16 May 2020 The value of Australia’s fossil fuel producers has tanked over the last 10 years, a trend which has been exacerbated during the Covid-19 pandemic. We identified 11 companies in the top 300 listed on the Australian share market (ASX 300) whose sole business is producing coal, oil … Read More
Westpac sets thermal coal exit date, re-commits to Paris alignment
4 May, 2020 Westpac’s Climate Change Action Plan Update, released today, is another nail in the coffin for thermal coal, while the seriousness of the bank’s broader commitment to lend in line with the Paris Agreement climate goals will be revealed in time via its oil and gas lending. Westpac … Read More
Millions call on Westpac to end funding of fossil fuel expansions
15 April 2020 Market Forces has coordinated a letter signed by 52 organisations representing 4.2 million people from all over the world, calling on new Westpac CEO Peter King to end Westpac’s practice of loaning money to expansionary coal, oil and gas projects and companies. See the full letter here. … Read More
Westpac heavily favouring fossil fuels over renewables
11 April 2020 As you read this, Westpac is rewriting its climate change policy. And it clearly needs an upgrade. Since the Paris Agreement was reached, Westpac has loaned $5.4 billion to fossil fuels and only $2 billion to renewable energy technology. That means for every dollar Westpac loaned to … Read More
Bushfire survivors call on banks to stop funding climate crisis
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
Massive Sydney mural targets Westpac’s inadequate climate policies
9 March 2020 Market Forces has put up a powerful, 8 metre high mural on Sydney’s Elizabeth St in Surry Hills, targetting Westpac for its funding of coal, oil and gas projects, the industries most responsible for fueling the climate crisis and worsening bushfires. Since committing to the goals of … Read More
Massive Sydney mural targets Westpac’s inadequate climate policies
9 March 2020 Market Forces has put up a powerful, 8 metre high mural on Sydney’s Elizabeth St in Surry Hills, targetting Westpac for its funding of coal, oil and gas projects, the industries most responsible for fueling the climate crisis and worsening bushfires. Since committing to the goals of … 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
Increased coal and gas lending as Westpac approaches policy due date
5 March 2020 Australia has faced years of worsening bushfires, storms and drought since Westpac last announced a climate policy. This policy is obviously inadequate as the bank has sunk $5.4 billion into fossil fuels, including $846 million to projects that expand the scale of the industry, since it pledged … Read More
Market Forces launches UniSuper DIVEST campaign
13 January 2020 Market Forces has joined with academics, scientists, researchers and university employees across Australia to launch a major new campaign to pressure super fund, UniSuper, to divest billions of dollars of members’ retirement savings from fossil fuel companies driving the climate crisis. To mark the start of the … Read More