23 November 2018 Seven Group Holdings has a diverse portfolio that includes industrial services (Coates Hire, CAT dealerships), oil and gas (SGH Energy), and media (41% share in Seven West Media which includes the Seven Network and the West Australian newspaper). Seven Group also has a 29% stake in Beach … Read More
Climate a hot issue at Bluescope Steel’s annual general meeting
23 November 2018 “Our targets are based on the… Australian [emissions] requirement” chairman John Bevan told shareholders at Bluescope Steel’s annual general meeting (AGM) today in Sydney, where climate change was a hot topic. Whilst acknowledging support for the global Paris climate accord, the steel manufacturing giant said its emissions … Read More
“If we’re not reducing emissions then we should be castigated publicly” – Woolworths chairman tells shareholders
21 November 2018 With a slew of climate-related questions and a grilling over labour exploitation practices as well as its gambling operations, the board of retail and consumer staples giant Woolworths clearly felt the pressure at its annual general meeting in Sydney today. Prior to the meeting the Australasian … Read More
a2 Milk Company skims over important climate change risks
20 November 2018 The a2 Milk Company held its annual general meeting today in Melbourne. The board of the ASX100 listed milk products company admitted to shareholders they had not formally undertaken to educate themselves on climate change and climate-related risk. “I think it’s fair to say in the last … Read More
Magellan can’t see risks to its own business
Magellan Financial Group’s (MFG) deputy investment officer Dominico Giuliano recently made statements in the media about the need for accurate climate risk disclosure. At its annual general meeting (AGM) today, however, the company seemed to think that climate change risks didn’t apply to them Serious oversight Earlier this year, Giulano publicly scolded some … 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: Singaporean banks blowing smoke on climate
A new analysis from environmental finance group Market Forces shines a light for the first time on Singaporean banks’ continued funding of the coal industry, despite public pronouncements on climate action. Market Forces analysed data relating to the lending activity of Singapore’s big three banks, Oversea-Chinese Banking Corporation (OCBC), DBS … Read More
NAB rules out new thermal coal
NAB has become the first of Australia’s big four banks to rule out lending to all new thermal coal mines or extensions! The bank’s updated risk appetite statement on coal mining, released today, says: “NAB will no longer finance new thermal coal mining projects.” Use the form below to acknowledge NAB’s … 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