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Market Forces has lodged shareholder resolutions with NAB, ANZ and Westpac, calling on the three major banks to reduce their exposure to coal, oil and gas in line with the climate goals of the Paris Agreement.
The resolutions come after the major banks have continued to lend heavily to the fossil fuel sector, with exposures to coal mining and oil and gas extraction increasing alarmingly recently.
The resolutions ask for the banks to set targets to reduce exposure to fossil fuels in line with the Paris Agreement and will be voted on at the banks’ annual general meetings in December.
Commonwealth Bank did not receive a resolution after it produced an update to its environmental policy this year, committing to:
- continue to reduce its thermal coal mining and coal-fired power generation exposures with a view to exiting the sector by 2030, subject to Australia having a secure energy platform.
- only providing banking and financing activity to new oil, gas or metallurgical coal mining projects if they are in line with the goals of the Paris Agreement.