholders it plans to continue investing in its oil refining business, which has … Read More
Huge gains in investor support for real climate action at Rio Tinto
7 May 2020 37% of Rio Tinto’s shareholders today voted in favour of a shareholder proposal calling on the mining giant to set Paris-aligned targets to reduce its greenhouse gas emissions, including those generated by the use of its products. Given Rio Tinto’s board opposed the proposal, the vote represents … Read More
Oil Search must abandon oil and gas expansion
1 May 2020 Oil Search, Australia’s third largest pure play oil and gas company, today told shareholders its current strategic review will lead the company to “settling on a strategy that is consistent with the interests of shareholders.“ Company Chair Richard Lee went on to say, “we wouldn’t set in … Read More
Woodside fights historic investor demand for Paris-alignment
30 April 2020 A record-breaking 50% of Woodside Petroleum’s investors today voted in favour of a shareholder proposal calling on the company to align with the Paris climate goals. This is an incredible result, considering the Woodside board’s vehement opposition to the resolution. Coordinated by the Australasian Centre for Corporate … Read More
Super funds continue to block climate action
23 April 2020 Major super funds in Australia are continuing to vote, on behalf of their members, against the majority of shareholder proposals that would improve companies’ climate risk management. By investing our retirement savings in company shares, super funds get a say in how those companies are run. Our … Read More
ANZ grilled on climate inaction and secret coal plan
17 December 2019 Coal lending was on the agenda two weeks before ANZ’s annual shareholder meeting in Brisbane today, as revelations hit the news that ANZ had a secret plan to slash its thermal coal mining loans by 75% (representing more than $700 million) by 2024. The secrecy of the … Read More
Westpac: a laggard on climate change
12 December 2019 Westpac’s board knew they would be facing fired-up shareholders at today’s annual general meeting (AGM) but perhaps weren’t prepared to bear the weight of responsibility for the impacts on communities and customers fighting the climate crisis. Amid its recent scandals, the board was forced to address the … Read More
Senex: company statements on the Paris Agreement are hollow
18 November 2019 Senex, an Australian oil and gas company, states in its annual report that the company “recognises and accepts the science of climate change and fully supports the objectives of limiting global temperate rise as agreed by governments in the 2015 Paris Agreement.” It seems, however, from the … Read More