This week the United Nations-convened Net Zero Banking Alliance (NZBA) overwhelmingly voted in favour of abandoning its commitment to “transition all…attributable GHG emissions from our lending and investment portfolios to align with pathways to net-zero by...
banks
Macquarie’s climate credentials up in smoke
By Kyle Robertson, Senior Banks Analyst, Market Forces. Macquarie Bank has sent shockwaves around the world quietly announcing it has quit the Net Zero Banking Alliance (NZBA) this week, taking the dubious honour of being the first major Australian financial...
Retail banks in Australia ‘burning our future’: pour $74 billion into fossil fuels
Tuesday 11 February: New Market Forces analysis finds 10 retail banks in Australia committed AU $74.4 billion in finance to fossil fuel companies around the world in 2023. The new report - The Dirty Ten: Banks in Australia still backing fossil fuels - also finds that...
Adaro’s climate destruction journey
A recap of the mounting pressures and reputational risks linked with Adaro’s controversial coal activities In 2023, Adaro published a “decarbonization journey” that supposedly would carry the company towards a green transformation. Although it has recently...
Super funds invest $39 billion in fossil fuel growth
MEDIA RELEASE Tuesday 28 May: A new Market Forces report reveals Australia’s top 30 super funds have more than $39 billion invested in companies globally with the biggest fossil fuel expansion plans. Investments in this group of 190 companies - dubbed The Climate...
NAB fails to address fossil fuel lending loopholes at 2022 AGM
16 December 2022 NAB faces shareholder backlash over continued support for new fossil fuels at 2022 AGM Today, National Australia Bank (NAB) faced a formal proposal from shareholders asking it to demonstrate how the company’s financing would not be used for the...
ANZ pulls the wool over investors eyes on climate at 2022 AGM
15 December 2022 Just over 8% of shareholders voted in favour of a formal proposal calling on the bank to demonstrate how its funding would not be used for new fossil fuel projects at today's annual general meeting. Last month, a UN High-level Expert Group confirmed...
Westpac’s ‘laughable’ greenwashing called out at 2022 AGM
14 December 2022 Over 10% of Westpac's shareholders defied the board to support a formal proposal calling on the bank to demonstrate how its funding won't be used for new fossil fuel projects at today’s annual general meeting (AGM) in Melbourne. The bank was also...
Malaysian banks need to dump coal for a safer climate
OPINION | Nabilla Gunawan, Indonesia Campaigner Everyday, I see thick, grey smog across Jakarta’s skyline. I see this coal pollution that kills people in my city, Jakarta. The climate crisis is much more than a distant concern on the horizon. Millions of people across...
Legal advice says Deutsche Bank breaching own coal policy by financing companies building new coal mines
10 August 2022 As a lender to Whitehaven Coal and Adani Enterprises, both companies investing heavily in expanding thermal coal mining, Deutsche Bank has been a financial institution of concern for some time. However the bank’s 2020 policy on thermal coal mining,...