Wednesday 14 March, 2018: A major new study released today by environment finance group Market Forces has revealed many of Australia’s top 100 companies are failing to improve their climate risk disclosure. Of the 73 ‘high risk’ ASX100 companies analysed: Less than two thirds have acknowledged the Paris Agreement and/or the need … Read More
Media release: Japanese Banks under international fire over Vietnamese coal finance
Tuesday 13 March 2018 An international coalition of civil society organisations has written to SMBC, Mizuho and MUFG, warning of the risks associated with financing the 1,200MW Nghi Son 2 coal-fired power plant in Thanh Hoa province, Vietnam. The project is sponsored by Marubeni and the Korea Electric Power Corporation (KEPCO). SMBC, … Read More
Media release: Standard Chartered breaches own climate change commitment, funds coal plant in Vietnam
Friday 9 February 2018 The London-based bank Standard Chartered is reportedly in line to co-finance the planned 1,200MW Nghi Son 2 coal-fired power plant in Thanh Hoa province, Vietnam. It is understood that the sponsors of the plant are seeking to finalise key financial agreements by the end of March … Read More
Media release: Response to Origin greenhouse gas reduction target
14 December 2017 Response to Origin Eraring coal-fired power plant closure announcement – Market Forces “While the headlines seem laudable, Origin is doing no more than closing Eraring on its 50-year use-by date.” “In fact given that Eraring makes up approximately 70% of Origin’s overall emissions, the company is committing to … Read More
Media release: NAB’s coal mining exclusion raises the bar for its competitors
14 December 2017 NAB’s new coal mining risk appetite statement goes further than any other major Australian bank by ruling out lending to new thermal coal mines or extensions, according to environmental finance advocates Market Forces. “NAB has lifted the bar above its competitors by becoming the first major bank … Read More
Media release: Fourth major Chinese bank walks away from Adani mega mine
Wednesday 13 December, 2017: China Merchants Bank today provided a statement to environmental finance campaigning group Market Forces, confirming it will have no part in the proposed Adani Carmichael coal mine. The bank replied to a letter outlining an array of concerns with the proposed project and the corporate record … 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
Media Release: Climate change spurs Medibank fossil fuel divestment
Monday 13 November, 2017: Medibank’s announcement it will divest tens of millions of dollars from fossil fuels due to the ‘health effects of climate change’ has been welcomed by environmental finance group Market Forces. The decision came today in an ASX statement in advance of the health insurer’s Melbourne AGM, … Read More
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
Media release: Origin Energy faces three shareholder resolutions
23 August 2017 Coordinated by environmental finance group Market Forces, shareholders in Origin Energy have filed a series of resolutions with the oil and gas major. View ASX announcement. The three resolutions, to be heard at Origin’s October AGM, call for greater disclosure of climate risks, the development of a … Read More