In October last year, Bank of America was the only major US bank to back Whitehaven Coal (along with up-and-comer investment bank Jefferies) by providing a $900 million dollar loan to Whitehaven for its acquisition of the Blackwater and Daunia mines. Today is Bank of...
Whitehaven Coal
Meet the new bank of choice for Australian coal miners – Jefferies Group
28 March 2024 Today is the annual general meeting of Jefferies Group, one of Whitehaven Coal’s most recent bankers. In the last few years, Jefferies has come up as a new bank of choice for other Australian coal companies in Australia. We first took note of the...
2023 Coal Season Wrap up
The year 2023 saw the Australian coal industry become increasingly financially ostracised. As the rest of the world transitions away from the dirtiest fossil fuel, coal miners have to look further afield for funding which once came easily. Our movement has put...
Whitehaven shareholders revolt over reckless growth plans
Whitehaven Coal faced a monumental revolt from major investors and community members at its annual general meeting, held in Sydney yesterday. Despite record profits this financial year and a multi-billion dollar growth acquisition, over 40% of the company’s...
Coal and media need to wake up and smell the smoke
By Antony Balmain, Media and Communications Manager, Market Forces Sometimes it seems as if I am living in a parallel universe. This week, Whitehaven Coal, one of Australia’s largest coal miners, announced record profits and forecast growth plans completely...
Banks finally dump Whitehaven Coal
In a win that's been a long time coming, news broke this week that Australia's largest independent coal miner Whitehaven Coal is currently unbankable. This is a major development that further proves the effectiveness of the people-powered movement to drive finance out...
Big four banks pour $7.6 billion into fossil fuel expansion
MEDIA RELEASE Tuesday 30 May: A new report by Market Forces reveals Australia’s big four banks have used smoke and mirrors to continue pouring billions of dollars into fossil fuel expansion. The report - Banking Climate Failure - finds ANZ, Commonwealth Bank of...
Big four banks loan $10.7 billion to coal since Paris Agreement
10 May 2023 Market Forces’ new analysis shows Australia’s big four banks – ANZ, Commonwealth Bank, NAB and Westpac – have loaned a combined $10.7 billion to the coal industry since the Paris Agreement was signed, with ANZ ($3.6 billion) and NAB ($3.3 billion) the...
Whitehaven rushing ahead with new coal mine, backed by NAB and Westpac
2 May 2023 Whitehaven Coal has announced plans to start production at a new coal mine this year, flying in the face of global efforts to limit warming to 1.5°C. What’s worse, the company is pursuing these plans with the financial backing of two of Australia’s biggest...
NAB gets dangerously close to climate policy breach
NAB, which has committed to net-zero emissions by 2050 and the goals of the Paris Agreement, today released its inaugural Climate Report and once again failed to commit to ruling out financing companies building new fossil fuel projects. NAB said it will be...