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
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
Getting out of coal can’t save CommBank scrutiny at its AGM
16 October 2019 In August, Commonwealth Bank took a major step forward when it committed to get out of thermal coal by 2030, a commitment that no other major bank has so far made. Today, shareholders showed their appreciation for this commitment, but quickly moved to hold the bank to … Read More
NAB, ANZ and Westpac hit with climate risk shareholder resolutions
10 October 2019 Market Forces has lodged shareholder resolutions with NAB, ANZ and Westpac, calling on the three major banks to reduce their exposure to coal, oil and gas in line with the climate goals of the Paris Agreement. The resolutions come after the major banks have continued to lend … Read More
Win! Commbank out of thermal coal by 2030!
7 August 2019 Great news! Commonwealth Bank has become the first in Australia to signal an end to thermal coal exposure! In its latest policy update, the bank has said it will: continue to reduce its thermal coal mining and coal-fired power generation exposures with a view to exiting the … Read More
Media release: Commbank out of thermal coal by 2030
New fossil fuel projects must prove carbon compliance Wednesday 7 August 2019 In today’s commitment, made in the bank’s new Environmental and Social Framework, to exit thermal coal by 2030, Commonwealth Bank has issued a stark warning to industry and policy-makers that coal has no place in Australia’s future. Commonwealth … Read More
Big four banks increase their fossil fuel exposure
January 2019 Australia’s major banks have been getting back into fossil fuels over the last year, casting doubt on their seriousness in tackling climate change through their investments. This study compares the banks’ reported exposures to fossil fuels and renewable energy from 2017 to 2018, finding some very worrying trends. … Read More
CommBank and NAB fund massive new LNG terminal despite 2°C commitments
8 June 2018 Last week we released our Banks 2° Scorecard 2018, an updated account of how the actions of Australia’s big four banks are tracking (or not) to their stated support of the Paris Agreement goal to limit global warming to well below 2°C, compared with pre-industrial levels. Market … Read More
Media release: Commbank confirms coal exit
Chairperson Catherine Livingstone will use today’s AGM to confirm Commonwealth Bank’s exit from investment in coal. In a statement submitted to the ASX and soon to be delivered at the AGM, Ms Livingstone says “our coal funding is comparatively small and has been trending down for some time. We expect … Read More