Commenting on a report that BHP will not support the Minerals Council of Australia’s bid to strip environmental groups of their ability to advocate for policy change, Executive Director of Australasian Centre for Corporate Responsibility (ACCR) Brynn O’Brien said:
“BHP remains the Minerals Council of Australia’s biggest funder. While this is the case, it should expect to be held to account by shareholders for using their money to bankroll the MCA’s advocacy efforts, including their obstructive and misleading public policy positions on climate change and energy, and their attacks on civil society.
“MCA has been a toxic drag on Australian public debate and democracy. They have played a leading role in this country’s last decade of climate policy failure.
“Proper scrutiny of corporate payments to coal lobbyists would advance both local and global progress on climate and energy policy. BHP shareholders have an opportunity to get this work underway at BHP’s AGM by voting in favour of ACCR’s resolution.”
The ACCR BHP shareholder resolution will be heard at BHP’s Australian AGM on 16 November. It calls for the termination of paid membership of industry bodies like the MCA that have demonstrated a pattern of advocacy on policy issues at odds with the company’s positions over the period 2012 to the present day.
View the resolutions and supporting statements with references here.
A Chinese government state owned enterprise (SOE) is understood to be being courted as a new partner in return for securing much needed additional government funding for the Adani Carmichael coal mine and rail proposal in Queensland, according to a new report by the Institute for Energy Economics and Financial Analysis (IEEFA).
Malcolm Turnbull’s decision to drop his Chief Scientist’s key recommendation of a Clean Energy Target is another win for the Minerals Council of Australia (MCA), the biggest funder of which is BHP,” said Brynn O’Brien, Executive Director of Australasian Centre for Corporate Responsibility (ACCR).
The California Public Employees’ Retirement System (CalPERS), the largest public pension fund in the US will vote in favour of shareholder resolutions proposed by the Australasian Centre for Corporate Responsibility (ACCR). CalPERS assets at the end of the fiscal year stood at roughly AU$430 billion.
For the first time, Australia’s largest investors have commissioned a report to map the disruption of the coal sector in Australia, community impacts and associated risks and opportunities for investors.
Reports of the Government’s decision to step back from implementing the Clean Energy Target are concerning for investors and for business calling for greater regulatory certainty in the energy sector.
“Investors couldn’t be more clear – Australia desperately needs an effective climate change response for the energy sector. Without it, the investment strike will continue,” said Emma Herd, Chief Executive Officer of the Investor Group on Climate Change.
Company Leaders and Laggards Emerge; US$185 Billion in Lost Shareholder Value Seen Among Utilities Failing to Keep Pace; Solar and Wind Generation ‘Can Now Consistently Outbid Fossil-Fuel-Based Generation’
A new report published today by The Institute for Energy Economics and Financial Analysis (IEEFA) shows how economies can make billions on solar and wind investment, and avoid the huge financial losses suffered by European utilities which bet on coal and other thermal power.
New analysis by The Institute for Energy Economics and Financial Analysis (IEEFA) finds that Adani’s Abbot Point Coal Terminal is excessively leveraged, promises negative shareholders equity, and runs the risk of becoming a stranded asset if Adani’s proposed Carmichael mine does not get the A$1 billion Australian taxpayer subsidy it seeks.
Commenting on news that the Turnbull government will not place curbs on LNG exports, Bruce Robertson, Gas/LNG Australasia analyst at IEEFA said:
“The so called gas ‘crisis’ in Australia is not about supply. It is about a business model engineered by four energy companies – BHP, Origin Energy, Santos and Shell – to restrict supply to Australians in order to force prices up.