For immediate release, 17 February 2020 Market Forces has announced it will lodge a shareholder resolution calling on global insurer QBE to get its underwriting and investment activities in line with keeping global warming below 1.5 degrees. The resolution coincides with another year of high catastrophe costs and QBE’s recognition … Read More
Too little, too late: NAB’s new climate policy an exercise in greenwash
15 November 2019: NAB’s Sustainability Report, released today, is little more than greenwash and a recipe for climate catastrophe, says environmental finance group Market Forces. In particular, its central announcement to exit thermal coal mining by 2035 is a clear example of too little too late, falling short of time … Read More
Media release: AXIS Capital withdraws from Adani rail line insurance deal
3 October 2019 In a further blow to Adani, US-based insurer AXIS Capital has withdrawn from a bid to insure the construction of the Carmichael rail line. AXIS’ move makes it the 15th major insurer and 58th company to refuse to support the construction of Adani’s coal mine and railway … Read More
Media Release: Rio Tinto to face shareholder resolution as BHP sets Paris-aligned ‘scope 3’ emission reduction goals
Thursday 12 September, 2019: Following BHPs confirmation that the public goals it will release next year for its “Scope 3” greenhouse gas emissions will be aligned with the Paris Agreement, externally verified and time-bound, environmental finance group Market Forces is turning its attention to rival miner Rio Tinto. Market Forces … Read More
Media release: AGL management rejects climate resolution
8 August 2019 AGL’s management today advised shareholders to reject a resolution calling on the company, Australia’s largest greenhouse gas emitter, to reduce emissions in line with the climate goals of the Paris Agreement. “AGL’s argument against a common sense shareholder resolution appears to reject the science, which tells us … Read More
Media release: Commbank out of thermal coal by 2030
New fossil fuel projects must prove carbon compliance Wednesday 7 August 2019 In today’s commitment, made in the bank’s new Environmental and Social Framework, to exit thermal coal by 2030, Commonwealth Bank has issued a stark warning to industry and policy-makers that coal has no place in Australia’s future. Commonwealth … Read More
Media release: Suncorp dumps thermal coal
26 July 2019 In response to Market Forces lodging a shareholder resolution, Suncorp has revealed it is exiting the thermal coal sector, meaning there are now no Australian insurers willing to underwrite new thermal coal mines and power stations. A Suncorp spokesman told InsuranceNews, “Suncorp does not directly invest in, … Read More
Media release: QBE faces new shareholder resolution in wake of continued climate failure
25 February 2019 Environmental finance campaigning group Market Forces has reacted furiously to QBE’s annual results, which document another year of losses from large catastrophes with no action on climate change. QBE breathed a sigh of relief as it posted a modest profit in 2018. But the company’s balance sheet … Read More
Climate risk disclosure: Transurban still in the slow lane
“…we don’t consider it [climate change] to be one of the significant business risks or financial risks for Transurban” Marcus Laithwaite, auditor 11 October 2018 You might not have heard of the company, but chances are you’ve driven on one of their roads. Transurban operates major tollways in Australia … Read More
Media release: Korean Adani interest revealed in Freedom of Information request
Friday 5 October, 2018: A document released through Freedom of Information has revealed Korea responding positively to efforts by the Australian Government to promote Adani’s controversial Carmichael coal project. The document, sent from Seoul to Canberra in November 2016, follows a meeting between the Korean Export and Import Bank and … Read More