A new report has found US$2.3 trillion of projected capital expenditure (capex) on upstream oil and gas projects would be wasted under a 2°C warming scenario. Produced by Carbon Tracker in partnership with UN Principles for Responsible Investment (PRI) and leading institutional investors, the report ranks the world’s 69 largest … Read More
Shareholders put climate front and centre
Market Forces is all about empowering community members to hold organisations accountable for their climate and environmental impacts. A major element of this work involves working with shareholders to enable them to raise these issues directly with companies at their annual general meetings (AGMs). In the first half of 2017, … Read More
Statement: Market Forces reiterates Santos position
18 May 2017 In response to a clumsy attempt by Santos to dance around the statements that Chairman Peter Coates made at the Santos AGM on the 4th of May, Market Forces would like to issue this clarification: We know Santos is supportive of the Paris Agreement and the 2 … 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
Santos shows contempt for investors, climate change, at its AGM
Adelaide, Thursday, 4 May 2017 A resolution that would have directed Santos to disclose the risks climate change poses to its business has been defeated at today’s annual general meeting of the company, which reiterated its intent to explore for more unconventional gas and said that when considering its future under climate … Read More
Will your super fund vote for or against climate action?
Oil Search and Santos are two of Australia’s largest oil and gas companies – and neither is addressing the risks of climate change. Oil Search is one of the biggest companies operating in Papua New Guinea, a country already feeling the effects of climate change. Sea level rise has forced residents … Read More
Media Release: Santos rejects climate shareholder resolution
Santos rejects climate shareholder resolution Tuesday 4 April, 2017: Environmental finance organisation Market Forces has expressed disappointment that Santos’ management has advised shareholders to reject a resolution calling on the company to acknowledge and assess the risks posed to its business by climate change. The resolution would bring Santos in … Read More
Santos shareholders lodge climate risk resolution
6 March 2017 Market Forces and over 100 individual shareholders have filed a resolution with the oil and gas major, Santos, demanding the company acknowledge and assess the risks posed to its business by climate change. The resolution is the first attempt to enforce the Financial Stability Board’s Task Force on … Read More
How political donations are creating a happy hunting ground for dirty fossil fuels
1 February 2017 Ever heard the one about the political process that was corrupted by donations from corporations? Oh, sorry. Of course you have. Fair enough too, as it’s a simple premise. We all donate to things that we have a personal stake or interest in. People donate to Market … Read More
Big bonuses to fossil fuel execs for Digging Deeper
Despite the desperate need and global commitment to ditch fossil fuels, our latest report reveals fossil fuel companies are continuing to search for more unburnable carbon. In many cases, exploration is encouraged through executive remuneration packages. Despite their potential influence as significant shareholders, Australia’s super funds are voting for these wasteful bonuses that encourage … Read More
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