Environmental finance group Market Forces has lodged shareholder resolutions with ANZ, NAB and Westpac calling on the banks to stop funding new projects in the fossil fuel industry.
The three major banks are set to consider the resolutions at their AGMs in December, while a fourth lodged with the Commonwealth Bank in August will be voted on during its AGM on 13 October.
Market Forces has also called on the banks to reduce their exposure to the coal, oil and gas sectors to reach a target of net-zero emissions.
“Australia’s major banks have all committed to net-zero by 2050 but continue undermining that commitment through their financing activity,” said Jack Bertolus, Australian campaigns coordinator at Market Forces.
The Net Zero by 2050 report from the International Energy Agency left “no room” for new coal, oil and gas supply projects according to Mr Bertolus.
“Continued large scale lending to fossil fuels is not only exposing these banks and their shareholders to increasing levels of climate risk, it’s also undermining our chances of getting the climate crisis under control,” he said.
The group said that similar resolutions lodged with ANZ and NAB had received support from more than a quarter of voters at AGMs last year, about double the support received in 2019.
“These resolutions make crystal clear to ANZ, NAB and Westpac their commitments to net-zero by 2050 are meaningless without ruling out financing the expansion of the fossil fuel industry,” Mr Bertolus said.
Market Forces identified that NAB and ANZ were planning to update their policies on oil and gas in the coming months, while Westpac was planning to issue an update in 2023.
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
