NAB, ANZ and Westpac are among 18 global banks that have loaned1 to a gas processing facility that paves the way for a carbon bomb at the scale of 15 coal power stations. The banks—including Japanese megabanks Mizuho, MUFG and SMBC, UK’s HSBC and Standard Chartered, and Bank of China—have … Read More
Net Zero Australian banks fund $3.5bn carbon bomb
18 January 2022 NAB, ANZ and Westpac are among 18 global banks that have trashed any net zero commitments they have by lending1 US$3.49 billion to Global Infrastructure Partners (GIP) for its purchase of a 49% stake in the Pluto LNG Train 2 gas processing facility, paving the way for … Read More
2021 HESTA Annual Member Meeting: The fund avoids climate scrutiny at all costs
1 December 2021 Executives and board members of super fund HESTA failed to address members’ concerns about the fund’s investments in companies expanding oil and gas production at its annual member meeting yesterday evening. A group of members calling themselves the ‘HESTA 10’—who have been engaging with HESTA over the … Read More
New ANZ climate policy shuffles Titanic chairs
26 November 2021 ANZ today updated its climate policy, which fails to prevent the bank funding new oil and gas projects and the companies pursuing them. This is despite the IEA concluding there is no room for new fossil fuel supply projects to achieve net-zero emissions globally by 2050. The … Read More
Super fund ‘engagement’ fails to stop Woodside and BHP pressing go on Scarborough carbon bomb
23 November 2021 Late yesterday, oil and gas giant Woodside announced it had made a final investment decision to go ahead with its climate-wrecking Scarborough gas project, which includes a huge new offshore gas field (Scarborough) and a new onshore gas processing plant (Pluto 2). BHP, which currently owns 26.5% … Read More
The fight has just begun: Market Forces response to Scarborough-Pluto 2 final investment decision
22 November 2021 Reacting to Woodside and BHP’s announcement of final investment decision on the Scarborough offshore gas field and associated Pluto Train 2 LNG terminal, Market Forces Asset Management Campaigner Will van de Pol said, “the fight against the climate-wrecking Scarborough gas project has only just begun.” “The Scarborough-Pluto … Read More
Global Infrastructure Partners to light the fuse on Woodside’s carbon bomb
15 November 2021 US-headquartered Global Infrastructure Partners (GIP) has entered into a purchase agreement for a 49% stake in Woodside’s planned Pluto Train 2 LNG project. Woodside says the deal is a significant milestone towards a final investment decision on the Scarborough-Pluto 2 development project. It is estimated the project, … Read More
Shareholders call for true climate leadership from BHP
Updated 9am, 12 November 2021 A total of 14.2% of BHP Group’s investors have defied the board to demand the company responsibly wind up its fossil fuel production assets in line with its stated support for net zero emissions by 2050. This morning’s ASX announcement of the combined votes for … Read More
Tell GIP: don’t enable Woodside’s climate-wrecking Scarborough gas project
18 October 2021 After thousands of community members took action, infrastructure investor Brookfield has reportedly decided not to partner with Woodside on its climate-wrecking Scarborough-Pluto gas project. This is great news, and a reward for the efforts of community members who have made a stand against this project. But Brookfield’s … Read More