9 August 2023 This morning Commonwealth Bank announced a host of new fossil fuel finance restrictions, bringing Australia’s biggest bank closer to alignment with its commitments to the goals of the Paris Agreement and net zero emissions by 2050. Announcing a series of firsts for a major Australian bank, these … Read More
Warning sent to Commonwealth Bank ahead of crucial climate policy update
4 July 2023 Today Commonwealth Bank will receive hundreds of copies of a joint statement, calling on the bank to end all financing for new and expanded fossil fuels in its upcoming climate policy update. The statement, coordinated by Market Forces and endorsed by 35 civil society organisations, including the … Read More
AustralianSuper’s new climate policy fails to raise the bar
17 November 2020 AustralianSuper’s new climate change policy has failed to even match, let alone improve on, the standard set by some of its big industry fund peers, disappointing members who were hoping to see the nation’s largest super fund take the lead on climate action. While there are some … Read More
NAB confirms it will update stance on polluting oil and gas
11 November 2020 Today NAB released its sustainability report, failing to take the minimum steps needed now to align the bank’s finance activity with the Paris Agreement, while confirming it will update its stance on funding the dirty oil and gas sector by next year. NAB’s funding for the oil … Read More
ANZ commits to exit thermal coal, but rewards climate-destructive companies
29 October 2020 ANZ’s updated fossil fuel policy, released today, signalled an end to the bank’s involvement in thermal coal, but rewards the most climate-destructive companies and fails to move the needle on oil and gas. In its latest policy update, the bank has said it will: Reduce to zero … Read More
NAB to review oil & gas policy after competitors commit to tighten lending to the sector
14 September 2020 NAB has announced it will review its policy relating to finance for oil & gas within the next 6-12 months. The bank’s CEO Ross McEwan disclosed NAB’s intentions on Friday afternoon as part of a House of Representatives Economics Committee hearing. Asked whether the bank has banned … Read More
ANZ’s secret plan to cut thermal coal leaves Westpac out in the cold
6 December 2019 ANZ has internal plans to cut thermal coal mining exposure by 75% by March 2024.* While this is a welcome ambition, ANZ has not confirmed the targeted 75% reduction officially in public policy. Take a moment to tell ANZ to publicly confirm its secret plans to phase … Read More
Increased fossil fuel lending out of line with Westpac’s climate commitments
8 November 2019 There is a clear disconnect between Westpac’s pledge to help curb the climate crisis and their subsequent decision to increase lending to fossil fuel projects. Though Westpac’s exposure to fossil fuels may have decreased from one September to the next, this does not capture the full extent … Read More
NAB, ANZ and Westpac hit with climate risk shareholder resolutions
10 October 2019 Market Forces has lodged shareholder resolutions with NAB, ANZ and Westpac, calling on the three major banks to reduce their exposure to coal, oil and gas in line with the climate goals of the Paris Agreement. The resolutions come after the major banks have continued to lend … Read More
