12 October 2022 Today, Commonwealth Bank faced a formal proposal from shareholders asking it to demonstrate how the company’s financing would not be used for the purposes of new or expanded fossil fuel projects. Despite trying to appear to be acting on climate change, the bank and its leadership were … Read More
Big four Australian banks face shareholder climate backlash at AGMs
MEDIA RELEASE Tuesday 11 October 2022: Shareholder resolutions have been lodged with ANZ, NAB and Westpac calling on the banks to stop financing coal, oil and gas expansion. The resolutions, lodged by hundreds of shareholders and coordinated by environmental finance organisation Market Forces, follow one that will go to a … Read More
Santos sanctions another new project incompatible with 1.5°C
17 August 2022 Australia’s second biggest oil and gas producer, Santos, has today announced a final investment decision on the new Pikka Phase 1 oil project in Alaska. The decision comes despite the International Energy Agency’s warning that no new oil fields should be developed beyond those approved as of … Read More
Commonwealth Bank faces shareholder resolution after climate policy leaves door open to fossil fuel expansion
MEDIA RELEASE: Wednesday 10 August 2022 Environmental finance campaigning organisation Market Forces has responded to Commonwealth Bank of Australia’s latest climate report and targets with a shareholder resolution, calling on the bank to ensure its financing no longer enables the expansion of the fossil fuel industry. The Commonwealth Bank (CBA) … Read More
Commbank wants to hear from its customers. Tell the bank: net-zero by 2050 means no new fossil fuels!
Just weeks after Commbank was rebuked over its fossil fuel funding at its annual shareholder meeting,[1] its CEO Matt Comyn has invited customers to “ask questions and share your ideas on ways we can support you, businesses and the community”. Customers can submit their questions online, which will be considered … Read More
Commonwealth Bank rebuked over fossil fuel funding at AGM
13 October 2021 As the International Energy Agency (IEA) prepares to publish the most detailed account of its Net Zero Emissions by 2050 scenario—in which there’s no room for expansion of the fossil fuel industry—Commonwealth Bank’s annual shareholder meeting saw its investors push for the bank to limit fossil fuel … Read More
Tell Commbank: net-zero by 2050 = no new fossil fuels
13 October 2021 Commonwealth Bank shareholders are today gathering at the company’s virtual annual general meeting (AGM), where they’ll hold the bank to account for all manner of issues, key among which is Commbank’s continued heavy financing for dirty fossil fuels. In fact, Market Forces supported shareholders to lodge a … Read More
CommBank waters down funding hurdle for fossil fuel expansion, gives climate-wrecking companies another 4 years
11 August 2021 Despite supporting the Paris Agreement and the goal of net zero by 2050, CommBank’s annual report—released today—watered down an existing (albeit ineffective) barrier to funding expansionary fossil fuel projects, and gave climate-wrecking companies at least another four years to continue with business as usual. The International Energy … Read More
Media Release: CommBank to face shareholder resolution over failed climate commitments
Wednesday 11 August 2021 As the IPCC issues a fresh warning of the devastating consequences of the climate crisis and the narrowing window to avoid catastrophe, Commonwealth Bank (CBA) has today released an updated policy which weakens and undermines its own existing climate commitments. As a result, a resolution is … Read More