Market Forces

@marketforces.org.au

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Exposing the banks and super funds financing fossil fuel expansion in the #climate crisis. Follow us for insights from Australia and Asia, and make your money a force for good: marketforces.org.au

Chart: LNG importers favour renewables over fossil fuels. Wind & solar increased almost 600TWh between 2019 and 2024 for LNG-importing countries, which Gas decreased -200TWh and Coal decreased -400TWh. Source of data: Australasian Centre for Corporate Responsibility and Ember.
A row chart with two rows, titled "Canada is beating us at our own renewables race". Chart depicts direct investments in Australian renewable energy projects since 2020. Canadian pension funds have invested $1.2 billion while Australian super funds have invested just $771 million.
Bar chart with two columns. First in green, labelled "How much renewable energy Australia needs by 2030*" which shows 97 GW. Second column shows 3.9% and is labelled "How much Australian super funds directly own". Note at the bottom of the graphic says "*Excluding rooftop solar. Based on the Australian Energy Market Operator's analysis of the renewable electricity required to meet Australia's 82% by 2030 target."
A square graphic that says 'AustralianSuper: Responsible investor or super polluter?' with a satirical logo down the bottom of the tile: 'AustralianSuperPolluter.com' The two Ls in Polluter look like smoke stacks. This is a Market Forces project.
Dark green graphic showing levels of agreement poll results from Indonesia, Malaysia and Singapore in response to the statement 'I would consider switching banks if I learned my current bank still finances new coal projects'. Approximately 1 in 3 people agree.
Dark green graphic showing levels of agreement poll results from Indonesia, Malaysia and Singapore in response to the statement 'If nickel is made with coal power, it doesn't count as 'green' energy'. A majority of people agree in all three countries.
Dark green graphic showing levels of agreement poll results from Indonesia, Malaysia and Singapore in response to the statement 'When a bank commits to not finance new coal projects, I expect this to apply to all new coal plants, including industrial ones'. A majority of responses agree in all three countries.
Two people together at a climate and environment rally to save Scott Reef in Western Australia. One holds a cardboard fish and the other holds a sign that reads 'Nemo needs you - don't fund Browse Gas' that pictures a clown fish.
Climate and environment rally in Sydney calling on Mitsubishi and Mitsui to exit Browse LNG, which threatens Scott Reef in Western Australia. Signs read 'Hands off Scott Reef', 'I pledge to help save Scott Reef', 'Don't be shellfish', 'No new coal and gas'. People are wearing octopus hats and holding cutouts of fish.
ABC News Live update: Macquarie shareholders file resolution, questioning oil and gas lending. More than 160 Macquarie Group shareholders have filed a resolution demanding that the group explain its climate strategy and increasing lending to oil and gas, according to the environmental advocacy group Market Forces. In a statement, the climate group said Macquarie needed to explain "how increasing its fossil fuel lending, slashing its green energy investments and watering down its climate strategy is consistent with its commitment to the goals of the Paris Agreement". The advocacy group also said Macquarie had tripled funding for oil and gas in the past four years, and the bank’s retreat from climate action had devastating implications for the environment, communities and the economy. Morgan Pickett, a banks analyst at Market Forces said: "Shareholders are asking: how can Macquarie claim to support the Paris Agreement while backing companies pursuing massive new fossil fuel expansion? "It can’t do both.”
White background with a mix of black and orange text. Headline reads 'Macquarie suffers shareholder backlash for climate backflip and new fossil fuel finance' and sub-heading reads 'More than 160 shareholders have joined with Market Forces to demand Macquarie Group explains how increasing its fossil fuel lending, slashing its green energy investments and watering down its climate strategy is consistent with its commitment to the goals of the Paris Agreement.'
Quote from Bernadette Maheandiran, Asia Energy Finance Director at Market Forces: “Banks in Singapore, Malaysia and Indonesia must recognise that funding coal poses serious risks to the climate, the economy and threatens the loss of a third of their customers.”
Poll: I think more highly of banks that have stopped financing new coal projects. A majority of respondents across all three markets say they think more highly of banks that have stopped financing new coal projects — indicating that exiting coal carries positive reputational value for financial institutions.
Poll: Rapidly phasing out coal power is one of the best ways we can tackle climate change. The new research finds that around three in five Indonesians (65%), Malaysians (58%), and Singaporeans (61%) agree that rapidly phasing out coal power is one of the best ways to tackle climate change. Support is highest among Indonesians (65%), the country with the most coal mining and power projects, according to the representative survey of 4,000 people across the three countries.
Poll: I would consider switching banks if I learned my current bank still finances new coal projects. More than one in three people in Indonesia (43%) and Malaysia (36%), and just under a third of Singaporeans (28%) would consider switching banks if they learned their current bank still finances new coal projects. Intent to switch banks which fund coal is highest in Indonesia, the country with the highest levels of coal mining, power projects and climate related disasters.
Poll: Banks should not finance greenhouse gas intensive projects or companies. More than seven in 10 people in Indonesia (71%), Malaysia (71%), and Singapore (73%) believe banks should not finance companies or projects which emit high levels of greenhouse gases, worsening climate change.
Image of California governor candidate Mr Steyer at a political campaign event. The caption reads 'It is difficult to assess where Mr. Steyer's sprawling portfolio of hedge funds, private equity and venture capital is invested. Cameron Pollack for The New York Times.'
A screenshot of an ABC News Live update: Woodside CEO suffers 'embarrassing' protest vote at AGM Energy giant Woodside has held its AGM today. It was Woodside's first AGM under new CEO Liz Westcott. And there are reports of a protest as she began speaking. There was also a "protest" vote about pay. Australian pension fund HESTA voted against the CEO's multi-million-dollar ​pay package and against two directors' re-appointments. The energy firm had asked shareholders to approve a package of up to A$14.8 million ($10.57 million) and a grant of equity rights for Westcott following her promotion to the top job in March. “Woodside has suffered an embarrassing protest vote against CEO bonuses and narrowly avoided a 'strike' against broader executive pay so the board must listen to investors fed up with the company’s decision-making,” Market Forces Senior Analyst Brett Morgan said. “Results indicate AustralianSuper and other big investors have yet again failed to hold Woodside's board to account for the company's dangerous oil and gas expansion when the shift from volatile fossil fuels to clean renewable energy is more critical than ever.”
A headline from the West Australian with an image of oil and gas company Woodside Energy's CEO, Liz Westcott. The caption reads 'Woodside cops investor backlash over new CEO pay deal'.
ASIC complaint lodged against APA Group By Jason Dasey APA Group, Australia's largest gas pipeline operator, has had a complaint lodged against it at ASIC. Equity Generation Lawyers (EGL) and Market Forces are accusing the APA Group of "misrepresenting the costs, scale and financial viability of producing fracked gas in the Beetaloo Basin, Northern Territory". Their report, Pipeline to Nowhere, claims that fracking the Beetaloo sub-Basin would produce nearly 9.5 times the entire gas required for Australia’s National Electricity Market for the next 25 years. They say it would take the market 237 years to use this much gas despite Australia’s net-zero by 2050 commitment. "We are urging ASIC to investigate how APA misled investors about the size of the gas resource in the Beetaloo Basin and why the company misrepresented the costs of producing the gas," said Kyle Robertson, Head of Research, Market Forces.
This is huge! New greenfield coal mines will no longer be allowed in New South Wales
Headline on orange background that reads: Greenwashing risks to rise under revised NZAM scheme. The article was published March 5, 2026 on Ignites Asia.
A graph by Carbon Brief showing how record clean energy growth helped cut coal power in China and India in 2025.
We refreshed our popular Compare Banks table — helping customers like you right across Australia to check your bank’s fossil fuel financing and contact them directly.
Northern Territory community leaders, climate scientists, doctors and shareholders joined forces against fracking at APA’s annual general meeting.
We published the first ever Fossil Fuel Blocklist for Australia’s big four banks — a list of companies they should no longer finance based on their own policies.
We increased pressure on the banks funding Harita, a company building new coal power plants in Indonesia to produce nickel — a key metal in the clean energy transition.
Amnesty International Australia and the Centre for Non-Violence revealed they had dumped HESTA as their default fund. Members rallied outside HESTA's HQ
Two more banks, Italy's Intesa Sanpaolo and the Asian Development Bank (ADB), confirmed they would not finance the planned Papua LNG project!
Our YouGov survey found a significant majority of Australians believe that expanding renewable energy is better than adding gas power.
Macquarie was dealt the biggest vote against a bank on climate grounds in Australia’s history!
Otterly adorable scenes for World Otter Day across Australia, Japan, Bangladesh, Indonesia, the US and the Netherlands as we called on SMBC to stop financing dirty gas.
Mitsubishi withdrew from a proposed liquefied natural gas (LNG) import terminal and associated gas power plant in Bangladesh!
New CommBank and NAB policies ruled out new finance for most coal, oil, and gas companies pursuing fossil fuel expansion plans!
Looking back on 2025
Image of crowd rallying outside Westpac's annual general meeting in Sydney. One person holds a sign shaped like Australia that says 'Save me from Santos'
Person holding a poster that looks like a Westpac credit card, which says $10,000,000,000+ loaned since 2016 to fossil fuels