Environmental finance group Market Forces will lodge a new shareholder resolution against Commonwealth Bank after its climate change position statement released today fell well short of its publicly-made 2 degree commitments. “Commonwealth Bank is not even pretending to make an effort on climate change with the position statement released today,” … 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
Media Release: $200 billion US pension fund divests Australian coal. Australian funds should follow.
WEDNESDAY 14 JUNE, 2017: Environmental finance group Market Forces is calling on Australian superfunds and asset managers to follow the example of the second largest pension fund in the US and divest from Australian coal companies such as Whitehaven. Last week, the board of the US$200 billion California State Teachers’ … Read More
Media Release: Lack of funders belies Adani’s investment intentions
TUESDAY 6 JUNE, 2017: Adani’s expected ‘investment decision’ concerning its proposed Carmichael mine is little more than a PR stunt, according to environmental finance group Market Forces. With a net debt estimated at $2.5 billion, Adani Enterprises has yet to raise a single cent of the $5 billion required to capitalise … Read More
Media release: Santos admit to ‘four degree’ climate policy, backed by institutional investors
Adelaide, 4 May 2017 In a remarkable admission at the AGM of Australian oil and gas firm Santos today, Chairman Peter Coates revealed its business model is based on a ‘four degree’ climate pathway, completely at odds with international efforts to meet the Paris climate change agreement. The company defeated … Read More
Media Release: Westpac’s coal exclusion means no funding to Adani coal mine
Brisbane, 28 April 2017 Environmental finance campaigning organisation Market Forces has welcomed the climate change policy update released by Westpac today, which makes the bank the latest to rule out funding Adani’s Carmichael coal mine. The policy tightens the criteria for Westpac’s funding of new thermal coal mines, meaning the bank will … Read More
Media Release: Palaszczuk’s broken promise on QIC Adani trainwreck
Palaszczuk’s broken promise on QIC Adani trainwreck Friday 31 March, 2017: Support to Adani’s rail infrastructure from QIC is in clear breach of Queensland Premier Annastacia Palaszczuk’s election promise not to use public money to prop up the controversial coal project, according to environmental finance group, Market Forces. “QIC, wholly owned by … Read More
Media Release: Australia’s banks’ $10 billion fossil fuel funding flouts climate pledges
Australia’s banks’ $10 billion fossil fuel funding flouts climate pledges MONDAY 6 MARCH, 2017: New analysis by finance group Market Forces reveals Australia’s ‘big four’ provided almost $10 billion in finance to fossil fuels across the planet in 2016 – three and a half times the amount invested in clean … Read More
Media Release: HCF Becomes First Health Insurer to Dump Fossil Fuels
Melbourne, 10 February 2017 Finance campaign group Market Forces is welcoming the announcement that private health fund HCF will divest from all fossil fuels in the first quarter of this year. Representing over 680,000 Australians and responsible for $2 billion of assets, HCF holds more than $200 million in equities, … Read More
Media release: NAB’s climate change position makes new fossil fuel projects impossible to fund
Melbourne, 14 November 2016 NAB’s climate change position announced today sets it apart from the major banks, but the real proof will be in its future lending decisions, according to environmental finance campaigners Market Forces. The bank’s “Dig Deeper” sustainability report[1], released today, adopts important new language committing NAB to … Read More