Reports

ANALYSIS
May 2026

YouGov: Strong opposition to bank financing of coal in Indonesia, Malaysia, and Singapore

A survey by YouGov has found that over 80% of people in Indonesia, Malaysia, and Singapore are concerned about climate change and strong opposition to bank financing of coal

Report
April 2026

Santos: A Risk Financiers Can’t Afford

Market Forces’ analysis finds Santos, Australia’s second-largest oil and gas company, faces a set of serious strategic, reputational, regulatory, and climate-related financial risks that banks and institutional investors cannot afford to overlook.

REPORT
December 2025

The Fossil Fuel Expansion Index

Market Forces has identified a global list of 200 companies with the biggest coal, oil and gas expansion plans. We call this group of companies the Fossil Fuel Expansion Index. Find out how Australian superannuation funds are propping up these companies, the world’s most unforgivable climate polluters.

Report
November 2025

Fossil fuel blocklist: The companies Australia’s big four banks can no longer touch

Market Forces has developed the first ever Fossil Fuel Company Blocklist for Australian banks: 23 fossil fuel customers of the big four banks whose business models are currently incompatible with the climate goals of the Paris Agreement and must be ineligible for any new or renewed finance.

REPORT
August 2025

Australia's Gas Guzzlers

The manufacturing sector is Australia’s third-largest consumer of planet-heating methane gas. Replacing gas use with clean solutions will lead to significant emissions reductions and mitigate ongoing risks. This transition also presents a considerable opportunity for Australia to emerge as a green energy superpower in a world increasingly focused on low-carbon solutions.

Report
July 2025

Pipeline to Nowhere: APA Group's dangerous bet on Beetaloo fracking

APA Group (APA) plans to build gas pipelines for Beetaloo Energy Australia (formerly Empire Energy) and Tamboran Resources, enabling what could be Australia’s biggest ever fracking development in the Northern Territory's Beetaloo Basin. Market Forces' new analysis reveals Australia does not need the gas from Beetaloo fracking for domestic gas power generation needs.

REPORT
June 2025

Exposed: Japan’s five largest investors delay clean energy transition

Market Forces’ latest analysis reveals that Japan’s five biggest institutional investors hold US$40.6 billion in companies with the world’s biggest fossil fuel expansion plans as measured by exposure to the Fossil Fuel Expansion Index (FFEI). These investments are increasing climate-related financial risk for economies in Asia.

ANALYSIS
April 2025

YouGov: Australians want banks to stop funding fracking

A survey by YouGov has found there is significant opposition to gas fracking in Australia across all states and territories, age groups and regions (rural, provincial and metropolitan).

REPORT
February 2025

The Dirty Ten: Banks in Australia still backing fossil fuels

New Market Forces analysis finds 10 retail banks in Australia committed AU $74.4 billion in finance to fossil fuel companies around the world in 2023. The new report also finds that an overwhelming majority of Australian retail banks – 85 out of 103 – do not lend any money to coal, oil and gas.

REPORT
January 2025

Japan’s Trading Houses: Losing the Renewable Energy Race

Trading houses, known as “sogo shosha” in Japanese, are large, diversified trading companies that play a crucial role in Japan’s economy. These companies play a major role in expanding gas infrastructure, including liquified natural gas (LNG) terminals and gas power plants, around the world, exacerbating energy insecurity particularly in Asia by increasing the region’s dependence on gas.

ANALYSIS
December 2024

Backdowns and broken promises: The super funds failing to bring gas companies into line on climate

Our new analysis reveals that most of Australia’s top 30 super funds failed to vote for greater climate action this year.

REPORT
November 2024

Expensive LNG Expansion: How foreign gas interests are a climate disaster for Bangladesh

Bangladesh is facing an energy crisis, having suffered repeated blackouts caused by an increasing over-reliance on expensive and polluting fossil gas imports.

Rather than decreasing dependence on volatile international fossil fuel markets, and prioritising clean domestic renewable energy, Bangladesh is being pushed by foreign interests to double down on liquefied natural gas (LNG).

Report
October 2024

What kind of future is the Future Fund really investing in?

Market Forces’ new analysis finds that Australia’s sovereign wealth fund is a top 10 shareholder in three of Australia’s worst climate wreckers – Woodside Energy, Santos and Whitehaven Coal – with more than $1 billion worth of shares in these companies combined.

REPORT
July 2024

Banking Climate Failure

The broken climate promises of Australia's big four banks.

ANALYSIS
June 2024

Could major super funds already divested from Whitehaven Coal start getting back in?

Our new analysis has found that some of Australia’s largest super funds could re-invest their members’ retirement savings in Whitehaven Coal, after having already excluded this climate wrecker through policy.

REPORT
May 2024

The Climate Wreckers Index

Out of the tens of thousands of companies our superannuation funds could invest in, Market Forces has identified a global list of 190 companies doing most of the climate wrecking by expanding the coal, oil and gas industries.

REPORT
April 2024

Hot air: How pumped-up active ownership claims are failing our climate

Market Forces’ latest analysis shows there is no correlation between investor support for directors at major fossil fuel developers and those companies’ climate performance.

REPORT
February 2024

Do you pay more tax than the big fossil fuel companies?

Australia’s biggest fossil fuel companies often pay less tax than the typical Australian worker. In many cases, they barely pay any tax at all.
REPORT
January 2024

Investor Disconnect on Climate Risk

Executives reveal mismatch between reality of climate risks and corporate reputation

REPORT
October 2023

The Great Superannuation Greenwash

How Australia’s largest super funds are using members’ retirement savings to vote against climate action

Reports archive

May 2023Banking Climate Failure 2023
May 2023The Climate Wreckers Index 2023
March 2023Stewards of Climate Disaster
August 2022Investors left blue by fossil hydrogen and ammonia
August 2022Hydrogen from fossil fuels: an expensive way to increase emissions
September 2021Funding Climate Failure
August 2021Super funds' Out of Line exposure 2021
February 2021Out of line, out of time: the 23 Australian companies undermining climate action
August 2020No time to waste: shareholder resolutions call for fossil fuel wind up plans
July 2020Funding climate failure: how Australia’s big banks are undermining the Paris Agreement
July 2020Australia’s pariah projects: the fossil fuel proposals threatening to bust our climate goals
May 2020Why banks must abandon Australia’s LNG industry
October 2018Unprincipled: Banks violate Equator Principles in financing coal-fired power stations
March 2018Investing in the dark [pdf]
November 2017Global coal finance
2017Singapore banks funding coal
2017Foreign finance to Indonesian coal
August 2017Risky Business
September 2016Digging Deeper
February 2016Burned: how superannuation funds have lost billions on fossil fuels
August 2015Fracking Finance: the investors behind Australia’s coal seam gas companies
June 2015Fueling the Fire: how the big banks are using our money to support dirty fossil fuels
April 2015The Dirty 3
May 2014Making your money fossil free
March 2014Carbon proofing your investments – Summary report: Screening fossil fuel exposure from the ASX 200
March 2014Carbon proofing your investments – Moving funds out of fossil fuels
May 2013Financing Reef Destruction

Handy guides

Banks comparison table

Compare banks

Since 2016, the big banks have loaned billions to polluting fossil fuels. Find out which banks have been lending to the fossil fuel industry and tell them its time to stop.

Banks comparison table

Compare super funds

Are your retirement savings funding environmental destruction? Find out which super funds are still supporting the polluting coal, oil and gas industries.

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