Westpac sees climate impacts, increases fossil fuel exposure

Westpac, which has committed to net-zero emissions by 2050 and the goals of the Paris Agreement, revealed an 11% increase in FY22 of its overall exposure to fossil fuels, with the increases attributed to customers in the coal rail transportation, LNG terminal, and oil and gas sectors.  Westpac cited that … Read More

Were your retirement savings used to block climate action?

18 October 2022 Last Wednesday was a very sad day for climate action. Almost 95% of Commonwealth Bank’s shareholders – including our super funds – voted against a critical request for the bank to stop financing new and expansionary fossil fuel projects. We’re devastated at this abject failure by big … Read More

Big four Australian banks face shareholder climate backlash at AGMs

MEDIA RELEASE Tuesday 11 October 2022: Shareholder resolutions have been lodged with ANZ, NAB and Westpac calling on the banks to stop financing coal, oil and gas expansion.  The resolutions, lodged by hundreds of shareholders and coordinated by environmental finance organisation Market Forces, follow one that will go to a … Read More

Santos sanctions another new project incompatible with 1.5°C

17 August 2022 Australia’s second biggest oil and gas producer, Santos, has today announced a final investment decision on the new Pikka Phase 1 oil project in Alaska. The decision comes despite the International Energy Agency’s warning that no new oil fields should be developed beyond those approved as of … Read More

Westpac slammed over destructive fossil fuel funding at 2021 AGM

Westpac AGM 2021

15 December 2021 Westpac faced a formal proposal from shareholders that it commit to stop funding new fossil fuel projects at today’s annual general meeting (AGM). The bank’s board also received a barrage of tough questions over its continued funding for companies expanding the fossil fuel industry, including Santos and … Read More

Tell Westpac: net-zero by 2050 = no new fossil fuels

Westpac logo

15 December 2021 Westpac shareholders are today gathering at the company’s virtual annual general meeting (AGM), where they’ll hold the bank to account for all manner of issues, key among which is Westpac’s continued heavy financing for dirty fossil fuels. In fact, Market Forces supported shareholders to lodge a resolution … Read More

Spread the word about Westpac’s dirty fossil fuel funding

Westpac logo

15 December 2021 Westpac shareholders are today gathering at the company’s virtual annual general meeting (AGM), where they’ll hold the bank to account for all manner of issues, key among which is Westpac’s continued heavy financing for dirty fossil fuels. In fact, Market Forces supported shareholders to lodge a resolution … Read More