We welcomed Rachel and Pablo from Market Forces on Wednesday 29 April to learn more about how working the financial sector can reduce emissions and shift global capital for a safer climate.
We would encourage you to get involved – here is a quick summary of what they do.
Market Forces has a simple aim: get business to align itself with limiting warming to 1.5 degrees. This means:
- no expansion of fossil fuels;
- a phase out of all coal use in Australia by 2030 (and the OECD by 2040-50);
- and pushing oil and gas use to near zero by 2050.
Big goals, but how do they achieve this?
Market Forces pressures banks, insurance, superannuation and major ASX companies to commit to 1.5 degree-friendly policies. They empower investors to demand action and end their support for companies that will not play ball. They assist shareholders to move climate-friendly resolutions and navigate the inner workings of the finance world. And – best of all – they’re highly successful!
Market Forces has had some major wins over the years. They organised shareholder activists to push Australia’s big four banks to rule out supporting the Adani coal mine, and to put restrictions on lending to new thermal coal projects. They’ve led actions targeting potential contractors for Adani including insurers, engineering and construction support. Overseas Market Forces have led actions against international banks in Japan, Indonesia and Vietnam.
And now Market Forces have their eye on Uni Super as part of a major divestment push – what’s not to love?
Whether you have shares, super, or are just interested in being a very effective campaign from home, check out Market Forces range of campaigns here.