Media release: Fossil fuel lending by Australian banks tops AU$35bn

New Market Forces analysis – Funding Climate Failure Wednesday 8 July, 2020: Despite repeated pledges and policies to the contrary, Australia’s big four banks have once again increased funding to the expansion of the fossil fuel industry over the past year. The figures mean fossil fuel lending has topped $35.5 … Read More

Westpac sets thermal coal exit date, re-commits to Paris alignment

4 May, 2020 Westpac’s Climate Change Action Plan Update, released today, is another nail in the coffin for thermal coal, while the seriousness of the bank’s broader commitment to lend in line with the Paris Agreement climate goals will be revealed in time via its oil and gas lending. Westpac … Read More

Adani faces debt bill as Abbot Point refinancing fails

15 April 2020 The deteriorating financial state of the Adani Group and its Abbot Point coal export terminal raise serious questions about the ability of Adani to keep using its own money to finance the much-delayed Carmichael coal mine and rail line. Three major debts of Abbot Point are due … Read More

Millions call on Westpac to end funding of fossil fuel expansions

15 April 2020 Market Forces has coordinated a letter signed by 52 organisations representing 4.2 million people from all over the world, calling on new Westpac CEO Peter King to end Westpac’s practice of loaning money to expansionary coal, oil and gas projects and companies. See the full letter here. … Read More

Westpac heavily favouring fossil fuels over renewables

11 April 2020 As you read this, Westpac is rewriting its climate change policy. And it clearly needs an upgrade. Since the Paris Agreement was reached, Westpac has loaned $5.4 billion to fossil fuels and only $2 billion to renewable energy technology. That means for every dollar Westpac loaned to … Read More

Westpac Shareholder action

As you read this, Westpac is rewriting its climate change policy. And it clearly needs an upgrade. Shareholders have a powerful voice and you can use this form to contact the head of Westpac’s investor relations now. Tell Westpac to set a policy that aligns with keeping global warming below … Read More

Bushfire survivors call on banks to stop funding climate crisis

20 March 2020 Today, anyone leafing through the pages of the Australian Financial Review can’t have missed this powerful ad on page 15: The Bushfire Survivors for Climate Action group has sent an open letter to the major Australian banks calling on them to stop funding new fossil fuel projects … Read More

Australia’s major banks keep on fueling the climate crisis

Big banks fueling the climate crisis

7 March 2020 The latest data on bank lending to fossil fuels over the last four years shows that Australia’s major banks continue to undermine the Paris Agreement and global action on the climate crisis by lending to dirty fossil fuels. Westpac, Commbank, ANZ and NAB collectively poured a massive … Read More