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The Advertiser
24-07-2025
- Business
- The Advertiser
Activists protest bank's fossil fuel investments at AGM
Activists are urging shareholders in Australia's largest investment bank to vote in favour of a resolution calling on the firm to disclose the full extent of its stakes in coal, oil and gas. Environmental group Market Forces gathered outside the Macquarie Bank annual general meeting in Sydney's CBD on Thursday alongside a four-metre-tall mock gas flare. The bank is funding one of the biggest gas fracking developments in Australia, Market Forces researcher Kyle Robertson said, referring to the $100 million Beetaloo Basin gas project in the Northern Territory. "A safe climate is the most financially beneficial option for the whole community," he told AAP on Thursday. "A scenario where we warm by catastrophic levels, which is what projects like this will ensure, is going to be disastrous for the community. "So frankly, we're here with all these people today to hold Macquarie to account." At the meeting, shareholders will vote on Macquarie's first climate-focused shareholder resolution, calling on the $86 billion company to show how financing of fossil fuel projects aligns with its net-zero commitments. Mr Robertson was joined at the protest by 19-year-old activist Owen Magee, who said the investment bank's actions had a huge impact on the climate's future. "I am really concerned about how we're destroying the lands of First Nations people who have been here for over 60,000 years," he told AAP on Thursday. "So for me, it's really important to stand up for my future, but also stand up for communities around the world and across the country." Macquarie has more than doubled its financing for oil and gas in the past two years, Market Forces said. In late 2024, the bank provided the funding for two of the gas companies most active in the Basin, Beetaloo Energy Australia and Tamboran Resources. Australia's Department of Industry, Science and Resources says Beetaloo has the potential to rival the world's best gas projects, and developing it could create thousands of jobs and drive significant economic growth in the territory. Macquarie board chair Glenn Stevens recommended shareholders reject the climate resolution during Thursday's meeting. The company has been consistent in its response to climate change over many years, and accepts the best available science, he said. "We think that simply shutting down oil and gas today is not viable," Mr Stevens said. "We recognise the reality that even as Net Zero is pursued, the world will need carbon-based energy for quite some time." Market Forces says four global investors have backed the shareholder resolution: the pension funds of New York City, the UK's Church of England and the largest private pension fund in Norway, as well as Melbourne-based fund manager ELM Responsible Investments. Activists are urging shareholders in Australia's largest investment bank to vote in favour of a resolution calling on the firm to disclose the full extent of its stakes in coal, oil and gas. Environmental group Market Forces gathered outside the Macquarie Bank annual general meeting in Sydney's CBD on Thursday alongside a four-metre-tall mock gas flare. The bank is funding one of the biggest gas fracking developments in Australia, Market Forces researcher Kyle Robertson said, referring to the $100 million Beetaloo Basin gas project in the Northern Territory. "A safe climate is the most financially beneficial option for the whole community," he told AAP on Thursday. "A scenario where we warm by catastrophic levels, which is what projects like this will ensure, is going to be disastrous for the community. "So frankly, we're here with all these people today to hold Macquarie to account." At the meeting, shareholders will vote on Macquarie's first climate-focused shareholder resolution, calling on the $86 billion company to show how financing of fossil fuel projects aligns with its net-zero commitments. Mr Robertson was joined at the protest by 19-year-old activist Owen Magee, who said the investment bank's actions had a huge impact on the climate's future. "I am really concerned about how we're destroying the lands of First Nations people who have been here for over 60,000 years," he told AAP on Thursday. "So for me, it's really important to stand up for my future, but also stand up for communities around the world and across the country." Macquarie has more than doubled its financing for oil and gas in the past two years, Market Forces said. In late 2024, the bank provided the funding for two of the gas companies most active in the Basin, Beetaloo Energy Australia and Tamboran Resources. Australia's Department of Industry, Science and Resources says Beetaloo has the potential to rival the world's best gas projects, and developing it could create thousands of jobs and drive significant economic growth in the territory. Macquarie board chair Glenn Stevens recommended shareholders reject the climate resolution during Thursday's meeting. The company has been consistent in its response to climate change over many years, and accepts the best available science, he said. "We think that simply shutting down oil and gas today is not viable," Mr Stevens said. "We recognise the reality that even as Net Zero is pursued, the world will need carbon-based energy for quite some time." Market Forces says four global investors have backed the shareholder resolution: the pension funds of New York City, the UK's Church of England and the largest private pension fund in Norway, as well as Melbourne-based fund manager ELM Responsible Investments. Activists are urging shareholders in Australia's largest investment bank to vote in favour of a resolution calling on the firm to disclose the full extent of its stakes in coal, oil and gas. Environmental group Market Forces gathered outside the Macquarie Bank annual general meeting in Sydney's CBD on Thursday alongside a four-metre-tall mock gas flare. The bank is funding one of the biggest gas fracking developments in Australia, Market Forces researcher Kyle Robertson said, referring to the $100 million Beetaloo Basin gas project in the Northern Territory. "A safe climate is the most financially beneficial option for the whole community," he told AAP on Thursday. "A scenario where we warm by catastrophic levels, which is what projects like this will ensure, is going to be disastrous for the community. "So frankly, we're here with all these people today to hold Macquarie to account." At the meeting, shareholders will vote on Macquarie's first climate-focused shareholder resolution, calling on the $86 billion company to show how financing of fossil fuel projects aligns with its net-zero commitments. Mr Robertson was joined at the protest by 19-year-old activist Owen Magee, who said the investment bank's actions had a huge impact on the climate's future. "I am really concerned about how we're destroying the lands of First Nations people who have been here for over 60,000 years," he told AAP on Thursday. "So for me, it's really important to stand up for my future, but also stand up for communities around the world and across the country." Macquarie has more than doubled its financing for oil and gas in the past two years, Market Forces said. In late 2024, the bank provided the funding for two of the gas companies most active in the Basin, Beetaloo Energy Australia and Tamboran Resources. Australia's Department of Industry, Science and Resources says Beetaloo has the potential to rival the world's best gas projects, and developing it could create thousands of jobs and drive significant economic growth in the territory. Macquarie board chair Glenn Stevens recommended shareholders reject the climate resolution during Thursday's meeting. The company has been consistent in its response to climate change over many years, and accepts the best available science, he said. "We think that simply shutting down oil and gas today is not viable," Mr Stevens said. "We recognise the reality that even as Net Zero is pursued, the world will need carbon-based energy for quite some time." Market Forces says four global investors have backed the shareholder resolution: the pension funds of New York City, the UK's Church of England and the largest private pension fund in Norway, as well as Melbourne-based fund manager ELM Responsible Investments. Activists are urging shareholders in Australia's largest investment bank to vote in favour of a resolution calling on the firm to disclose the full extent of its stakes in coal, oil and gas. Environmental group Market Forces gathered outside the Macquarie Bank annual general meeting in Sydney's CBD on Thursday alongside a four-metre-tall mock gas flare. The bank is funding one of the biggest gas fracking developments in Australia, Market Forces researcher Kyle Robertson said, referring to the $100 million Beetaloo Basin gas project in the Northern Territory. "A safe climate is the most financially beneficial option for the whole community," he told AAP on Thursday. "A scenario where we warm by catastrophic levels, which is what projects like this will ensure, is going to be disastrous for the community. "So frankly, we're here with all these people today to hold Macquarie to account." At the meeting, shareholders will vote on Macquarie's first climate-focused shareholder resolution, calling on the $86 billion company to show how financing of fossil fuel projects aligns with its net-zero commitments. Mr Robertson was joined at the protest by 19-year-old activist Owen Magee, who said the investment bank's actions had a huge impact on the climate's future. "I am really concerned about how we're destroying the lands of First Nations people who have been here for over 60,000 years," he told AAP on Thursday. "So for me, it's really important to stand up for my future, but also stand up for communities around the world and across the country." Macquarie has more than doubled its financing for oil and gas in the past two years, Market Forces said. In late 2024, the bank provided the funding for two of the gas companies most active in the Basin, Beetaloo Energy Australia and Tamboran Resources. Australia's Department of Industry, Science and Resources says Beetaloo has the potential to rival the world's best gas projects, and developing it could create thousands of jobs and drive significant economic growth in the territory. Macquarie board chair Glenn Stevens recommended shareholders reject the climate resolution during Thursday's meeting. The company has been consistent in its response to climate change over many years, and accepts the best available science, he said. "We think that simply shutting down oil and gas today is not viable," Mr Stevens said. "We recognise the reality that even as Net Zero is pursued, the world will need carbon-based energy for quite some time." Market Forces says four global investors have backed the shareholder resolution: the pension funds of New York City, the UK's Church of England and the largest private pension fund in Norway, as well as Melbourne-based fund manager ELM Responsible Investments.
Perth Now
23-07-2025
- Business
- Perth Now
Investment bank to face heat over climate commitments
Australia's largest investment bank will be in activists' sights when shareholders gather at its global headquarters for its annual general meeting. Environmental group Market Forces plans to have a four-metre-tall mock gas flare outside Macquarie Group's new Martin Place offices in Sydney on Thursday morning, representing the bank's financing of climate pollution. At the meeting Macquarie faces its first climate-focused shareholder resolution calling on the $86 billion company to outline how its financing for fossil fuel projects is aligned with its net-zero commitments. Activists say they're concerned about Macquarie's commitment to global climate goals after the bank followed US peers JPMorgan, Citi and Bank of America in exiting the Net Zero Banking Alliance in February, not long after President Donald Trump took office. Macquarie has more than doubled its financing for oil and gas in the past two years, Market Forces says. "Macquarie's reputation as a green financial institution is completely at odds with its investments in one of Australia's biggest new gas developments," said Market Forces policy analyst Morgan Pickett, referring to its financing of a $100 million gas fracking project in the Northern Territory's Beetaloo Basin. Macquarie in late 2024 provided the funding for two of the gas companies most active in the Basin, Beetaloo Energy Australia and Tamboran Resources. Australia's Department of Industry, Science and Resources says Beetaloo has the potential to rival the world's best gas projects, and developing it could create thousands of jobs and drive significant economic growth in the territory. Activists say moving ahead with another gas project is irresponsible as the planet tips further into a climate emergency. "As a climate scientist, I'm appalled that Macquarie Group is claiming to be green yet is lending to companies blasting ahead with new gas projects adding to irreversible global warming," Lesley Hughes, climate change scientist and emerita professor of biology, said in a statement provided by Market Forces. Macquarie is recommending shareholders reject the climate resolution, which asks the bank to disclose its exposure to fossil fuel companies and detail its approach for funding them in light of its goal of net-zero emissions by 2050. Macquarie says the science behind climate change is "clear and unequivocal" but it believes in "a managed, orderly and just transition". "This means supporting carbon-intensive industries and companies including those in the oil/gas, electricity, agriculture, mining, transport and waste sectors to decarbonise, while protecting the vital services and jobs that our communities rely on," Macquarie said. Market Forces says four global investors have backed the shareholder resolution: the pension funds of New York City, the UK's Church of England and the largest private pension fund in Norway, as well as Melbourne-based fund manager ELM Responsible Investments.
The Guardian
23-06-2025
- Business
- The Guardian
AustralianSuper criticised for buying up shares in Whitehaven Coal while claiming to be committed to net zero
A major Australian superannuation fund is under fire for substantially increasing its investment in the coal company Whitehaven, and being on the brink of becoming its biggest backer, while still claiming to be committed to reaching net zero emissions. Shareholder advocacy groups said AustralianSuper was moving against the trend of its peers with recent share purchases in the company, which they said were 'flying in the face of environmental, social and governance (ESG) commitments'. Clean energy finance organisation Market Forces said the super fund was 'on the precipice' of becoming Whitehaven Coal's largest investor, with shares worth about $395m. Recent disclosures by Whitehaven, first reported by the Australian Financial Review, reveal AustralianSuper now owns 70.9m shares in the company, or 8.47% of shares on issue, after the recent purchases. AustralianSuper is the second-largest shareholder in the coal company and, according to Market Forces, holds nearly triple the combined shares of all of the other top 30 super funds in their default investment options, based on the latest disclosures effective as at December 2024. Market Forces said 'after fully and publicly divesting from the company in 2020', AustralianSuper now held its biggest interest in Whitehaven in 10 years. Sign up to get climate and environment editor Adam Morton's Clear Air column as a free newsletter 'How on earth can AustralianSuper call itself a responsible investor after buying millions of shares in Whitehaven Coal?' Market Forces' senior analyst, Brett Morgan, said. 'AustralianSuper is backing Whitehaven's expansion plans, which would result in nearly 5bn tonnes of carbon pollution from burning coal, equivalent to running all of Australia's coal-fired power stations until 2062.' Morgan said the organisation had been contacted by dozens of AustralianSuper members concerned 'that their fund is greenwashing and endangering a safe future for their retirement'. An AustralianSuper spokesperson said the fund remained committed to its long-term goal of net zero by 2050. 'Whitehaven's acquisition of BHP's metallurgical coal assets changed the company's revenue profile and made it a more attractive investment given their importance in steel making,' the spokesperson said. Metallurgical coal is used primarily to make steel while thermal coal is primarily used for electricity generation. Sign up to Clear Air Australia Adam Morton brings you incisive analysis about the politics and impact of the climate crisis after newsletter promotion 'The energy transition is not linear, which means thermal coal will be an important stabilising source of electricity for the grid for some time to come, both domestically and overseas.' But Naomi Hogan, from the Australasian Centre for Corporate Responsibility, said climate-aware investors across the superannuation sector had been making an effort on ESG and emissions reductions and 'this AustralianSuper move is going against the trend of its peers'. 'Metallurgical coal investing cannot be used to shield against scrutiny of coal,' Hogan said. 'Last year ACCR published research based on a global survey of 500 investors in the steel value chain, which found that 80% of investor respondents believe metallurgical coal's risk profile will increase in the next decade.' Hogan said AustralianSuper, having previously 'talked up' the importance of its companies aligning with the objectives of the Paris Agreement, now has a 'huge amount of work ahead to bring [Whitehaven's] emissions into line'. 'ACCR will be looking closely at AustralianSuper's disclosures outlining its ESG risk assessment of this investment,' she said.
Nikkei Asia
22-06-2025
- Business
- Nikkei Asia
Japan's top investors have a duty to back a clean energy future
Women wearing summer kimonos take a break next to a cooling mist at Tokyo's Sensoji temple on July 22, 2024. © Reuters Sachiko Suzuki is Asia climate and energy analyst for Market Forces, a Melbourne-based initiative researching the financing of environmentally destructive projects. Japan faces another scorching summer, but the country's biggest investment companies are stalling the shift to clean energy with the risk of making global warming-fueled disasters worse by pouring billions into new coal, oil and gas development.
7NEWS
04-06-2025
- Business
- 7NEWS
Homeowners warned insurance costs set to soar as policies factor in natural disaster uptick spurred by climate change
Households are being told to brace for higher insurance premiums. The alert from environmental groups warns that the economic impacts of natural disasters will extend beyond the federal budget. Treasury figures show a loss of $2.2 billion from economic activity following Tropical Cyclone Alfred and floods in NSW and Queensland. The impact is expected to be reflected in March-quarter GDP figures to be released on Wednesday. The government's priority was helping fund recovery and rebuilding for communities, Treasurer Jim Chalmers said. 'The human impacts matter to us most, but the economic cost is very significant too, and we'll see that in Wednesday's National Accounts,' he said. 'Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most.' Policyholders are set to pay more for their insurance because of the increasing frequency of severe weather events. Major insurance companies underwriting coal and gas projects were exacerbating the issue, environmental group Market Forces chief executive Will van de Pol said. 'Customers have every right to be ropeable with insurers for the staggering increase in premiums in recent years, especially when the global insurance industry is making the problem worse,' he told AAP. Skyrocketing premiums and refusing to cover climate change risks in some areas should ring alarm bells for policymakers, according to van de Pol, who said the insurance industry was the 'canary in the coal mine' for climate change. Recent flooding in NSW has left 10,000 homes and businesses damaged or destroyed, and the Insurance Council of Australia reported more than 6000 insurance claims. Tropical Cyclone Alfred in March caused widespread damage and flooding to communities across southeast Queensland and northern NSW. Prolonged downpours in southwest and central Queensland flooded a vast area spanning about one million square kilometres. The government's Disaster Assist website lists 27 separate natural disasters from January to May consisting of flooding, storms, cyclones and bushfires. Opposition Leader Sussan Ley travelled to the NSW Mid-North Coast on Monday to visit flood-affected communities with local MPs. Emergency Management Minister Kristy McBain said the government was funding measures to increase resilience, adaptability and preparedness, and the Disaster Ready Fund initiative would provide another $200 million. Multiple disaster payments have been activated, and the federal government will continue working with NSW on any other funding requests, McBain said. The minister said she had been on the ground in disaster areas to see the impact and had been meeting with affected small business and primary producers.
