Media Release: Shareholders move to force Commbank to manage climate risk

28 August 2017 Shareholders have lodged a first-of-its-kind resolution with Commonwealth Bank that would embed climate change risk management into its constitution. It comes a month after shareholders began court proceedings against the bank over its failure to consider climate change as a material business risk. The resolution, coordinated by … Read More

Commbank out of Adani but still in deep on fossil fuels

UPDATE: 28 August 2017 Shareholders have lodged a resolution with Commonwealth Bank, proposing that directors should manage the company in line with the goal of holding global warming to less than two degrees. Read the Market Forces’ media release about the resolution.  View the resolution and supporting statement. 14 August … Read More

Media release: Commbank’s refusal to finance Adani coal mine

Commonwealth Bank’s confirmation that it will not be involved in financing the Carmichael coal mine leaves Adani in the highly improbable position of financing a major Australian project without the support of one of the “big four” banks. “It’s desperate measures now for Adani”, said Market Forces executive director Julien … Read More

Two degrees scorecard update

In December 2015, the Paris climate talks saw 195 nations agree to limit global warming to well below 2°C, compared with pre-industrial levels. In the lead up to Paris, ANZ, CommBank, NAB and Westpac all publicly championed the two degree limit, committing to support the transition to a low carbon … Read More

CommBank’s climate fail

Commonwealth Bank has been given FAIL grades in all four categories of a new study into international banks’ fossil fuel lending policies. With no publicly disclosed policies to restrict coal mining, coal power, LNG exports or extreme oil, Commonwealth Bank found itself at the bottom of a pile of 37 … Read More

Big banks loaned $10 billion to fossil fuels in 2016

6 March 2017 2016 was the first full year after the Paris agreement was signed, and since Australia’s big banks all committed to support the goal of holding global warming to well below 2ºC. So, how exactly did the banks go about backing up their 2°C commitments last year? Well, … Read More

CommBank faces backlash on fossil fuel lending

9 November 2016 In an unprecedented reaction against CommBank’s refusal to phase out their lending to coal, oil and gas projects, the bank’s Board was forced to endure extended questioning and a protest at their annual general meeting in Perth today. Many shareholders are obviously fed up and are demanding … Read More

Whitehaven: A lot to hide this AGM

28 October 2016 Yesterday Whitehaven Coal held their Annual General Meeting in Sydney. They obviously had a lot to hide. While most AGMs are filmed and broadcast, Whitehaven decided to record only the audio, and cut off recording completely before question time. To bring you up to speed Whitehaven is the company that, … Read More