9 August 2023 This morning Commonwealth Bank announced a host of new fossil fuel finance restrictions, bringing Australia’s biggest bank closer to alignment with its commitments to the goals of the Paris Agreement and net zero emissions by 2050. Announcing a series of firsts for a major Australian bank, these … Read More
Warning sent to Commonwealth Bank ahead of crucial climate policy update
4 July 2023 Today Commonwealth Bank will receive hundreds of copies of a joint statement, calling on the bank to end all financing for new and expanded fossil fuels in its upcoming climate policy update. The statement, coordinated by Market Forces and endorsed by 35 civil society organisations, including the … Read More
Big four banks pour $7.6 billion into fossil fuel expansion
MEDIA RELEASE Tuesday 30 May: A new report by Market Forces reveals Australia’s big four banks have used smoke and mirrors to continue pouring billions of dollars into fossil fuel expansion. The report – Banking Climate Failure – finds ANZ, Commonwealth Bank of Australia, NAB and Westpac provided a … Read More
Big four banks loan $10.7 billion to coal since Paris Agreement
10 May 2023 Market Forces’ new analysis shows Australia’s big four banks – ANZ, Commonwealth Bank, NAB and Westpac – have loaned a combined $10.7 billion to the coal industry since the Paris Agreement was signed, with ANZ ($3.6 billion) and NAB ($3.3 billion) the worst offenders. In recent years, … Read More
Australia’s big four banks face human rights complaint over Santos Barossa financing
5 April 2023 Tiwi Islands and Larrakia Traditional Owners have lodged formal complaints alleging the big four Australian banks – ANZ, Commonwealth Bank, NAB and Westpac – and a host of international financiers breached their human rights commitments by participating in a $1.5 billion loan to Santos, related to the … Read More
Fake dead dolphins delivered to big four banks over Santos oil disaster
MEDIA RELEASE Thursday 23 February 2023: The big four Australian banks – ANZ, Commonwealth Bank, NAB and Westpac – have received a special delivery of ‘dead’ inflatable dolphins for financing oil and gas giant Santos, which allegedly killed marine life in a major oil spill. The dolphins are being delivered … Read More
Aware Super member sends legal letter on fund’s vote against climate action
21 November 2022 An Aware Super member sent a legal letter to the fund last week, raising concerns that Aware failed to understand and properly consider its vote on a crucial request for climate action at the recent Commonwealth Bank annual general meeting and demanding answers from the fund. Aware … Read More
Were your retirement savings used to block climate action?
18 October 2022 Last Wednesday was a very sad day for climate action. Almost 95% of Commonwealth Bank’s shareholders – including our super funds – voted against a critical request for the bank to stop financing new and expansionary fossil fuel projects. We’re devastated at this abject failure by big … Read More
CommBank chair says companies without transition plans by 2025 “un-bankable” at 2022 AGM
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