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Climate Action 100+ group put 161 fossil fuel, mining, transport and other big-emitting companies on notice in latest campaign by shareholders A group representing investors that collectively manage more than US$47tn in assets has demanded the world’s biggest corporate polluters back strategies to reach net-zero emissions and promised to hold them to public account.Climate Action 100+, an initiative supported by 518 institutional investor organisations...

Thinktank says changes to forecasts reflect accelerated shift away from fossil fuelsThe world’s largest listed oil companies have wiped almost $90bn from the value of their oil and gas assets in the last nine months as the coronavirus pandemic accelerates a global shift away from fossil fuels.In the last three financial quarters, seven of the largest oil firms have slashed their forecasts for future...

The Morrison government commission has promoted gas as a key way to boost the economy after the coronavirus crisisThe head of the Morrison government commission tasked with coming up with plans to revitalise the economy after the coronavirus crisis, Nev Power, is to step aside from his position as deputy chairman of a gas company over conflict of interest concerns.“Because of the perceptions of...

Ships capable of carrying 2m barrels are charging $335,000 a day to store oil unwanted amid the Covid-19 pandemicGiant oil tankers are being used to hold record amounts of crude at sea due to a global oversupply which threatens to overwhelm the world’s storage facilities.A record 160m barrels of oil has been stored in “supergiant” oil tankers outside the world’s largest shipping ports following...

Last-minute lobbying forces delay to ambitious move by European Investment BankThe European Investment Bank (EIB) has balked at a proposal to halt new investments in fossil fuels, raising concerns that Germany and other nations are plotting to water down what would be one of the financial sector’s most ambitious climate moves.The EIB, the largest public bank in the world, announced this year that it...

World’s biggest fund urged to invest in clean energy for good of the climate and its investorsBlackRock, the world’s biggest investor, has lost an estimated $90bn over the last decade by ignoring the serious financial risk of investing in fossil fuel companies, according to economists.A report from the Institute for Energy Economics and Financial Analysis (IEEFA) has found that BlackRock has eroded the value...