Shareholders table resolutions with Australia’s banks to stop fossil fuel financing

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SYDNEY, Oct 7 (Reuters) – A bunch of shareholders filed local weather change resolutions with three of Australia’s Massive 4 banks on Thursday, asking them to abide by their self-declared assist for net-zero emissions by 2050 and cease financing fossil fuels.

The resolutions ask for a agency dedication from Westpac Banking Corp , Australia and New Zealand Banking Group and Nationwide Australia Financial institution to not fund any fossil gas initiatives, consistent with .

Representatives for the banks weren’t instantly out there for remark.

The resolutions, filed by a gaggle of about 100 shareholders, come forward of the United Nations’ COP26 local weather talks in Glasgow, set to start on Oct.31, and are available at a time when the regulators are additionally growing their scrutiny of climate-related dangers and disclosures.

They’re unlikely, nevertheless, to be formally tabled for a vote on the banks’ annual normal conferences in December, partly as a result of Australian company legislation prevents it.

However backing for a majority of these resolutions is acknowledged at conferences and assist for comparable proposals has risen in current instances.

Final 12 months, shareholder assist for comparable resolutions tabled on the annual conferences of ANZ and NAB doubled to twenty-eight% and 26% respectively.

In one of many three matching resolutions, the shareholders say: “Regardless of committing to the local weather targets of the Paris Settlement … ANZ is aligning its funding practices and insurance policies with the failure of those targets, leading to our firm falling behind quickly evolving investor and regulator expectations, and the practices of different monetary establishments.”

Earlier this 12 months, a gaggle of buyers managing $4.2 trillion, known as on a few of the world’s largest banks to toughen their local weather and biodiversity insurance policies or threat rebellions at their subsequent annual conferences.

A Could report by the Worldwide Vitality Company stated there needs to be no extra new fossil gas initiatives after this 12 months for the world to succeed in its goal of web zero emissions by 2050.

Australia, the world’s largest coal exporter and one of many world’s largest carbon emitters per capita, has not signed up for that concentrate on, and this week accredited its third coal mine extension prior to now month.

Reporting by Paulina Duran in Sydney; Enhancing by Simon Cameron-Moore


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