18 October 2018 Wildfires tore through the Napa Valley in October 2017, devastating the Californian wine industry. As the hills went up in flames, the estates owned and operated by Treasury Wine Estates (TWE) miraculously survived with only minor damage. The fires, widely linked to climate change, were a focus … Read More
Northern Territory traditional owners challenge Origin Energy’s board on fracking consent
17 October 2018 Traditional owners travelled all the way from the Northern Territory for Origin Energy’s annual general meeting (AGM) today in Sydney to challenge the company that wants to frack their land. Since the Northern Territory scrapped its fracking ban in April, Origin have doubled down on their efforts … Read More
Orora yet to fully unpack climate change risk
16 October 2018 Even if you’ve never heard of Orora, you’ve probably come across the company before. You might have used their packaging when drinking beer or a bottle of wine – they’re a large packaging company that produce glass bottles, aluminum cans, and other packaging equipment. They’re also one … Read More
Climate risk disclosure: Transurban still in the slow lane
“…we don’t consider it [climate change] to be one of the significant business risks or financial risks for Transurban” Marcus Laithwaite, auditor 11 October 2018 You might not have heard of the company, but chances are you’ve driven on one of their roads. Transurban operates major tollways in Australia … Read More
Magellan can’t see risks to its own business
Magellan Financial Group’s (MFG) deputy investment officer Dominico Giuliano recently made statements in the media about the need for accurate climate risk disclosure. At its annual general meeting (AGM) today, however, the company seemed to think that climate change risks didn’t apply to them Serious oversight Earlier this year, Giulano publicly scolded some … Read More
Meeting Paris Agreement goals is not a matter for ASX board
4 October 2018 With its high proportion of coal and gas producers, the ASX All Australian 50 index has been rated the most exposed market to potential stranded [fossil fuel] assets. These are coal, oil and gas reserves that cannot be burnt if we want to stay well below two degrees … Read More
World first legal case alleges REST breached duties over climate risk
Remember Mark McVeigh, the 23 year old taking his super fund to court over climate change risk? Well Mark has just taken his action to the next level. Mark and his legal team, including our friends at Environmental Justice Australia, have just updated their claim to allege REST breached its … 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
Who’s coming clean on climate risk?
10 September 2018 If you’ve been following our work closely over the last couple of years, you’ll know we’ve put a lot of effort into forcing companies to come clean on the financial risks they face from climate change. If this is news to you, you may want to have … Read More
Investing in the Dark
Australia’s largest companies are making painfully slow progress towards climate risk disclosure, demonstrating a need for increased action from investors and regulators. Since March, while companies’ reporting on climate risk governance has significantly improved, very little movement has occurred on some of the integral ‘strategy’ elements of climate risk disclosure. The … Read More