Market Forces

A new Market Forces report released today has exposed how foreign companies including GE Vernova, JERA Co., Inc., Mitsubishi Corporation, Sumitomo Corporation and others are trying to push 40+ new expensive gas projects in Bangladesh. Read the report and take action: fossilfreechattogram.com People in Bangladesh are already living with the worst air quality in the world. Bangladeshis need clean, cheap renewables – not expensive, polluting new gas power plants. Foreign companies and potential financiers like MUFG, Sumitomo Mitsui Banking Corporation – SMBC Group, Mizuho and Japan International Cooperation Agency (JICA) should invest in clean energy for Bangladesh, not lock the country into LNG that its economy and climate can't afford. == Market Forcesの最新レポートでは、 GE Vernova、JERA、三菱商事、三井物産を含む外国企業が、バングラデシュで、新たに40件以上の高コストなガスプロジェクトを推進されている事が分かりました。 これらが実行に移されれば、バングラデシュと世界各国にとって、気候災害を招くことに繋がります。 https://lnkd.in/gPmnD6uM バングラデシュの人々は、すでに世界でも最低レベルの大気汚染の中で暮らしています。彼らに必要なのはクリーンで安価な自然エネルギーであり、高額で汚染を引き起こすガス発電所ではありません。 MUFG、SMBC、みずほ、JICAなどの外国企業や潜在的な資金提供者は、バングラデシュのためにクリーンなエネルギーに投資すべきであり、経済的余裕のない国を輸入燃料であるLNGに拘束すべきではありません。 #oilandgas #climatechange #energytransition #bangladesh #lng #asia Waterkeepers Bangladesh #DHORA Sharif Jamil JACSES Oil Change International Rainforest Action Network BankTrack Stop the Money Pipeline Friends of the Earth Japan Fossil Free Japan Asian Peoples' Movement on Debt and Development (APMDD) Energy Tracker Asia Solutions for Our Climate (기후솔루션) LinkedIn News Asia Bangladesh Power Pathways

Late today ANZ finally published its latest climate update. It's got some great ideas for dealing with the emissions from the #oilandgas industry it's funding...

Like tens of thousands of people across Australia, Ros from Launceston is worried about how much money Westpac keeps pouring into fossil fuel expansion. CommBank has proven that big banks are capable of changing direction. Westpac has no excuse for funding companies like Santos. #climatechange #oilandgas

Feeling hopeless? Action is the best antidote for despair. Here's where you can start: 💰 VOTE WITH YOUR MONEY Use your money as a force for good. Head to the Market Forces website to find out if your bank and super fund is invested in a clean energy future or in fossil fuel expansion. Not in Australia? Check out BankTrack. ☀ CONNECT WITH COMMUNITY Join a local climate action group near you, like Australian Youth Climate Coalition, Seed Indigenous Youth Climate Network, 350.org Australia, Parents for Climate, Move Beyond Coal, GetUp and many others! Climate for Change has a list of climate groups around Australia, check out their website. ✍ WRITE …to your bank, to your super fund, to your local MP. #climateaction #community #energytransition

One of Australia's big banks NAB is using a massive loophole to keep funding fossil fuel clients, despite the bank committing to the Paris Agreement. NAB is effectively trying to brush 90% of its clients' emissions under the rug, hoping customers and shareholders won't notice. “This massive new loophole makes a mockery of #climate transition plans and shareholder concerns. NAB has ruled out direct funding to new fossil fuel projects, but is still pouring hundreds of millions into companies expanding coal, oil and gas.” – Kyle Robertson, Senior Banks Analyst at Market Forces Any bank that is serious about the transition to clean energy needs to address the scope 3 emissions of its fossil fuel clients. #energytransition

"Westpac has committed to the Paris Agreement, and we are running out of time to achieve the goals of Paris and preserve a safe #climate. Westpac needs to get its act together as quickly as possible and rule out financing companies like Santos." – Kyle Robertson, Senior Banks Analyst at Market Forces on ABC Radio

Since the Paris Agreement, ANZ has blown past $20b in fossil fuel lending – more than any other Australian bank. Shareholders are demanding answers: If ANZ's fossil fuel clients don't have science-based transition plans, will it still fund them? #climate #anz #fossilfuels

Westpac ‘ignoring science’: Big bank under fire for oil, gas expander lending | InvestorDaily “Westpac has cut lending to coal, oil and gas producers by $760 million but undermined this by recently upsizing and extending a loan to one of Australia’s most aggressive oil and gas expanders, Santos,” said Kyle Robertson, senior banks analyst at Market Forces. https://lnkd.in/gWcGqZ4v

Last year, over 1 in 5 Westpac shareholders voted in favour of the bank taking stronger climate action. Twelve months later, has Westpac done something about it? Spoiler: No. Westpac’s rival, Commonwealth Bank, announced just three months ago that it has stopped financing oil and gas extraction companies that don’t have a Paris-aligned transition plan. On top of that, CommBank has almost halved its upstream oil and gas exposure from $3.3 billion in 2022 to $1.7 billion in 2024. If shareholder pressure wasn’t enough, surely CommBank’s announcement would spur some action at Westpac? Nope. Westpac still has a problem with its highest emitting customers, over 75% of which don’t have Paris-aligned scope 3 targets. It’s still not clear what exactly Westpac will do about its fossil fuel clients without Paris-aligned transition plans, but we got a worrying insight just over a month ago into where the bank’s thinking is at. One of the most egregious recent examples was Westpac’s participation in a $1.24 billion loan refinancing for one of Australia’s largest oil and gas companies, Santos. This loan, originally worth $360 million and due to mature in August 2025, was upsized by over $880 million, and given a life extension until January 2030. Westpac more than doubled its original contribution in the new loan. CommBank was an original participant in that loan to Santos, but refused to refinance it. The upsizing and extension of this loan is highly significant because Santos is pursuing three new oil and gas projects in the coming years, including targeting a final investment decision on a large new LNG project in Papua New Guinea next year. It’s a clear divergence – Westpac is still willing to bury its head in the sand about its fossil fuel clients’ plans, while CommBank is cutting ties. “If CommBank can end new funding for companies like Santos hellbent on more dangerous gas production, Westpac can too," said Kyle Robertson, Senior Banks Analyst at Market Forces. Westpac did cut lending to coal, oil and gas producers by $760 million in the past year, but that is completely undermined by Westpac’s recent deals to companies involved in aggressive fossil fuel expansion like Santos Ltd, GE Vernova, JERA Co., Inc. and APA Group. “Westpac’s inaction on climate is a betrayal of shareholders and the thousands of customers calling for the bank to live up to its promises and stop funding fossil fuel expansion," said Kyle Robertson, Senior Banks Analyst at Market Forces. Westpac is drifting towards being a laggard among the big four Australian banks, and will face fierce shareholder scrutiny at its AGM in December. #westpac #fossilfuels #climate #netzero #energytransition #oilandgas

Today major investors have chosen to greenlight Whitehaven Coal's remuneration plan, incentivising the company to move ahead with a staggering pipeline of new coal. Whitehaven now tops Australian coal miners with its portfolio of coal expansion projects, which are completely out of line with a safe climate. As the world heads towards a low carbon economy, it is clear Whitehaven’s remuneration plan is no longer fit for purpose. Incentivising company executives to proceed with new long-life coal projects presents serious risks to medium and long-term shareholder value given the rapid technological changes that are happening in both the global energy and steel industries. The strategic direction of an undiversified fossil fuel company, driven by executive priorities and pay, is a climate issue. Investors must act or face possible regulatory consequences for greenwashing – as well as risk legal action for failing to live up to claims of active ownership or adequate management of the risks posed by climate change. Ultimately, any investor still willing to back Whitehaven with its existing coal expansion plans is risking shareholder returns and failing to meet global climate commitments. #whitehavencoal #energytransition #coal #climat