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
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
Bendigo & Adelaide customers in drought, bank still won’t spell it out
30 October 2018 Bendigo and Adelaide Bank is the fifth largest retail bank in Australia and among the top 100 ASX-listed companies. They have a fairly clean record when it comes to fossil fuel investments as they don’t lend to projects in the coal and coal seam gas sectors. But … Read More
WIN! Standard Chartered rules out new coal…. everywhere!
25 September 2018 Standard Chartered bank today updated its policy on lending to power generation, ruling out new coal power plants anywhere in the world. It confirmed the bank would no longer directly finance “any new coal-fired power plant projects, including expansions, in any location”. This marks a massive shift … 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
Cooper Energy: receiving funding from ANZ
At the Cooper Energy annual general meeting board members asserted they were conscious of environmental impacts, however they were unable to give specific details about their plans as they weren’t yet formulated. Managing Director, David Maxwell, also announced a drastic change in the company’s asset portfolio from 100% crude oil reserves … Read More
Big banks still nearly $30 billion exposed to coal, oil and gas extraction
All four of Australia’s major retail banks have now reported their 2017 full year results and it is clear they are still heavily invested in fossil fuels. Collectively, ANZ, Commonwealth Bank, NAB and Westpac are exposed to coal mining and oil & gas extraction to the tune of $28.9 billion. … Read More
Media Release: Coal funding dries up but $17bn funneled to fossil fuels by ‘Big Four’ banks since Paris Agreement
Monday 24 July, 2017: New analysis from environmental finance group Market Forces today reveals Australia’s Big Four banks have lent $17 billion dollars to expand the fossil fuel industry since declaring their commitment to the Paris Climate Agreement of keeping the world well below two degrees warming. The projects financed equate to … Read More
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