26 October 2020 At its annual general meeting last Friday, Worley was a pains to stress the company’s support for a low-carbon energy transition. This is consistent with recent developments at the company, which has historically provided integral engineering services to facilitate the expansion of the oil and gas sector. … Read More
Media Release: ANZ, NAB face shareholder resolutions on climate action
ANZ and NAB called upon to reduce exposure to fossil fuels in line with the Paris Agreement’s climate change goals. Thursday 1 October 2020 Environmental finance organisation Market Forces is today lodging shareholder resolutions with ANZ and NAB. The resolutions call for a reduction in exposure to the fossil fuel … Read More
Media release: Fossil fuel lending by Australian banks tops AU$35bn
New Market Forces analysis – Funding Climate Failure Wednesday 8 July, 2020: Despite repeated pledges and policies to the contrary, Australia’s big four banks have once again increased funding to the expansion of the fossil fuel industry over the past year. The figures mean fossil fuel lending has topped $35.5 … Read More
Hesta dumps thermal coal, commits to net-zero portfolio
26 June 2020 $52 billion health industry super fund Hesta today announced it will fully divest from companies deriving more than 15% of revenue from coal that is used for energy generation, known as thermal coal. The fund has also committed to “reducing the absolute carbon emissions in its investment … Read More
IEA’s ‘sustainable recovery’ document undermines its leader’s climate ambition
19 June 2020 Yesterday the International Energy Agency (IEA), an autonomous policy adviser to the world’s governments, released its ‘sustainable recovery plan‘ in response to COVID-19. The plan focused on “quantify[ing] the economic and job-creation potential of building a more resilient and cleaner energy sector” and encouraged governments to take … Read More
FAR Ltd betting against Paris climate goals
27 May 2020 FAR Ltd is an oil and gas exploration company, with one major project nearing development: the Sangomar oil field off Senegal’s coast. With the company’s entire business model predicated on new oil and gas developments that cannot be burned in a 1.5°C warming scenario, Market Forces has … Read More
Fossil fuel investments tanking
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
Caltex still has no emission targets or fossil fuel exit plans
14 May 2020 Caltex claims to support the Paris climate goals, but still has not set any targets to bring down its greenhouse gas emissions, or transition away from its fossil fuel operations. The company today told shareholders it plans to continue investing in its oil refining business, which has … Read More
Oil Search must abandon oil and gas expansion
1 May 2020 Oil Search, Australia’s third largest pure play oil and gas company, today told shareholders its current strategic review will lead the company to “settling on a strategy that is consistent with the interests of shareholders.“ Company Chair Richard Lee went on to say, “we wouldn’t set in … Read More
Do you pay more tax than the big fossil fuel companies?
For all the environmental and climate destruction wrought by the fossil fuel industry here in Australia and globally, you’d think there must be a significant payback through taxes, right? Well, sadly, there are ways for massive fossil fuel companies to minimise their tax bills in Australia, and these companies are … Read More
