UniSuper’s slow, quiet progress on fossil fuel divestment not good enough

UniSuper’s new climate risk report suggests the fund has continued quietly selling down its investments in Australia’s largest gas producer, Woodside, and to a lesser extent, fellow climate-wrecking oil and gas expander, Santos. Despite mergers and share price changes that would have seen UniSuper’s exposure to these companies increase substantially … Read More

Seems financial institutions can divest after all

1 April 2022 The flight of capital from the Russian economy since the invasion of Ukraine has torn many of the finance sector’s arguments against fossil fuel divestment to shreds. In this devastating case of the invasion of Ukraine, investor action has come far too late. For years, and especially … Read More

Win! Credit Suisse rules out Whitehaven Coal

The monstrous Maules Creek coal mine, destroying swathes of the Leard State Forest, NSW. Image courtesy of the Lock the Gate Alliance

Climate-wrecking coal company Whitehaven Coal received a $1 billion loan in February 2020 from a group of major banks, including European investment bank Credit Suisse. Late last year, Credit Suisse updated its policy on thermal coal mining, clearly excluding Whitehaven from any further funding. This makes Credit Suisse the first … Read More

NAB: withdraw investment in the Coastal GasLink pipeline

WetWet'suwet'en solidarity - Coastal GasLink pipeline

Despite its commitments to net-zero by 2050 and the Paris Agreement, NAB has continued pumping hundreds of millions of dollars into projects that expand the fossil fuel industry and the companies pursuing them. Last year, it loaned CA$117.5 million to the 670km climate-wrecking Coastal Gaslink pipeline in Canada. Based on … Read More

New legal opinion confirms super funds must manage climate risks

22 April 2021 Released today, a new legal opinion commissioned by Market Forces has confirmed super funds are legally required to understand and manage the material financial risks posed by climate change. The new legal advice from barristers Noel Hutley SC and James Mack builds on a previous opinion they … Read More