13 October 2021
Commonwealth Bank 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 Commbank’s continued heavy financing for dirty fossil fuels. In fact, Market Forces supported shareholders to lodge a resolution that will be voted upon at today’s AGM, calling on the bank to rule out funding expansion of the climate-wrecking fossil fuel industry.
Commonwealth Bank has committed to the global goal of net zero emissions by 2050, even though the current state of climate science means we should be aiming for net-zero emissions far sooner. The International Energy Agency’s (IEA) recent Net Zero by 2050 report has given us the best insight yet of the rapid energy transition required to achieve this goal. The conclusion is clear: there is no room for new or expanded coal, oil and gas projects.
Despite this, Commonwealth Bank has continued undermining its own climate commitment by pouring billions of dollars into companies and projects that expand the fossil fuel industry.
Will you leave a short comment on Commbank’s social media posts, telling it to rule out funding companies seeking to expand the fossil fuel industry, or any new fossil fuel projects?
Boost the impact of your message using these simple tips:
- Keep your comment polite, personalised and to the point. The bank will be more likely to listen to us if we’re respectful and clear in our ask.
- Send a personalised message, asking Commbank to “rule out funding for Santos, Origin Energy, Glencore, and other companies pursuing expansion of the climate-wrecking fossil fuel industry”. You might also want to include some of our talking points (below) – remember, a personalised message will be more impactful.
- Share our social media posts on your own page.
Some other points your might want to make, or have up your sleeve if the bank replies to your comment:
- Commonwealth Bank has committed to both the Paris Agreement and the global goal of achieving net-zero emissions by 2050.
- The International Energy Agency’s (IEA) recent ‘Net Zero by 2050’ makes clear that achieving this goal leaves no room for new coal, oil and gas projects. Yet Commbank continues to fund new fossil projects, and the companies pursuing them.
- Between 2016 and 2020, Commbank loaned $2.4 billion to 9 major Australian companies undermining the Paris Agreement by pursuing projects that expand the fossil fuel industry, including AGL Energy, APA Group, Oil Search, Origin Energy and Santos.
- Commbank recently walked back its standing climate policy, opening the door to funding a broader range of new and expanded fossil fuel projects without needing to demonstrate these projects align with the Paris Agreement.
Learn more about the points above by visiting our ‘Funding Climate Failure’ webpage.