{"id":73736,"date":"2023-11-20T12:26:06","date_gmt":"2023-11-20T01:26:06","guid":{"rendered":"https:\/\/www.marketforces.org.au\/?page_id=73736"},"modified":"2025-03-04T16:37:07","modified_gmt":"2025-03-04T05:37:07","slug":"whitehaven-coal","status":"publish","type":"page","link":"https:\/\/www.marketforces.org.au\/campaigns\/companies\/whitehaven-coal\/","title":{"rendered":"Whitehaven Coal"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||12px||false|false&#8221; global_module=&#8221;69001&#8243; saved_tabs=&#8221;all&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row module_class=&#8221;mf-breadcrumbs&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;1440px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; custom_css_main_element=&#8221;margin: auto;&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_code _builder_version=&#8221;4.27.0&#8243; _module_preset=&#8221;default&#8221; custom_css_main_element=&#8221;margin: auto;&#8221; global_colors_info=&#8221;{}&#8221;]<span><span><a href=\"https:\/\/www.marketforces.org.au\/\">Home<\/a><\/span><\/span>[\/et_pb_code][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; admin_label=&#8221;Section &#8211; Header&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; background_image=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/11\/Narrabri_Whitehaven_LTG-scaled.jpg&#8221; width_tablet=&#8221;90%&#8221; width_phone=&#8221;90%&#8221; width_last_edited=&#8221;on|phone&#8221; max_width=&#8221;1440px&#8221; module_alignment=&#8221;center&#8221; min_height=&#8221;400px&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; custom_padding_tablet=&#8221;0px|0px|0px|0px|false|false&#8221; custom_padding_phone=&#8221;||||false|false&#8221; custom_css_main_element=&#8221;display: flex;||    align-items: flex-end;||    justify-content: center;&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; width=&#8221;100%&#8221; max_width=&#8221;885px&#8221; module_alignment=&#8221;center&#8221; custom_padding=&#8221;29px|49px|0px|49px|false|true&#8221; custom_css_main_element=&#8221;align-self: flex-end;||    margin: unset;&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;|600||on|||||&#8221; text_text_color=&#8221;#fa6d6d&#8221; text_line_height=&#8221;1.42em&#8221; custom_margin=&#8221;||8px||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Company profiles<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|800|||||||&#8221; custom_margin=&#8221;||1px|||&#8221; header_font_size_tablet=&#8221;48px&#8221; header_font_size_phone=&#8221;42px&#8221; header_font_size_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h1>Whitehaven Coal<\/h1>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;24px&#8221; header_2_line_height=&#8221;1.2em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Whitehaven\u2019s record of climate and nature destruction, and the financial institutions enabling it.<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Section &#8211; Social Sharing left floatin&#8221; module_class=&#8221;share-float-left&#8221; _builder_version=&#8221;4.23.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;60px||60px||true|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;1&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; custom_padding=&#8221;25px|30px|25px|30px|true|true&#8221; custom_css_main_element=&#8221;display: flex;||    align-items: center;&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; custom_css_main_element_tablet=&#8221;display: block;&#8221; custom_css_main_element_phone=&#8221;display: block;&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.23.2&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Poppins|500|||||||&#8221; text_text_color=&#8221;#b2b2b2&#8243; text_font_size=&#8221;12px&#8221; text_line_height=&#8221;1.5em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Last updated: March 2025<\/p>\n<p>[\/et_pb_text][et_pb_divider color=&#8221;#f2f2f2&#8243; divider_weight=&#8221;4px&#8221; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; width=&#8221;40px&#8221; max_width=&#8221;40px&#8221; module_alignment=&#8221;left&#8221; custom_margin=&#8221;20px||||false|false&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][dssb_sharing_buttons use_custom_icon_size=&#8221;on&#8221; icon_font_size=&#8221;14px&#8221; icon_bg=&#8221;#fa6d6d&#8221; icon_padding=&#8221;16px&#8221; btn_padding=&#8221;||15px||false|false&#8221; use_sharing_title=&#8221;on&#8221; sharing_title=&#8221;Share&#8221; sharing_title_inline=&#8221;on&#8221; module_class=&#8221;share-inline&#8221; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; sharing_title_font=&#8221;|600||on|||||&#8221; sharing_title_text_align=&#8221;left&#8221; width=&#8221;100%&#8221; max_width=&#8221;100%&#8221; module_alignment=&#8221;left&#8221; custom_margin=&#8221;||0px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; border_radii_icon=&#8221;on|50%|50%|50%|50%&#8221; global_colors_info=&#8221;{}&#8221;][dssb_sharing_button social_network=&#8221;linkedin&#8221; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; background_enable_color=&#8221;on&#8221; custom_margin=&#8221;||0px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; border_color_all_item=&#8221;RGBA(255,255,255,0)&#8221; global_colors_info=&#8221;{}&#8221;][\/dssb_sharing_button][dssb_sharing_button _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; background_enable_color=&#8221;on&#8221; custom_margin=&#8221;||0px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; border_color_all_item=&#8221;RGBA(255,255,255,0)&#8221; global_colors_info=&#8221;{}&#8221;][\/dssb_sharing_button][dssb_sharing_button social_network=&#8221;twitter&#8221; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; background_enable_color=&#8221;on&#8221; custom_margin=&#8221;||0px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; border_color_all_item=&#8221;RGBA(255,255,255,0)&#8221; global_colors_info=&#8221;{}&#8221;][\/dssb_sharing_button][dssb_sharing_button social_network=&#8221;email&#8221; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; background_enable_color=&#8221;on&#8221; custom_margin=&#8221;||0px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; border_color_all_item=&#8221;RGBA(255,255,255,0)&#8221; global_colors_info=&#8221;{}&#8221;][\/dssb_sharing_button][\/dssb_sharing_buttons][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Section &#8211; Actions&#8221; module_id=&#8221;section-take-action&#8221; _builder_version=&#8221;4.23.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;60px||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_2,1_2&#8243; make_equal=&#8221;on&#8221; module_id=&#8221;take-action&#8221; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<strong>Whitehaven Coal is one of the largest undiversified coal mining companies on the Australian share market.<\/strong><\/p>\n<p>Whitehaven has three thermal coal projects in development, in addition to two of the largest greenfield metallurgical coal mine proposals in Australia. Whitehaven\u2019s plans to massively expand the coal industry are completely at odds with the Paris Agreement goal of limiting global warming to 1.5\u00baC. To justify these plans, Whitehaven refers to coal demand scenarios that would see well over 2.4\u00baC of global warming.<\/p>\n<p>In July 2023, Whitehaven was <a href=\"https:\/\/www.smh.com.au\/business\/companies\/what-went-wrong-here-big-banks-refuse-coal-king-1b-debt-refinance-20230717-p5dota.html\">unable to secure refinance<\/a> for a revolving corporate loan that it had on its books for a decade. The list of financial institutions willing to back an undiversified coal miner with no plans to shift away from coal grows shorter. But there are still institutions financing Whitehaven\u2019s dirty coal. Just four months later, Jefferies Group and Bank of America <a href=\"https:\/\/www.afr.com\/street-talk\/bofa-jefferies-bankroll-whitehaven-s-winning-bid-for-bhp-coal-20231018-p5ed5l\">loaned<\/a> Whitehaven US$900 million as a part of a deal to acquire the Daunia and Blackwater mines from BHP. A few months later in December, that loan was quickly replaced with a syndicate of <a href=\"https:\/\/www.afr.com\/street-talk\/private-debt-behemoths-back-whitehaven-s-6-3-billion-coal-buy-20240114-p5ex4l\">private creditors<\/a> including Ares Capital, Farallon Capital Management and Canyon Partners. Any financier that backs Whitehaven with its massive expansion plans is undermining the Paris Agreement and net-zero by 2050.<\/p>\n<p>As the latest climate science makes clear, there is no time to waste. <strong>It\u2019s time for these financiers to walk away from Whitehaven.<\/strong>[\/et_pb_text][et_pb_button button_url=&#8221;#take-action&#8221; button_text=&#8221;See which banks have loaned to Whitehaven&#8221; button_alignment=&#8221;left&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;983ed5b3-b5b6-49ee-b56b-7b0ea7d10779&#8243; custom_button=&#8221;on&#8221; button_text_size=&#8221;16px&#8221; button_text_color=&#8221;#FFFFFF&#8221; button_bg_color=&#8221;#F06400&#8243; button_border_width=&#8221;0px&#8221; button_border_color=&#8221;RGBA(255,255,255,0)&#8221; button_border_radius=&#8221;0px&#8221; button_font=&#8221;Poppins|500|||||||&#8221; button_icon=&#8221;&#xf061;||fa||900&#8243; button_on_hover=&#8221;off&#8221; custom_padding=&#8221;20px|70px|20px|20px|true|false&#8221; custom_css_main_element=&#8221;width: fit-content !important;||display: flex;||align-items: center;&#8221; custom_css_after=&#8221;margin-left: unset !important;||    left: unset !important;||    margin-right: 0;||    right: 0;||background-color: #ffa06a;||    width: 50px;||    height: 100%;||    display: flex !important;||    justify-content: center;||    align-items: center;||    top: 0;&#8221; global_colors_info=&#8221;{}&#8221; button_text_color__hover=&#8221;#FFFFFF&#8221; button_bg_color__hover_enabled=&#8221;on|hover&#8221; button_bg_color__hover=&#8221;#FFA06A&#8221; custom_css_after_last_edited=&#8221;off|desktop&#8221; custom_css_after__hover_enabled=&#8221;on|desktop&#8221; custom_css_after__hover=&#8221;background-color: #f06400;||color: #fff&#8221; button_bg_enable_color__hover=&#8221;on&#8221;][\/et_pb_button][et_pb_button button_url=&#8221;#take-action&#8221; button_text=&#8221;See if your super fund has ruled out Whitehaven&#8221; button_alignment=&#8221;left&#8221; disabled_on=&#8221;on|on|on&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;983ed5b3-b5b6-49ee-b56b-7b0ea7d10779&#8243; custom_button=&#8221;on&#8221; button_text_size=&#8221;16px&#8221; button_text_color=&#8221;#FFFFFF&#8221; button_bg_color=&#8221;#9b0000&#8243; button_border_width=&#8221;0px&#8221; button_border_color=&#8221;RGBA(255,255,255,0)&#8221; button_border_radius=&#8221;0px&#8221; button_font=&#8221;Poppins|500|||||||&#8221; button_icon=&#8221;&#xf061;||fa||900&#8243; button_on_hover=&#8221;off&#8221; custom_padding=&#8221;20px|70px|20px|20px|true|false&#8221; custom_css_main_element=&#8221;width: fit-content !important;||display: flex;||align-items: center;&#8221; custom_css_after=&#8221;margin-left: unset !important;||    left: unset !important;||    margin-right: 0;||    right: 0;||background-color: #AF3333;||    width: 50px;||    height: 100%;||    display: flex !important;||    justify-content: center;||    align-items: center;||    top: 0;&#8221; disabled=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221; button_text_color__hover=&#8221;#FFFFFF&#8221; button_bg_color__hover_enabled=&#8221;on|hover&#8221; button_bg_color__hover=&#8221;#af3333&#8243; custom_css_after_last_edited=&#8221;off|desktop&#8221; custom_css_after__hover_enabled=&#8221;on|hover&#8221; custom_css_after__hover=&#8221;background-color: #9b0000;||color: #fff&#8221;][\/et_pb_button][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f2f2f2&#8243; custom_padding=&#8221;40px|40px|40px|40px|false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; custom_margin=&#8221;0px||0px||true|false&#8221; custom_padding=&#8221;0px||0px||true|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2 style=\"text-align: center;\">Take Action<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: center;\">Send a message to the banks funding Whitehaven\u200b, <strong>Jefferies and Bank of America<\/strong><br \/>+ other potential bankers Citi, JP Morgan Chase, Mizuho, Morgan Stanley<\/p>\n<p>[\/et_pb_text][et_pb_code _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;0px||0px||true|false&#8221; custom_padding=&#8221;0px||0px||true|false&#8221; global_colors_info=&#8221;{}&#8221;]<script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\nvar 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        <\/div><\/div><div id=\"field_618_4\" class=\"gfield gfield--type-select gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_618_4'>Select your target<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_select'><select name='input_4' id='input_618_4' class='large gfield_select'    aria-required=\"true\" aria-invalid=\"false\" ><option value='' selected='selected' class='gf_placeholder'>Select from list<\/option><option value='Send a message to all the banks considering finance for Whitehaven Coal' >Send a message to all the banks considering finance for Whitehaven Coal<\/option><\/select><\/div><\/div><div id=\"field_618_44\" class=\"gfield gfield--type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><strong>Your message to Jefferies Bank<\/strong><\/div><div id=\"field_618_35\" class=\"gfield gfield--type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_618_35'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_35' id='input_618_35' type='text' value='Jefferies, please walk away from Whitehaven Coal' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_618_11\" class=\"gfield gfield--type-textarea field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_618_11'>Your message<\/label><div class='gfield_description' id='gfield_description_618_11'>Please feel free to personalise the message!<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_11' id='input_618_11' class='textarea large'  aria-describedby=\"gfield_description_618_11\"    aria-invalid=\"false\"   rows='10' cols='50'>Richard Handler, CEO, Jefferies Group\nBrian P. Friedman, President, Jefferies Group\n\nI am very concerned that Jefferies recently arranged finance for Whitehaven Coal \u2013 an undiversified coal mining company pursuing five new or expanded coal mining projects \u2013 despite your bank\u2019s concern over climate change:\n\n\u201cClimate change is currently one of the top-tier risks to humanity and poses significant challenges for the global economy\u201d - Jefferies 2023 ESG\/DEI Report\n\nI want you to confirm that Jefferies will take no further part in arranging finance for Whitehaven, or other companies expanding the coal industry, one of the major contributors to climate change.\n\nAny expansion of the coal industry is incompatible with the climate goals of the Paris Agreement, which aims to limit global warming to 1.5\u02daC above pre-industrial levels. It is also incompatible with the International Energy Agency\u2019s (IEA) Net Zero by 2050 modelling, which sees \u201cno new coal mines or mine extensions\u201d. Yet Whitehaven Coal is pushing forward with three thermal coal developments; Narrabri Stage 3, a full scale Vickery mine, and the Maules Creek Extension, when the world desperately needs to transition to clean, renewable energy sources. Whitehaven also now owns two of the largest greenfield metallurgical coal mine proposals in Australia - Winchester South and Blackwater South. If the latter project goes ahead it could see Whitehaven mining coal until 2121. \n\nTo justify its dirty coal expansion plans, Whitehaven refers to coal demand scenarios that assume substantially higher coal consumption than in the IEA\u2019s STEPS scenario, which would already result in 2.4\u00b0C of global warming by 2100. Even at 2\u00b0C of warming, the expected increases in temperatures, drought conditions, bushfires, extreme storms and flooding would be devastating. Global warming of 2\u00baC would also spell the death of the Great Barrier Reef. Put simply, Whitehaven\u2019s business model depends on catastrophic ecological, social and economic collapse.\n\nNot only is Whitehaven wrecking our climate, it also has a long history of destroying the local environment and communities where it operates, with a list of convictions racking up nearly $1.5 million in fines as of September 2021. In September of this year, the company was still in court \u201cfor blasting in an incompetent manner\u201d that injured a miner at a completely different mine site. For years, local farmers have raised concerns that Whitehaven\u2019s coal mines have been unlawfully taking water without a licence, including during severe drought. In July 2021, Whitehaven pleaded guilty to taking one billion litres of water at its Maules Creek coal mines. Even where Whitehaven has lawfully obtained its water, it has sometimes done so at the expense of local farmers by outbidding them on the water trading market. \n\nWhitehaven has said it plans to self-fund Narrabri Stage 3 and a final investment decision on \u201cfull scale\u201d Vickery was due after the Blackwater and Daunia acquisition settlement. Any finance provided to the company frees up capital to develop new and expanded coal mines that are incompatible with the Paris climate goals.  \n\nI ask you to confirm to me personally, and announce publicly, that you will take no further part in arranging finance for Whitehaven Coal, or other companies pursuing plans consistent with the failure of the Paris Agreement.\n\nFurther information about Whitehaven Coal can be found on the Market Forces website: www.marketforces.org.au\/whitehaven-coal\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_618_45\" class=\"gfield gfield--type-html gfield--width-full gfield_html gfield_html_formatted field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><strong>Your message to Bank of America<\/strong><\/div><div id=\"field_618_37\" class=\"gfield gfield--type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_618_37'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_37' id='input_618_37' type='text' value='Bank of America, please walk away from Whitehaven Coal' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_618_18\" class=\"gfield gfield--type-textarea field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_618_18'>Your message<\/label><div class='gfield_description' id='gfield_description_618_18'>Please feel free to personalise the message!<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_18' id='input_618_18' class='textarea large'  aria-describedby=\"gfield_description_618_18\"    aria-invalid=\"false\"   rows='10' cols='50'>Brian Moynihan, CEO, Bank of America\nHolly O&#039;Neill, President of Retail Banking, Bank of America\n\nI am very concerned that Bank of America recently arranged finance for Whitehaven Coal \u2013 an undiversified coal mining company pursuing five new or expanded coal mining projects \u2013 despite your bank\u2019s commitment to the goals of the Paris Agreement and net zero emissions by 2050.\n\nI want you to confirm that Bank of America will take no further part in arranging finance for Whitehaven, or other companies expanding the coal industry, one of the major contributors to climate change.\n\nAny expansion of the coal industry is incompatible with the climate goals of the Paris Agreement, which aims to limit global warming to 1.5\u02daC above pre-industrial levels. It is also incompatible with the International Energy Agency\u2019s (IEA) Net Zero by 2050 modelling, which sees \u201cno new coal mines or mine extensions\u201d. Yet Whitehaven Coal is pushing forward with three thermal coal developments; Narrabri Stage 3, a full scale Vickery mine, and the Maules Creek Extension, when the world desperately needs to transition to clean, renewable energy sources. Whitehaven also now owns two of the largest greenfield metallurgical coal mine proposals in Australia - Winchester South and Blackwater South. If the latter project goes ahead it could see Whitehaven mining coal until 2121. \n\nTo justify its dirty coal expansion plans, Whitehaven refers to coal demand scenarios that assume substantially higher coal consumption than in the IEA\u2019s STEPS scenario, which would already result in 2.4\u00b0C of global warming by 2100. Even at 2\u00b0C of warming, the expected increases in temperatures, drought conditions, bushfires, extreme storms and flooding would be devastating. Global warming of 2\u00baC would also spell the death of the Great Barrier Reef. Put simply, Whitehaven\u2019s business model depends on catastrophic ecological, social and economic collapse.\n\nNot only is Whitehaven wrecking our climate, it also has a long history of destroying the local environment and communities where it operates, with a list of convictions racking up nearly $1.5 million in fines as of September 2021. In September of this year, the company was still in court \u201cfor blasting in an incompetent manner\u201d that injured a miner at a completely different mine site. For years, local farmers have raised concerns that Whitehaven\u2019s coal mines have been unlawfully taking water without a licence, including during severe drought. In July 2021, Whitehaven pleaded guilty to taking one billion litres of water at its Maules Creek coal mines. Even where Whitehaven has lawfully obtained its water, it has sometimes done so at the expense of local farmers by outbidding them on the water trading market.\n \nWhitehaven has said it plans to self-fund Narrabri Stage 3 and a final investment decision on \u201cfull scale\u201d Vickery was due after the Blackwater and Daunia acquisition settlement. Any finance provided to the company frees up capital to develop new and expanded coal mines that are incompatible with the Paris climate goals.\n  \nI ask you to confirm to me personally, and announce publicly, that you will take no further part in arranging finance for Whitehaven Coal, or other companies pursuing plans consistent with the failure of the Paris Agreement.\n\nFurther information about Whitehaven Coal can be found on the Market Forces website: www.marketforces.org.au\/whitehaven-coal\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_618_46\" class=\"gfield gfield--type-html gfield--width-full gfield_html gfield_html_formatted field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><strong>Your message to other possible Whitehaven bankers: Citi, JP Morgan Chase, Mizuho, Morgan Stanley, SMBC<\/strong><\/div><div id=\"field_618_39\" class=\"gfield gfield--type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_618_39'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_39' id='input_618_39' type='text' value='Please walk away from Whitehaven Coal' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_618_17\" class=\"gfield gfield--type-textarea field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_618_17'>Your message<\/label><div class='gfield_description' id='gfield_description_618_17'>Please feel free to personalise the message! <\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_17' id='input_618_17' class='textarea large'  aria-describedby=\"gfield_description_618_17\"    aria-invalid=\"false\"   rows='10' cols='50'>I am very concerned that your bank may be approached to finance Whitehaven Coal \u2013 an undiversified coal mining company pursuing five new or expanded coal mining projects \u2013 despite your bank\u2019s commitment to the goals of the Paris Agreement and net zero emissions by 2050.\n\nAny expansion of the coal industry is incompatible with the climate goals of the Paris Agreement, which aims to limit global warming to 1.5\u02daC above pre-industrial levels. It is also incompatible with the International Energy Agency\u2019s (IEA) Net Zero by 2050 modelling, which sees \u201cno new coal mines or mine extensions\u201d. Yet Whitehaven Coal is pushing forward with three thermal coal developments; Narrabri Stage 3, a full scale Vickery mine, and the Maules Creek Extension, when the world desperately needs to transition to clean, renewable energy sources. Whitehaven also now owns two of the largest greenfield metallurgical coal mine proposals in Australia - Winchester South and Blackwater South. If the latter project goes ahead it could see Whitehaven mining coal until 2121. \n\nTo justify its dirty coal expansion plans, Whitehaven refers to coal demand scenarios that assume substantially higher coal consumption than in the IEA\u2019s STEPS scenario, which would already result in 2.4\u00b0C of global warming by 2100. Even at 2\u00b0C of warming, the expected increases in temperatures, drought conditions, bushfires, extreme storms and flooding would be devastating. Global warming of 2\u00baC would also spell the death of the Great Barrier Reef. Put simply, Whitehaven\u2019s business model depends on catastrophic ecological, social and economic collapse.\n\nNot only is Whitehaven wrecking our climate, it also has a long history of destroying the local environment and communities where it operates, with a list of convictions racking up nearly $1.5 million in fines as of September 2021. In September of this year, the company was still in court \u201cfor blasting in an incompetent manner\u201d that injured a miner at a completely different mine site. For years, local farmers have raised concerns that Whitehaven\u2019s coal mines have been unlawfully taking water without a licence, including during severe drought. In July 2021, Whitehaven pleaded guilty to taking one billion litres of water at its Maules Creek coal mines. Even where Whitehaven has lawfully obtained its water, it has sometimes done so at the expense of local farmers by outbidding them on the water trading market. \n\nWhitehaven has said it plans to self-fund Narrabri Stage 3 and a final investment decision on \u201cfull scale\u201d Vickery was due after the Blackwater and Daunia acquisition settlement. Any finance provided to the company for this acquisition frees up capital to develop new and expanded coal mines that are incompatible with the Paris climate goals. \n\nI ask you to confirm to me personally, and announce publicly, that your bank will not provide any finance for Whitehaven Coal, or other companies pursuing plans consistent with the failure of the Paris Agreement.\n\nFurther information about Whitehaven Coal can be found on the Market Forces website: www.marketforces.org.au\/whitehaven-coal\n\nSincerely,<\/textarea><\/div><\/div><fieldset id=\"field_618_9\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--width-full field_sublabel_below gfield--no-description field_description_below hidden_label field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Yes, I want to hear more from Market Forces about this campaign<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_618_9'><div class='gchoice gchoice_618_9_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_9.1' type='checkbox'  value='Yes, I want to hear more from Market Forces about this campaign' checked='checked' id='choice_618_9_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_618_9_1' id='label_618_9_1' class='gform-field-label gform-field-label--type-inline'>Yes, I want to hear more from Market Forces about this campaign<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_618_42\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >TOOK ACTION: Banks - Email action to Jefferies, Bank of America, and other Whitehaven lenders<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_618_42'><div class='gchoice gchoice_618_42_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_42.1' type='checkbox'  value='TOOK ACTION: Banks - Email action to Jefferies, Bank of America, and other Whitehaven lenders' checked='checked' id='choice_618_42_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_618_42_1' id='label_618_42_1' class='gform-field-label gform-field-label--type-inline'>TOOK ACTION: Banks - Email action to Jefferies, Bank of America, and other Whitehaven lenders<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><\/div><\/div>\n        <div class='gform-footer gform_footer top_label'> <input type='submit' id='gform_submit_button_618' class='gform_button button' 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global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Financiers that have loaned to Whitehaven Coal<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>In February 2020, a group of 12 banks refinanced a $1 billion corporate revolver loan for Whitehaven Coal. This loan was first inked in early 2013, with Commonwealth Bank and ANZ dropping out of the loan in 2015 and 2020 respectively. Also in 2020, Nippon Export and Investment Insurance (NEXI), a Japanese state owned insurance corporation, along with MUFG and SMBC, participated in a separate $52 million loan to Whitehaven for mining equipment.<\/p>\n<p>In July 2023, Whitehaven was <a href=\"https:\/\/www.smh.com.au\/business\/companies\/what-went-wrong-here-big-banks-refuse-coal-king-1b-debt-refinance-20230717-p5dota.html\">unable to secure refinance<\/a> for its corporate revolver. The loan facility included lending commitments from Australia\u2019s big banks NAB and Westpac, as well as Japanese megabanks Mizuho, MUFG and SMBC among a group of 13 total lenders. This failure to renew marks the end of ten years of financial backing from major banks.<\/p>\n<p>In October 2023, now forced to go overseas for finance, major US banks Jefferies Group and Bank of America provided a bridge <a href=\"https:\/\/www.afr.com\/street-talk\/bofa-jefferies-bankroll-whitehaven-s-winning-bid-for-bhp-coal-20231018-p5ed5l\">loan<\/a> to Whitehaven for $900 million as a part of a deal to acquire the Daunia and Blackwater mines from BHP. Whitehaven is <a href=\"https:\/\/www.smh.com.au\/business\/companies\/what-went-wrong-here-big-banks-refuse-coal-king-1b-debt-refinance-20230717-p5dota.html\">confident<\/a> that with the addition of metallurgical coal to its portfolio, it will be able to attract finance from overseas. However, in November Whitehaven was unable to refinance the bridge loan with other major institutional banks, instead turning to the private credit market for finance. Financial sources <a href=\"https:\/\/www.afr.com\/street-talk\/private-debt-behemoths-back-whitehaven-s-6-3-billion-coal-buy-20240114-p5ex4l\">reported<\/a> a syndicate of over 10 private creditors including Ares Management, Canyon Partners, Farallon Capital Management, and <a href=\"https:\/\/news.bloomberglaw.com\/banking-law\/private-credit-funds-join-whitehaven-coals-1-1-billion-loan\">GIC<\/a> (Singapore\u2019s sovereign wealth fund).<\/p>\n<p>Whitehaven has also repeatedly <a href=\"https:\/\/www.afr.com\/companies\/mining\/whitehaven-says-asia-will-fund-coal-for-decades-20211014-p5900f\">declared<\/a> its intention to raise up to $1 billion in the bond market. In 2021, Deutsche Bank was reportedly arranging this finance, but has since abandoned the deal. It is not known which other banks may be involved.<\/p>\n<p>Any bank still willing to finance Whitehaven with its existing coal expansion plans is undermining the 1.5\u00baC goal of the Paris Agreement and net-zero emissions by 2050.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; max_width=&#8221;1040px&#8221; module_alignment=&#8221;center&#8221; custom_padding=&#8221;|1em||1em|false|false&#8221; custom_css_main_element=&#8221;width: 75% !important;&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|desktop&#8221; custom_css_main_element_tablet=&#8221;width: initial !important;&#8221; custom_css_main_element_phone=&#8221;width: initial !important;&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_code _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]\n<div class=\"wpdt-c row wpDataTableContainerSimpleTable wpDataTables wpDataTablesWrapper\n\"\n    >\n        <table id=\"wpdtSimpleTable-298\"\n           style=\"border-collapse:collapse;\n                   border-spacing:0px;\"\n           class=\"wpdtSimpleTable wpDataTable\"\n           data-column=\"4\"\n           data-rows=\"5\"\n           data-wpID=\"298\"\n           data-responsive=\"1\"\n           data-has-header=\"1\">\n\n                    <thead>        <tr class=\"wpdt-cell-row \" >\n                                <th class=\"wpdt-cell wpdt-wrap-text wpdt-bold wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"A1\"\n                    data-col-index=\"0\"\n                    data-row-index=\"0\"\n                    style=\" width:8.974358974359%;                    padding:10px;\n                    \"\n                    >\n                                        Year                    <\/th>\n                                                <th class=\"wpdt-cell wpdt-wrap-text wpdt-bold wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"B1\"\n                    data-col-index=\"1\"\n                    data-row-index=\"0\"\n                    style=\" width:17.032967032967%;                    padding:10px;\n                    \"\n                    >\n                                        Loan amount (AUD)                    <\/th>\n                                                <th class=\"wpdt-cell wpdt-wrap-text wpdt-bold wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"C1\"\n                    data-col-index=\"2\"\n                    data-row-index=\"0\"\n                    style=\" width:60.622710622711%;                    padding:10px;\n                    \"\n                    >\n                                        Banks Involved                    <\/th>\n                                                <th class=\"wpdt-cell wpdt-wrap-text wpdt-bold wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"D1\"\n                    data-col-index=\"3\"\n                    data-row-index=\"0\"\n                    style=\" width:13.369963369963%;                    padding:10px;\n                    \"\n                    >\n                                        Status                    <\/th>\n                                        <\/tr>\n                    <tbody>        <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-valign-top wpdt-align-left\"\n                                            data-cell-id=\"A2\"\n                    data-col-index=\"0\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Dec 2023                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"B2\"\n                    data-col-index=\"1\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        $1.1 billion                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"C2\"\n                    data-col-index=\"2\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        \u201cMore than <a href=\"https:\/\/news.bloomberglaw.com\/banking-law\/private-credit-funds-join-whitehaven-coals-1-1-billion-loan\">10 private credit lenders<\/a>,\u201d and one bank: Asia Research & Capital Management, Farallon Capital Management, Sona Asset Management, Alpha Wave Global, Washington H. Soul Pattinson & Co., Davidson Kempner Capital Management LP, Marathon Asset Management, Challenger Investment Management, King Street Capital Management, Ares Management Corp, Canyon Partners Real Estate, and Singapore\u2019s sovereign wealth fund GIC, Bank of America Corp                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"D2\"\n                    data-col-index=\"3\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Active, $5.5 million expires Dec 2026 and $5.5 million expires Dec 2028                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"A3\"\n                    data-col-index=\"0\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Oct 2023                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"B3\"\n                    data-col-index=\"1\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        $900 million                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-wrap-text wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"C3\"\n                    data-col-index=\"2\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Bank of America, Jefferies Group                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"D3\"\n                    data-col-index=\"3\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Retired                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-wrap-text wpdt-bold wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"A4\"\n                    data-col-index=\"0\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        2020                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-wrap-text wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"B4\"\n                    data-col-index=\"1\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        $52 million                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-wrap-text wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"C4\"\n                    data-col-index=\"2\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Nippon Export and Investment Insurance (NEXI), MUFG, SMBC                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-wrap-text wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"D4\"\n                    data-col-index=\"3\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Active, expires Mar 2028                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-wrap-text wpdt-bold wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"A5\"\n                    data-col-index=\"0\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        2020                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-wrap-text wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"B5\"\n                    data-col-index=\"1\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        $1 billion                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-wrap-text wpdt-ff-000000 wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"C5\"\n                    data-col-index=\"2\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Bank of China ($195 million),\u00a0SMBC ($115 million),\u00a0Industrial and Commercial Bank of China ($110 million),\u00a0NAB ($110 million),\u00a0Westpac ($110 million),\u00a0Mizuho ($100 million),\u00a0Bank of Communications ($80 million), MUFG ($50 million),\u00a0Caterpillar Finance Corporation ($40 million,\u00a0Credit Suisse ($40 million),\u00a0Deutsche Bank ($30 million),\u00a0China Everbright Bank ($20 million)                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-wrap-text wpdt-align-left wpdt-valign-top\"\n                                            data-cell-id=\"D5\"\n                    data-col-index=\"3\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Retired                    <\/td>\n                                        <\/tr>\n                    <\/table>\n<\/div><style id='wpdt-custom-style-298'>\nbutton.button.btn.wdt-clear-filters-button {\n\tbackground: #ffffff;\n\tborder-style: solid;\n\tborder-width: 2px;\n\tborder-color: #903e4c;\n\ttext-shadow: 0px 0px;\n}\n\ndiv.wpDataTables.wpDataTablesFilter.wpDataTablesWrapper.data-t {\n\tmargin-bottom: 0px;\n}\n\ndiv.wpDataTableFilterSection {\n\tmargin-bottom: 0px !important;\n}.wpdt-ff-000000 { font-family: inherit !important;}\n<\/style>\n<style>\n            \/* th background color *\/\n    .wpdt-c.wpDataTablesWrapper table.wpdtSimpleTable.bt[data-has-header='1'] td.wpdt-header-classes,\n    .wpdt-c.wpDataTablesWrapper table.wpdtSimpleTable thead th,\n    .wpdt-c .wpDataTablesWrapper table.wpDataTable thead th,\n    .wpdt-c .wpDataTablesWrapper table.wpDataTable thead th.sorting {\n        background-color: #F06400 !important;\n     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           \n                <\/style>\n[\/et_pb_code][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;30px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row disabled_on=&#8221;off|off|off&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;700px&#8221; max_width_tablet=&#8221;614px&#8221; max_width_phone=&#8221;614px&#8221; max_width_last_edited=&#8221;on|desktop&#8221; custom_padding=&#8221;0px||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Could major super funds already divested from Whitehaven Coal start getting back in?<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Section &#8211; Actions&#8221; module_id=&#8221;section-take-action&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_2,1_2&#8243; module_id=&#8221;take-action&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>As of 31 December, 2023, two thirds of the top 30 super funds, by combined assets under management (AUM), have either substantially divested from, exclude investment in or have a policy in place that should reduce exposure to thermal coal companies. The default or largest investment options of 12 of these 30 funds had no exposure to Whitehaven as at 31 December 2023.<\/p>\n<p>The thermal coal exclusion policies of Australia\u2019s top super funds all previously prevented investment in Whitehaven, with the company <a href=\"https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-ASX-Announcement-Full-Year-FY2023-Results.pdf\" target=\"_blank\" rel=\"noopener\">deriving<\/a> 94% of its revenue from the sale of thermal coal in 2022. However, Whitehaven\u2019s 2023 acquisition of the Blackwater and Daunia mines from BHP will invert the company\u2019s revenue streams, <a href=\"https:\/\/yourir.info\/resources\/86a960f3a3b95b4e\/announcements\/whc.asx\/2A1481524\/WHC_Announcement_2A1481524.pdf\" target=\"_blank\" rel=\"noopener\">shifting<\/a> the proportion of thermal coal to about 30% of the company\u2019s revenue going forward, leaving 70% to come from its new metallurgical coal mines.<\/p>\n<p>While thermal coal is used in electricity generation, metallurgical coal is used in steel production, and most super fund and bank exclusion policies apply to the former and not the latter. <strong>But metallurgical coal is a fossil fuel and needs to be phased out if the world is to have a shot at meeting its global climate goals<\/strong>, and Whitehaven\u2019s expansion plans include both thermal and metallurgical projects.<\/p>\n<p>Now five of Australia\u2019s top 30 super funds could potentially re-invest in Whitehaven based on their existing thermal coal exclusion policies.<\/p>\n<ul>\n<li>Commonwealth Super Corp could re-invest in Whitehaven, based on its policy which excludes companies deriving 70% of their revenue from thermal coal<\/li>\n<li>NGS Super and TelstraSuper might be able to re-invest in Whitehaven, based on revenue thresholds of 30% and 25% in their policies, respectively<\/li>\n<li>Spirit Super and Super SA might be able to re-invest in Whitehaven, based on how thermal coal companies are defined in their policies<\/li>\n<\/ul>\n<p>Vision Super has already walked back its thermal coal exclusion policy and re-exposed its members\u2019 retirement savings to Whitehaven, removing its previous thermal coal exclusion applying to companies generating more than 25% of revenue from the sale of thermal coal in its 2023 policy update.<\/p>\n<p>Super funds that have already ruled out financial support for Whitehaven through policy must commit to steering clear of this climate wrecker in future, as Whitehaven is showing no signs of reining in its dangerous coal expansion plans. Any super fund still investing its members\u2019 retirement savings in Whitehaven must cut ties with this company immediately.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f2f2f2&#8243; custom_padding=&#8221;40px|40px|40px|40px|false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Take Action<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.25.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Tell your super fund to keep your retirement savings away from Whitehaven.<\/p>\n<p>[\/et_pb_text][et_pb_code _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]\n                <div class='gf_browser_unknown gform_wrapper gravity-theme gform-theme--no-framework mf-gf-material-design_wrapper' data-form-theme='gravity-theme' data-form-index='0' id='gform_wrapper_654' style='display:none'>\n                        <div class='gform_heading'>\n                            <p class='gform_description'><\/p>\n                        <\/div><form method='post' enctype='multipart\/form-data'  id='gform_654' class='mf-gf-material-design' action='\/wp-json\/wp\/v2\/pages\/73736' data-formid='654' novalidate><div class='gf_invisible ginput_recaptchav3' data-sitekey='6LdpG74bAAAAAAfG76zCHaW_pwUx9zp9bP05qG2y' data-tabindex='0'><input id=\"input_bca94a3d8ef75b90084f57310d4b46e2\" class=\"gfield_recaptcha_response\" type=\"hidden\" name=\"input_bca94a3d8ef75b90084f57310d4b46e2\" value=\"\"\/><\/div>\n                        <div class='gform-body gform_body'><div id='gform_fields_654' class='gform_fields top_label form_sublabel_below description_below validation_below'><div id=\"field_654_20\" class=\"gfield gfield--type-select gfield--input-type-select gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_20'>Super fund<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_select'><select name='input_20' id='input_654_20' class='large gfield_select'    aria-required=\"true\" aria-invalid=\"false\" ><option value='Search for your fund' >Search for your fund<\/option><option value='Active Super' >Active Super<\/option><option value='AMP Superannuation' >AMP Superannuation<\/option><option value='Australian Retirement Trust' >Australian Retirement Trust<\/option><option value='AustralianSuper' >AustralianSuper<\/option><option value='Aware Super' >Aware Super<\/option><option value='Brighter Super' >Brighter Super<\/option><option value='CareSuper' >CareSuper<\/option><option value='Cbus' >Cbus<\/option><option value='Colonial First State' >Colonial First State<\/option><option value='Commonwealth Superannuation Corporation' >Commonwealth Superannuation Corporation<\/option><option value='Equip Super' >Equip Super<\/option><option value='ESSSuper' >ESSSuper<\/option><option value='GESB' >GESB<\/option><option value='HESTA' >HESTA<\/option><option value='Hostplus' >Hostplus<\/option><option value='IOOF' >IOOF<\/option><option value='Mercer' >Mercer<\/option><option value='Mine Super' >Mine Super<\/option><option value='MLC' >MLC<\/option><option value='NGS Super' >NGS Super<\/option><option value='OnePath' >OnePath<\/option><option value='Qantas Super' >Qantas Super<\/option><option value='Rest' >Rest<\/option><option value='Russell Investments' >Russell Investments<\/option><option value='Spirit Super' >Spirit Super<\/option><option value='State Super' >State Super<\/option><option value='Super SA' >Super SA<\/option><option value='Telstra Super' >Telstra Super<\/option><option value='UniSuper' >UniSuper<\/option><option value='Vision Super' >Vision Super<\/option><\/select><\/div><\/div><fieldset id=\"field_654_3\" class=\"gfield gfield--type-name gfield--input-type-name gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Name<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/legend><div class='ginput_complex ginput_container ginput_container--name no_prefix has_first_name no_middle_name has_last_name no_suffix gf_name_has_2 ginput_container_name gform-grid-row' id='input_654_3'>\n                            \n                            <span id='input_654_3_3_container' class='name_first gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_3.3' id='input_654_3_3' value=''   aria-required='true'     \/>\n                                                    <label for='input_654_3_3' class='gform-field-label gform-field-label--type-sub '>First<\/label>\n                                                <\/span>\n                            \n                            <span id='input_654_3_6_container' class='name_last gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_3.6' id='input_654_3_6' value=''   aria-required='true'     \/>\n                                                    <label for='input_654_3_6' class='gform-field-label gform-field-label--type-sub '>Last<\/label>\n                                                <\/span>\n                            \n                        <\/div><\/fieldset><div id=\"field_654_4\" class=\"gfield gfield--type-email gfield--input-type-email gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_4'>Email Address<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_4' id='input_654_4' type='email' value='' class='large'    aria-required=\"true\" aria-invalid=\"false\"  \/>\n                        <\/div><\/div><div id=\"field_654_40\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Generic email<\/h3><\/div><div id=\"field_654_213\" class=\"gfield gfield--type-html gfield--input-type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><p style=\"padding-top: 20px;padding-bottom: 20px\"><b>Note:<\/b> This will be sent to CareSuper's complaints department.<\/p><\/div><div id=\"field_654_41\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_41'>Subject<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_text'><input name='input_41' id='input_654_41' type='text' value='Exclude all investments in companies expanding coal production' class='large'     aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_654_42\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_42'>Your message to your super fund<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_42'>(Note: the name of your super fund will be added to the top of the email and your name will be added to the bottom)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_42' id='input_654_42' class='textarea large'  aria-describedby=\"gfield_description_654_42\"   aria-required=\"true\" aria-invalid=\"false\"   rows='10' cols='50'>I am writing to demand that our super fund immediately implements an exclusion policy to comprehensively rule out investments in all companies expanding coal production.\n\nWithout an exclusion policy in place, our fund is lagging behind other large super funds and remains exposed to one of the dirtiest fossil fuel companies in the country, Whitehaven Coal. Whitehaven is planning six new or expanded coal projects, more than any other coal company operating in Australia.\n\nTo justify its dirty expansion plans, Whitehaven refers to coal demand scenarios that assume substantially higher coal consumption than in the International Energy Agency\u2019s \u2018Stated Policies\u2019 (STEPS) scenario, which is a \u2018business as usual\u2019 scenario that would already result in a devastating 2.4\u00b0C of global warming by 2100.[1]\n\nPut simply, Whitehaven\u2019s business model depends on catastrophic ecological, social and economic collapse. Any investment in Whitehaven is a vote in support of the company\u2019s aggressive coal production growth plans, which are completely out of line with global climate goals.\n\nBefore you respond by telling me about the fund\u2019s stewardship strategy, investors and other stakeholders have been engaging with Whitehaven Coal for years and nothing has tempered the company\u2019s plans to expand coal production. No level of engagement is going to bring Whitehaven\u2019s business plans into line with global climate goals and the most impactful action you can take right now is public divestment.\n\nI therefore demand the below actions are taken immediately:\n\n1) Implement and publish a portfolio-wide exclusion policy applicable to all companies expanding coal production; and\n\n2) Publish a statement confirming divestment from Whitehaven.\n\nPlease respond to me within one week to confirm that these actions will be taken.\n\n[1] https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-FY23-Results-presentation.pdf\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_654_117\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Message for members of funds not exposed to Whitehaven<\/h3><\/div><div id=\"field_654_142\" class=\"gfield gfield--type-html gfield--input-type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><p style=\"padding-top: 20px;padding-bottom: 20px\">Good news! Your fund has a policy in place ruling out investments in Whitehaven.<\/p><\/div><div id=\"field_654_123\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Email to AustralianSuper<\/h3><\/div><div id=\"field_654_212\" class=\"gfield gfield--type-html gfield--input-type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><p style=\"padding-top: 20px;padding-bottom: 20px\"><b>Note:<\/b> This will be sent to AustralianSuper's complaints department.<\/p><\/div><div id=\"field_654_132\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_132'>Subject<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_132'>(You can edit this)<\/div><div class='ginput_container ginput_container_text'><input name='input_132' id='input_654_132' type='text' value='Exclude investments in all companies expanding coal production' class='large'  aria-describedby=\"gfield_description_654_132\"   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_654_133\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_133'>Your message to AustralianSuper<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_133'>(You can edit this, too. Your name will be automatically added at the end.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_133' id='input_654_133' class='textarea large'  aria-describedby=\"gfield_description_654_133\"   aria-required=\"true\" aria-invalid=\"false\"   rows='10' cols='50'>To AustralianSuper,\n\nI am writing to demand that AustralianSuper immediately implements an exclusion policy to comprehensively rule out investments in all companies expanding coal production.\n\nWhile it was good to see AustralianSuper dump Whitehaven Coal and all active exposure to thermal coal companies in 2020, I am disappointed to learn that the fund is again exposed to Whitehaven, one of the dirtiest fossil fuel companies in the country. Whitehaven is planning six new or expanded coal projects, more than any other coal company operating in Australia.\n\nTo justify its dirty expansion plans, Whitehaven refers to coal demand scenarios that assume substantially higher coal consumption than in the International Energy Agency\u2019s \u2018Stated Policies\u2019 (STEPS) scenario, which is a \u2018business as usual\u2019 scenario that would already result in a devastating 2.4\u00b0C of global warming by 2100.[1]\n\nPut simply, Whitehaven\u2019s business model depends on catastrophic ecological, social and economic collapse. Any investment in Whitehaven is a vote in support of the company\u2019s aggressive coal production growth plans, which are completely out of line with global climate goals.\n\nBefore you respond by telling me about the fund\u2019s stewardship strategy, investors and other stakeholders have been engaging with Whitehaven Coal for years and nothing has tempered the company\u2019s plans to expand coal production. No level of engagement is going to bring Whitehaven\u2019s business plans into line with global climate goals and the most impactful action AustralianSuper can take right now is public divestment.\n\nAustralianSuper is lagging behind many of its peers, including Australian Retirement Trust, Aware Super and UniSuper, which have implemented policies ruling out investments in thermal coal companies. AustralianSuper must live up to its climate commitments by following suit.\n\nI look forward to confirmation within one week that AustralianSuper will be implementing a portfolio-wide exclusion on companies expanding coal production.\n\n[1] https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-FY23-Results-presentation.pdf\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_654_152\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Email to Cbus<\/h3><\/div><div id=\"field_654_153\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_153'>Subject<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_153'>(You can edit this)<\/div><div class='ginput_container ginput_container_text'><input name='input_153' id='input_654_153' type='text' value='Exclude investments in all companies expanding coal production' class='large'  aria-describedby=\"gfield_description_654_153\"   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_654_154\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_154'>Your message to Cbus<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_154'>(You can edit this, too. Your name will be automatically added at the end.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_154' id='input_654_154' class='textarea large'  aria-describedby=\"gfield_description_654_154\"   aria-required=\"true\" aria-invalid=\"false\"   rows='10' cols='50'>To Cbus,\n\nI am writing to demand that Cbus immediately implements an exclusion policy to comprehensively rule out investments in all companies expanding coal production.\n\nWithout an exclusion policy in place, Cbus is lagging behind other large super funds and remains exposed to one of the dirtiest fossil fuel companies in the country, Whitehaven Coal. Whitehaven is planning six new or expanded coal projects, more than any other coal company operating in Australia.\n\nTo justify its dirty expansion plans, Whitehaven refers to coal demand scenarios that assume substantially higher coal consumption than in the International Energy Agency\u2019s \u2018Stated Policies\u2019 (STEPS) scenario, which is a \u2018business as usual\u2019 scenario that would already result in a devastating 2.4\u00b0C of global warming by 2100.[1]\n\nPut simply, Whitehaven\u2019s business model depends on catastrophic ecological, social and economic collapse. Any investment in Whitehaven is a vote in support of the company\u2019s aggressive coal production growth plans, which are completely out of line with global climate goals.\n\nWhile I understand Cbus\u2019 stranded asset exclusion should reduce exposure to carbon-intensive companies like Whitehaven, exposure as a proportion of Australian share investments in Cbus\u2019 \u2018Growth\u2019 option increased in the six months to 31 December 2023 and is now quadruple the level of exposure it was two years prior. This exposure has increased at a greater rate than Whitehaven\u2019s proportion of the ASX300.\n\nWhy has Cbus\u2019 exposure to Whitehaven increased so much? Further to this, why does this \u2018stranded asset exclusion\u2019 only apply to the fund\u2019s quantitative equity strategies and not all listed equities?\n\nBefore you respond by telling me about the fund\u2019s stewardship strategy, investors and other stakeholders have been engaging with Whitehaven Coal for years and nothing has tempered the company\u2019s plans to expand coal production. No level of engagement is going to bring Whitehaven\u2019s business plans into line with global climate goals and the most impactful action Cbus can take right now is public divestment.\n\nI therefore demand the below actions are taken immediately:\n\n1) Implement and publish a portfolio-wide exclusion policy applicable to all companies expanding coal production; and\n\n2) Publish a statement confirming divestment from Whitehaven.\n\nPlease respond to me within one week to confirm that these actions will be taken.\n\n[1] https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-FY23-Results-presentation.pdf\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_654_223\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Email to Commonwealth Super Corp<\/h3><\/div><div id=\"field_654_224\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_224'>Subject<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_224'>(You can edit this)<\/div><div class='ginput_container ginput_container_text'><input name='input_224' id='input_654_224' type='text' value='Commonwealth Super Corp must tighten up its weak coal exclusion policy' class='large'  aria-describedby=\"gfield_description_654_224\"   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_654_225\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_225'>Your message to Commonwealth Super Corp<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_225'>(You can edit this, too. Your name will be automatically added at the end.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_225' id='input_654_225' class='textarea large'  aria-describedby=\"gfield_description_654_225\"   aria-required=\"true\" aria-invalid=\"false\"   rows='10' cols='50'>To Commonwealth Super Corp (CSC),\n\nI am writing to demand that CSC immediately tightens up its thermal coal exclusion policy and commits to not re-investsing my retirement savings in Whitehaven Coal.\n\nWhitehaven recently purchased two of BHP\u2019s metallurgical coal mines, claiming this would transform the company into a metallurgical coal producer.[1] In the financial year 2023, Whitehaven generated 94 percent of its revenue from thermal coal, but says this purchase would see that drop to 30 percent in future.[2]\n\nThis means Whitehaven could once again become an investable company for CSC, given the fund\u2019s 70% revenue threshold in its thermal coal exclusion policy.\n\nCSC says it excludes investment in companies that \u201cderive 70% or more of their revenue from thermal coal production and generation\u201d on the grounds that they have \u201clittle prospect of transitioning.\u201d[3] Yet this weak threshold fails to account for the fact that companies like Whitehaven will attempt to use every dirty trick in the book to avoid transitioning, including buying metallurgical coal assets to pretend it is \u2018diversifying\u2019 its business while still pursuing its thermal coal expansion plans.\n\nWhitehaven is planning six new or expanded coal projects, more than any other coal company operating in Australia. This company has repeatedly demonstrated it has no intention of reining in its dangerous coal expansion plans and deserves no financial support from any super fund serious about managing climate risk.\n\nTo justify its dirty expansion plans, Whitehaven refers to coal demand scenarios that assume substantially higher coal consumption than in the International Energy Agency\u2019s \u2018Stated Policies\u2019 (STEPS) scenario, which is a \u2018business as usual\u2019 scenario that would already result in a devastating 2.4\u00b0C of global warming by 2100.[4]\n\nPut simply, Whitehaven\u2019s business model depends on catastrophic ecological, social and economic collapse. Any investment in Whitehaven is a vote in support of the company\u2019s aggressive coal production growth plans, which are completely out of line with global climate goals.\n\nBefore you respond by telling me about the fund\u2019s stewardship strategy, investors and other stakeholders have been engaging with Whitehaven Coal for years and nothing has tempered the company\u2019s plans to expand coal production. No level of engagement is going to bring Whitehaven\u2019s business plans into line with global climate goals and re-investing in this climate wrecker would therefore be unacceptable.\n\nThe most impactful action CSC can take right now is to strengthen its thermal coal exclusion policy and commit to steering clear of Whitehaven for good.\n\nI therefore demand the below actions are taken immediately:\n\n1) Lower the revenue threshold in the fund\u2019s thermal coal exclusion policy to align with the broader industry and member expectations. For reference, the majority of other large funds with exclusion policies have set their revenue thresholds at 15% or lower;\n\n2) Publish a statement confirming CSC will not re-invest in Whitehaven; and\n\n3) Expand the scope of the fund\u2019s coal exclusion policy to cover all companies pursuing coal production growth.\n\nPlease respond to me within one week to confirm that these actions will be taken.\n\n[1] https:\/\/yourir.info\/resources\/86a960f3a3b95b4e\/announcements\/whc.asx\/2A1481524\/WHC_Announcement_2A1481524.pdf\n\n[2] https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-ASX-Announcement-Full-Year-FY2023-Results.pdf\n\n[3] https:\/\/csc.sitecorecontenthub.cloud\/api\/public\/content\/3028ab498c0c49bd81e84a73da81086f?v=d2f3df8b\n\n[4] https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-FY23-Results-presentation.pdf\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_654_244\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Email to NGS Super<\/h3><\/div><div id=\"field_654_245\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_245'>Subject<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_245'>(You can edit this)<\/div><div class='ginput_container ginput_container_text'><input name='input_245' id='input_654_245' type='text' value='Please confirm NGS Super will not re-invest in Whitehaven Coal' class='large'  aria-describedby=\"gfield_description_654_245\"   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_654_246\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_246'>Your message to NGS Super<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_246'>(You can edit this, too. Your name will be automatically added at the end.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_246' id='input_654_246' class='textarea large'  aria-describedby=\"gfield_description_654_246\"   aria-required=\"true\" aria-invalid=\"false\"   rows='10' cols='50'>To NGS Super,\n\nI am writing to request that NGS Super amends its thermal coal exclusion policy to rule out potential future investments in Whitehaven Coal.\n\nWhitehaven recently purchased two of BHP\u2019s metallurgical coal mines, claiming this would transform the company into a metallurgical coal producer.[1] In the financial year 2023, Whitehaven generated 94 percent of its revenue from thermal coal, but says this purchase would see that drop to 30 percent in future.[2]\n\nThis means Whitehaven could potentially become an investable company for NGS Super, given the fund\u2019s 30% revenue threshold in its thermal coal exclusion policy.\n\nWhitehaven is planning six new or expanded coal projects, more than any other coal company operating in Australia. This company has repeatedly demonstrated it has no intention of reining in its dangerous coal expansion plans and deserves no financial support from any super fund serious about managing climate risk.\n\nI am grateful that NGS Super has shown climate leadership by implementing a target to achieve a carbon neutral investment portfolio by 2030 and becoming the first industry fund to divest from undiversified oil and gas producers. Now I would like to see a commitment from the fund to ensure members\u2019 retirement savings aren\u2019t re-invested in Whitehaven.\n\n[1] https:\/\/yourir.info\/resources\/86a960f3a3b95b4e\/announcements\/whc.asx\/2A1481524\/WHC_Announcement_2A1481524.pdf\n\n[2] https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-ASX-Announcement-Full-Year-FY2023-Results.pdf\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_654_214\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Email to Spirit Super<\/h3><\/div><div id=\"field_654_215\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_215'>Subject<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_215'>(You can edit this)<\/div><div class='ginput_container ginput_container_text'><input name='input_215' id='input_654_215' type='text' value='Please confirm Spirit Super will not re-invest in Whitehaven Coal' class='large'  aria-describedby=\"gfield_description_654_215\"   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_654_216\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_216'>Your message to Spirit Super<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_216'>(You can edit this, too. Your name will be automatically added at the end.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_216' id='input_654_216' class='textarea large'  aria-describedby=\"gfield_description_654_216\"   aria-required=\"true\" aria-invalid=\"false\"   rows='10' cols='50'>To Spirit Super,\n\nI am writing to request that Spirit Super amends its thermal coal exclusion policy to rule out potential future investments in Whitehaven Coal.\n\nWhitehaven recently purchased two of BHP\u2019s metallurgical coal mines, claiming this would transform the company into a metallurgical coal producer.[1] In the financial year 2023, Whitehaven generated 94 percent of its revenue from thermal coal, but says this purchase would see that drop to 30 percent in future.[2]\n\nThis means Whitehaven could potentially become an investable company for Spirit Super, if it is reclassified under the \u2018Steel\u2019 sub-industry according to the GICS methodology.[3]\n\nThis climate wrecker will attempt to use every dirty trick in the book to avoid transitioning, including buying metallurgical coal assets to pretend it is \u2018diversifying\u2019 its business while still pursuing its thermal coal expansion plans.\n\nWhitehaven is planning six new or expanded coal projects, more than any other coal company operating in Australia. This company has repeatedly demonstrated it has no intention of reining in its dangerous coal expansion plans and deserves no financial support from any super fund serious about managing climate risk.\n\nI am grateful that Spirit Super has set targets to reduce portfolio fossil fuel reserves and emissions by 50% by 2030. Now I would like to see a commitment from the fund to ensure members\u2019 retirement savings aren\u2019t re-invested in Whitehaven, a company that would significantly undermine those targets.\n\n[1] https:\/\/yourir.info\/resources\/86a960f3a3b95b4e\/announcements\/whc.asx\/2A1481524\/WHC_Announcement_2A1481524.pdf\n\n[2] https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-ASX-Announcement-Full-Year-FY2023-Results.pdf\n\n[3] https:\/\/www.msci.com\/documents\/1296102\/11185224\/GICS+Methodology+2023.pdf\/d0971eca-cf6c-5c30-6982-8c0797d4799a?t=1679088757399\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_654_259\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Email to Super SA<\/h3><\/div><div id=\"field_654_260\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_260'>Subject<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_260'>(You can edit this)<\/div><div class='ginput_container ginput_container_text'><input name='input_260' id='input_654_260' type='text' value='Please confirm Super SA will not re-invest in Whitehaven Coal' class='large'  aria-describedby=\"gfield_description_654_260\"   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_654_261\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_261'>Your message to Super SA<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_261'>(You can edit this, too. Your name will be automatically added at the end.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_261' id='input_654_261' class='textarea large'  aria-describedby=\"gfield_description_654_261\"   aria-required=\"true\" aria-invalid=\"false\"   rows='10' cols='50'>To Super SA,\n\nI am writing to request that Super SA amends its thermal coal exclusion policy to rule out potential future investments in Whitehaven Coal.\n\nWhitehaven recently purchased two of BHP\u2019s metallurgical coal mines, claiming this would transform the company into a metallurgical coal producer.[1] In the financial year 2023, Whitehaven generated 94 percent of its revenue from thermal coal, but says this purchase would see that drop to 30 percent in future.[2]\n\nThis means Whitehaven could potentially become an investable company for Super SA, if it is reclassified under the \u2018Steel\u2019 sub-industry according to the GICS methodology.[3]\n\nThis climate wrecker will attempt to use every dirty trick in the book to avoid transitioning, including buying metallurgical coal assets to pretend it is \u2018diversifying\u2019 its business while still pursuing its thermal coal expansion plans.\n\nWhitehaven is planning six new or expanded coal projects, more than any other coal company operating in Australia. This company has repeatedly demonstrated it has no intention of reining in its dangerous coal expansion plans and deserves no financial support from any super fund serious about managing climate risk.\n\nI would therefore like to see a commitment from Super SA to ensure members\u2019 retirement savings won\u2019t be re-invested in Whitehaven in future.\n\n[1] https:\/\/yourir.info\/resources\/86a960f3a3b95b4e\/announcements\/whc.asx\/2A1481524\/WHC_Announcement_2A1481524.pdf\n\n[2] https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-ASX-Announcement-Full-Year-FY2023-Results.pdf\n\n[3] https:\/\/www.msci.com\/documents\/1296102\/11185224\/GICS+Methodology+2023.pdf\/d0971eca-cf6c-5c30-6982-8c0797d4799a?t=1679088757399\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_654_262\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Email to TelstraSuper<\/h3><\/div><div id=\"field_654_263\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_263'>Subject<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_263'>(You can edit this)<\/div><div class='ginput_container ginput_container_text'><input name='input_263' id='input_654_263' type='text' value='Please confirm TelstraSuper will not re-invest in Whitehaven Coal' class='large'  aria-describedby=\"gfield_description_654_263\"   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_654_264\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_264'>Your message to Telstra Super<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_264'>(You can edit this, too. Your name will be automatically added at the end.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_264' id='input_654_264' class='textarea large'  aria-describedby=\"gfield_description_654_264\"   aria-required=\"true\" aria-invalid=\"false\"   rows='10' cols='50'>To TelstraSuper,\n\nI am writing to request that TelstraSuper amends its thermal coal exclusion policy to rule out potential future investments in Whitehaven Coal.\n\nWhitehaven recently purchased two of BHP\u2019s metallurgical coal mines, claiming this would transform the company into a metallurgical coal producer.[1] In the financial year 2023, Whitehaven generated 94 percent of its revenue from thermal coal, but says this purchase would see that drop to 30 percent in future.[2]\n\nThis means Whitehaven could potentially become an investable company for TelstraSuper, given the fund\u2019s 25% revenue threshold in its thermal coal exclusion policy.\n\nThis climate wrecker will attempt to use every dirty trick in the book to avoid transitioning, including buying metallurgical coal assets to pretend it is \u2018diversifying\u2019 its business while still pursuing its thermal coal expansion plans.\n\nWhitehaven is planning six new or expanded coal projects, more than any other coal company operating in Australia. This company has repeatedly demonstrated it has no intention of reining in its dangerous coal expansion plans and deserves no financial support from any super fund serious about managing climate risk.\n\nI would therefore like to see a commitment from TelstraSuper to ensure members\u2019 retirement savings won\u2019t be re-invested in Whitehaven in future.\n\n[1] https:\/\/yourir.info\/resources\/86a960f3a3b95b4e\/announcements\/whc.asx\/2A1481524\/WHC_Announcement_2A1481524.pdf\n\n[2] https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-ASX-Announcement-Full-Year-FY2023-Results.pdf\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_654_127\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Email to Vision Super<\/h3><\/div><div id=\"field_654_140\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_140'>Subject<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_140'>(You can edit this)<\/div><div class='ginput_container ginput_container_text'><input name='input_140' id='input_654_140' type='text' value='Why has Vision Super walked back its fossil fuel exclusion policy?' class='large'  aria-describedby=\"gfield_description_654_140\"   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_654_141\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_654_141'>Your message to Vision Super<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_654_141'>(You can edit this, too. Your name will be automatically added at the end.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_141' id='input_654_141' class='textarea large'  aria-describedby=\"gfield_description_654_141\"   aria-required=\"true\" aria-invalid=\"false\"   rows='10' cols='50'>To Vision Super,\n\nI am writing to demand that Vision Super reinstates its coal, oil and gas exclusions and exits Whitehaven Coal immediately.\n\nI am appalled to learn that Vision Super has walked back its revenue-based fossil fuel exclusions and re-exposed members\u2019 retirement savings to Whitehaven. This is a company that has repeatedly demonstrated it has no intention of reining in its dangerous coal expansion plans and therefore deserves no financial support from any super fund serious about managing climate risk.\n\nCan you explain:\n\n1) What is Vision Super\u2019s rationale for removing its revenue-based restrictions and replacing them with a carbon budget framework?\n\n2) Will this carbon budget decrease over time, and if so, by how much and over what timeframe?\n\n3) Why does this framework fail to rule out portfolio-wide exposure to undiversified thermal coal companies?\n\n4) How does this framework impact exposure to undiversified oil and gas producers like Woodside and Santos?\n\nI demand answers to these questions and confirmation that Vision Super will be reinstating its exclusions within one week.\n\nSincerely,<\/textarea><\/div><\/div><fieldset id=\"field_654_15\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox field_sublabel_below gfield--no-description field_description_below hidden_label field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Of course I want to get updates about this campaign from Market Forces!<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_654_15'><div class='gchoice gchoice_654_15_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_15.1' type='checkbox'  value='Of course I want to get updates about this campaign from Market Forces!' checked='checked' id='choice_654_15_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_654_15_1' id='label_654_15_1' class='gform-field-label gform-field-label--type-inline'>Of course I want to get updates about this campaign from Market Forces!<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_654_36\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >TOOK ACTION: Super - Super funds coal policy analysis - June 2024<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_654_36'><div class='gchoice gchoice_654_36_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_36.1' type='checkbox'  value='TOOK ACTION: Super - Super funds coal policy analysis - June 2024' checked='checked' id='choice_654_36_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_654_36_1' id='label_654_36_1' class='gform-field-label gform-field-label--type-inline'>TOOK ACTION: Super - Super funds coal policy analysis - June 2024<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><\/div><\/div>\n        <div class='gform-footer gform_footer top_label'> <input type='submit' id='gform_submit_button_654' class='gform_button button' onclick='gform.submission.handleButtonClick(this);' data-submission-type='submit' value='Send your message'  \/> \n            <input type='hidden' class='gform_hidden' name='gform_submission_method' data-js='gform_submission_method_654' value='postback' \/>\n            <input type='hidden' class='gform_hidden' name='gform_theme' data-js='gform_theme_654' id='gform_theme_654' value='gravity-theme' \/>\n            <input type='hidden' class='gform_hidden' name='gform_style_settings' data-js='gform_style_settings_654' id='gform_style_settings_654' value='[]' \/>\n            <input type='hidden' class='gform_hidden' name='is_submit_654' value='1' \/>\n            <input type='hidden' 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header_4_font=&#8221;Inter|800|||||||&#8221; header_4_text_align=&#8221;center&#8221; header_4_text_color=&#8221;#131313&#8243; header_4_font_size=&#8221;24px&#8221; header_4_line_height=&#8221;1.17em&#8221; custom_margin=&#8221;||1px|||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>The top 30 super funds\u2019 coal exclusion policies and investments in Whitehaven Coal<\/h2>\n<p>[\/et_pb_text][et_pb_code _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]\n<div class=\"wpdt-c wdt-skin-material\">\n    \n    <input type=\"hidden\" id=\"wdtNonceFrontendServerSide_346\" name=\"wdtNonceFrontendServerSide_346\" value=\"c018fdd28c\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/wp-json\/wp\/v2\/pages\/73736\" \/><input type=\"hidden\" id=\"wdtFrontendelementorNonce_346\" name=\"wdtFrontendelementorNonce_346\" value=\"7d828eece0\" \/>    <input type=\"hidden\" id=\"table_1_desc\"\n           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A\",\"datepickFormat\":\"dd\\\/mm\\\/yy\"}'\/>\n\n    <table id=\"table_1\"\n           class=\"  responsive display nowrap wdt-no-display data-t data-t wpDataTable wpDataTableID-346 \"\n           style=\"\"\n           data-described-by='table_1_desc'\n           data-wpdatatable_id=\"346\">\n        \n        <!-- Table header -->\n        \n<thead>\n<tr>\n                    <th\n                        class=\" wdtheader sort numdata integer \"\n        style=\"\">        wdt_ID<\/th>        <th\n        data-class=\"expand\"                class=\" wdtheader sort \"\n        style=\"\">        Fund<\/th>        <th\n                data-hide=\"phone\"        class=\"phone wdtheader sort \"\n        style=\"\">        Does this fund have a thermal coal exclusion policy?<\/th>        <th\n                data-hide=\"phone\"        class=\"phone wdtheader sort \"\n        style=\"\">        Revenue threshold<\/th>        <th\n                data-hide=\"phone\"        class=\"phone wdtheader sort \"\n        style=\"\">        Invested in Whitehaven as at 31 December 2023?<\/th>        <th\n                data-hide=\"phone\"        class=\"phone wdtheader sort \"\n        style=\"\">        Could this fund re-invest in Whitehaven?<\/th>    <\/tr>\n<\/thead>\n        <!-- \/Table header -->\n\n        <!-- Table body -->\n        \n<tbody>\n<!-- Table body -->\n<div data-id=\"346\"\n     class=\"wdt-timeline-item wdt-timeline-table_1\"\n     style=\"\">\n    <div class=\"wdt-table-loader\">\n        <div class=\"wdt-table-loader-row wdt-table-loader-header\">\n            <div class=\"wdt-table-loader-header-cell wdt-animated-background\"><\/div>\n            <div class=\"wdt-table-loader-header-cell wdt-animated-background\"><\/div>\n            <div class=\"wdt-table-loader-header-cell wdt-animated-background\"><\/div>\n        <\/div>\n                    <div class=\"wdt-table-loader-row\">\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n            <\/div>\n                    <div class=\"wdt-table-loader-row\">\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n            <\/div>\n                    <div class=\"wdt-table-loader-row\">\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n            <\/div>\n                    <div class=\"wdt-table-loader-row\">\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n            <\/div>\n                    <div class=\"wdt-table-loader-row\">\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n            <\/div>\n                    <div class=\"wdt-table-loader-row\">\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n            <\/div>\n                    <div class=\"wdt-table-loader-row\">\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n            <\/div>\n                    <div class=\"wdt-table-loader-row\">\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n            <\/div>\n                    <div class=\"wdt-table-loader-row\">\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n            <\/div>\n                    <div class=\"wdt-table-loader-row\">\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n            <\/div>\n                    <div class=\"wdt-table-loader-row\">\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n                <div class=\"wdt-table-loader-cell wdt-animated-background\"><\/div>\n            <\/div>\n            <\/div>\n<\/div><!-- \/Table body -->\n                    <tr id=\"table_346_row_0\"\n            data-row-index=\"0\">\n                            <td style=\"\">1<\/td>\n                            <td style=\"\">Active Super<\/td>\n                            <td style=\"\">Yes. Also covers metallurgical coal<\/td>\n                            <td style=\"\">33.3%<\/td>\n                            <td style=\"\">No<\/td>\n                            <td style=\"\">No<\/td>\n                    <\/tr>\n                            <tr id=\"table_346_row_1\"\n            data-row-index=\"1\">\n                            <td style=\"\">2<\/td>\n                            <td style=\"\">AMP<\/td>\n                            <td style=\"\">No<\/td>\n                            <td style=\"\">N\/A<\/td>\n                            <td style=\"\">Yes<\/td>\n                            <td style=\"\">N\/A<\/td>\n                    <\/tr>\n                            <tr id=\"table_346_row_2\"\n            data-row-index=\"2\">\n                            <td style=\"\">3<\/td>\n                            <td style=\"\">Australian Retirement Trust<\/td>\n                            <td style=\"\">Yes<\/td>\n                            <td style=\"\">10%<\/td>\n                            <td style=\"\">No<\/td>\n                            <td style=\"\">No<\/td>\n                    <\/tr>\n                            <tr id=\"table_346_row_3\"\n            data-row-index=\"3\">\n                            <td style=\"\">4<\/td>\n                            <td style=\"\">AustralianSuper<\/td>\n                            <td style=\"\">No<\/td>\n                            <td style=\"\">N\/A<\/td>\n                            <td style=\"\">Yes<\/td>\n                            <td style=\"\">N\/A<\/td>\n                    <\/tr>\n                            <tr id=\"table_346_row_4\"\n            data-row-index=\"4\">\n                            <td style=\"\">5<\/td>\n                            <td style=\"\">Aware Super<\/td>\n                            <td style=\"\">Yes<\/td>\n                            <td style=\"\">10%<\/td>\n                            <td style=\"\">No<\/td>\n                            <td style=\"\">No<\/td>\n                    <\/tr>\n                            <tr id=\"table_346_row_5\"\n            data-row-index=\"5\">\n                            <td style=\"\">6<\/td>\n                            <td style=\"\">Brighter Super<\/td>\n                            <td style=\"\">No<\/td>\n                            <td style=\"\">N\/A<\/td>\n                            <td style=\"\">Yes<\/td>\n                            <td style=\"\">N\/A<\/td>\n                    <\/tr>\n                            <tr id=\"table_346_row_6\"\n            data-row-index=\"6\">\n                            <td style=\"\">7<\/td>\n                            <td style=\"\">CareSuper<\/td>\n                            <td style=\"\">No<\/td>\n                            <td style=\"\">N\/A<\/td>\n                            <td style=\"\">Yes<\/td>\n                            <td style=\"\">N\/A<\/td>\n                    <\/tr>\n                            <tr id=\"table_346_row_7\"\n            data-row-index=\"7\">\n                            <td style=\"\">8<\/td>\n                            <td style=\"\">Cbus<\/td>\n                            <td style=\"\">No, but has a 'stranded asset exclusion' that should reduce exposure to coal companies (applies to listed quantitative equity strategies only)<\/td>\n                            <td style=\"\">N\/A<\/td>\n                            <td style=\"\">Yes<\/td>\n                            <td style=\"\">N\/A<\/td>\n                    <\/tr>\n                            <tr id=\"table_346_row_8\"\n            data-row-index=\"8\">\n                            <td style=\"\">9<\/td>\n                            <td style=\"\">Colonial First State<\/td>\n                            <td style=\"\">No<\/td>\n                            <td style=\"\">N\/A<\/td>\n                            <td style=\"\">Yes<\/td>\n                            <td style=\"\">N\/A<\/td>\n                    <\/tr>\n                            <tr id=\"table_346_row_9\"\n            data-row-index=\"9\">\n                            <td style=\"\">10<\/td>\n                            <td style=\"\">Commonwealth Super Corp<\/td>\n                            <td style=\"\">Yes<\/td>\n                            <td style=\"\">70%<\/td>\n                            <td style=\"\">No<\/td>\n                            <td style=\"\">Yes<\/td>\n                    <\/tr>\n            <\/tbody>        <!-- \/Table body -->\n\n        <!-- Table footer -->\n        \n        <!-- \/Table footer -->\n    <\/table>\n\n<\/div><style>\ntable.wpDataTable { table-layout: fixed !important; }\ntable.wpDataTable td, table.wpDataTable th { white-space: normal !important; }\nbutton.button.btn.wdt-clear-filters-button {\n\tbackground: #ffffff;\n\tborder-style: solid;\n\tborder-width: 2px;\n\tborder-color: #903e4c;\n\ttext-shadow: 0px 0px;\n}\n\ndiv.wpDataTables.wpDataTablesFilter.wpDataTablesWrapper.data-t {\n\tmargin-bottom: 0px;\n}\n\ndiv.wpDataTableFilterSection {\n\tmargin-bottom: 0px !important;\n}table.wpDataTable td.numdata { text-align: right !important; }\n<\/style>\n<style>\n            \/* th background color *\/\n    .wpdt-c.wpDataTablesWrapper table.wpdtSimpleTable.bt[data-has-header='1'] td.wpdt-header-classes,\n    .wpdt-c.wpDataTablesWrapper table.wpdtSimpleTable thead th,\n    .wpdt-c .wpDataTablesWrapper table.wpDataTable thead th,\n    .wpdt-c .wpDataTablesWrapper table.wpDataTable thead th.sorting {\n        background-color: #F06400 !important;\n        background-image: none !important;\n    }\n\n                \/* th font color *\/\n    .wpdt-c.wpDataTablesWrapper table.wpdtSimpleTable.bt[data-has-header='1'] td.wpdt-header-classes,\n    .wpdt-c.wpDataTablesWrapper table.wpdtSimpleTable thead th,\n    .wpdt-c .wpDataTablesWrapper table.wpDataTable thead th {\n        color: #ffffff !important;\n    }\n\n    .wpdt-c .wpDataTablesWrapper table.wpDataTable thead th.sorting:after,\n    .wpdt-c .wpDataTablesWrapper table.wpDataTable thead th.sorting_asc:after {\n        border-bottom-color: #ffffff !important;\n    }\n\n    .wpdt-c .wpDataTablesWrapper table.wpDataTable thead th.sorting_desc:after {\n        border-top-color: #ffffff !important;\n    }\n\n        \n                                                                                            \/* table font size *\/\n    .wpdt-c.wpDataTablesWrapper table.wpdtSimpleTable,\n    .wpdt-c .wpDataTablesWrapper table.wpDataTable {\n        font-size: 14px !important;\n    }\n\n            \n                <\/style>\n<style>\n<\/style>\n<style>\n                            \n                                        \n                    \n<\/style>\n[\/et_pb_code][et_pb_text _builder_version=&#8221;4.25.1&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;12px&#8221; custom_margin=&#8221;||12px||false|false&#8221; custom_padding=&#8221;|12px||12px|false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><em>* Companies classified as \u2018Coal and Consumable Fuels\u2019 by the Global Industry Classification Standard (GICS) <a href=\"https:\/\/www.msci.com\/documents\/1296102\/11185224\/GICS+Methodology+2023.pdf\/d0971eca-cf6c-5c30-6982-8c0797d4799a?t=1679088757399\" target=\"_blank\" rel=\"noopener\">methodology<\/a> are defined as: \u201cCompanies primarily involved in the production and mining of coal, related products and other consumable fuels related to the generation of energy. Excludes companies primarily producing gases classified in the Industrial Gases Sub-Industry and companies primarily mining for metallurgical (coking) coal used for steel production.\u201d If Whitehaven was to primarily produce metallurgical coal, it could be reclassified under the \u2018Steel\u2019 sub-industry according to the GICS methodology and so become an eligible investment under Spirit Super\u2019s and Super SA\u2019s policies.<\/em><\/p>\n<p><em>Each fund in the above table was contacted ahead of publication and given the opportunity to provide any further disclosures not captured by our research and raise any issues relating to our analysis.<\/em><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;30px||30px||true|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;700px&#8221; max_width_tablet=&#8221;614px&#8221; max_width_phone=&#8221;614px&#8221; max_width_last_edited=&#8221;on|desktop&#8221; custom_padding=&#8221;0px||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Planning for climate catastrophe<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;700px&#8221; max_width_tablet=&#8221;614px&#8221; max_width_phone=&#8221;614px&#8221; max_width_last_edited=&#8221;on|desktop&#8221; custom_padding=&#8221;0px||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Many of the banks and investors financing Whitehaven have publicly stated their support for the Paris Agreement and the goal of achieving net zero emissions by 2050. The International Energy Agency reiterated in its <a href=\"https:\/\/iea.blob.core.windows.net\/assets\/13dab083-08c3-4dfd-a887-42a3ebe533bc\/NetZeroRoadmap_AGlobalPathwaytoKeepthe1.5CGoalinReach-2023Update.pdf#page=16\">2023 update<\/a> to its net zero roadmap that reaching net zero emissions by 2050 means no new coal mines or expansions can proceed:<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;700px&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_class=&#8221;unset-style&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Arvo||||||||&#8221; text_text_color=&#8221;#212121&#8243; text_font_size=&#8221;24px&#8221; text_line_height=&#8221;1.58em&#8221; custom_margin=&#8221;||||true|false&#8221; custom_padding=&#8221;45px|35px|45px|35px|true|true&#8221; border_width_top=&#8221;1px&#8221; border_color_top=&#8221;#e9e9e9&#8243; border_width_bottom=&#8221;1px&#8221; border_color_bottom=&#8221;#e9e9e9&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<blockquote>\n<p>No new long-lead time upstream oil and gas projects are needed in the NZE Scenario, <strong>neither are new coal mines, mine extensions<\/strong> or new unabated coal plants<\/p>\n<p>&nbsp;<\/p>\n<p><span class=\"qoute-author\">&#8211; International Energy Agency, September 2023<br \/><\/span><\/p>\n<\/blockquote>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;700px&#8221; max_width_tablet=&#8221;614px&#8221; max_width_phone=&#8221;614px&#8221; max_width_last_edited=&#8221;on|desktop&#8221; custom_padding=&#8221;30px||30px||true|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Similarly, the latest Intergovernmental Panel on Climate Change (IPCC) <a href=\"https:\/\/www.ipcc.ch\/report\/ar6\/syr\/downloads\/report\/IPCC_AR6_SYR_LongerReport.pdf#page=24\">report<\/a> again highlighted the need for coal supply to urgently and dramatically decline. According to its modelling, about 80% of coal reserves cannot be extracted and burned to limit warming to 2\u00b0C and significantly more reserves must remain in the ground to limit warming to 1.5\u00b0C. This is consistent with other studies which have concluded limiting global warming to 1.5\u00baC means 95% of Australia\u2019s coal reserves must <a href=\"https:\/\/www.nature.com\/articles\/s41586-021-03821-8\">remain unburned<\/a>, and coal supply must <a href=\"https:\/\/productiongap.org\/wp-content\/uploads\/2021\/11\/PGR2021_web_rev.pdf\">decline<\/a> 78% between 2020 and 2030.<\/p>\n<p>In stark contrast, Whitehaven is planning to spend around $6.3 billion<span style=\"font-size: 13px;\"><sup>1<\/sup><\/span> on four new coal mines and expansions over the next ten years: Vickery, Narrabri Stage 3, Winchester South and Blackwater South. In June 2023, the company <a href=\"https:\/\/www.abc.net.au\/news\/2023-06-06\/whitehaven-coal-maules-creek-mine-expansion-planned-\/102444434\" target=\"_blank\" rel=\"noopener\">lodged an application<\/a> to extend the life of its controversial Maules Creek coal mine by another nine years. Additionally, in its acquisition of the Blackwater and Daunia mines from BHP, one of the other assets Whitehaven received were the mining tenements for the <a href=\"https:\/\/www.afr.com\/companies\/mining\/bhp-asks-to-mine-queensland-coal-for-90-years-20220811-p5b93p\" target=\"_blank\" rel=\"noopener\">Blackwater South project<\/a>, a huge mine that would see Whitehaven <a href=\"https:\/\/eisdocs.dsdip.qld.gov.au\/Blackwater%20South%20Coking%20Coal\/Initial%20Advice%20Statement\/blackwater-south-coking-coal-project-initial-advice-statement.PDF#page=19\" target=\"_blank\" rel=\"noopener\">extracting coal until 2121<\/a> if approved, and is estimated to cost over $1 billion to develop (see Blackwater South tab below for details). Also bundled into the sale is the Blackwater North project which would see an increase in production and an extension of the life of the currently operating Blackwater mine. If all of these projects proceed as planned, when emissions from digging up and burning the coal are added, over their lifetimes Whitehaven\u2019s mines would unleash some 4.6 billion tonnes of carbon emissions, the equivalent of more than 10 times Australia\u2019s annual emissions.<span style=\"font-size: 13px;\"><sup>2<\/sup><\/span><\/p>\n<p>In the last decade Whitehaven has more than doubled its production. With its acquisition of Daunia and Blackwater, Whitehaven has again doubled its managed production. Whitehaven\u2019s expansion projects, Narrabri Stage 3, Vickery, Maules Creek Extension, Blackwater South and Winchester South would see another massive expansion in its coal production, with the company\u2019s own data showing plans to sustain very high levels of production through to 2040 and beyond.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;700px&#8221; max_width_tablet=&#8221;614px&#8221; max_width_phone=&#8221;614px&#8221; max_width_last_edited=&#8221;on|desktop&#8221; custom_padding=&#8221;5px||5px||true|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h5>Whitehaven&#8217;s historical and projected coal production<br \/>Saleable coal<\/h5>\n<p>[\/et_pb_text][et_pb_code disabled_on=&#8221;off|off|off&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]\n<div class=\"wdt-wrapper-chart-loader\" data-id=\"129\"\n     style=\"height: 400px;\">\n    <div class=\"wdt-main-item\">\n                <div class=\"wdt-chart-animated-background\" style=\"height: 100px\">\n            <div class=\"wdt-background-masker wdt-btn-divide-left wdt-chart-one\"><\/div>\n            <div class=\"wdt-background-masker wdt-btn-divide-left-2\"><\/div>\n            <div class=\"wdt-background-masker wdt-btn-divide-left-3\"><\/div>\n            <div class=\"wdt-background-masker wdt-btn-divide-left-4 wdt-chart-three\"><\/div>\n            <div class=\"wdt-background-masker wdt-btn-divide-left-5\"><\/div>\n            <div class=\"wdt-background-masker wdt-btn-divide-left-6\"><\/div>\n            <div class=\"wdt-background-masker 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Creek\",\"orig_header\":\"werriscreek\",\"data\":[1.413,1.717,1.48,1.6,1.195,0.01,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null]},{\"type\":\"\",\"name\":\"Tarrawonga\",\"color\":\"#656565\",\"label\":\"Tarrawonga\",\"orig_header\":\"tarrawonga\",\"data\":[2.008,1.882,1.627,1.742,1.891,1.891,1.891,1.891,1.891,1.891,1.891,0.01,null,null,null,null,null,null,null,null,null]}],\"xAxis\":{\"categories\":[2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040],\"crosshair\":false},\"chart\":{\"backgroundColor\":\"\",\"borderWidth\":0,\"borderColor\":\"\",\"borderRadius\":0,\"zoomType\":\"none\",\"panning\":false,\"panKey\":\"shift\",\"plotBackgroundColor\":\"\",\"plotBackgroundImage\":\"\",\"plotBorderColor\":\"\",\"plotBorderWidth\":0,\"inverted\":false},\"yAxis\":{\"gridLineDashStyle\":\"solid\",\"title\":{\"text\":\"Million tonnes coal\"},\"crosshair\":false},\"subtitle\":{\"text\":\"\",\"align\":\"center\"},\"tooltip\":{\"enabled\":true,\"backgroundColor\":\"rgba(255, 255, 255, 0.85)\",\"borderWidth\":\"1\",\"borderColor\":\"\",\"borderRadius\":\"3\",\"shared\":false,\"valuePrefix\":\"\",\"valueSuffix\":\"Mt\"},\"legend\":{\"enabled\":true,\"backgroundColor\":\"\",\"title\":{\"text\":\"\"},\"layout\":\"horizontal\",\"align\":\"center\",\"verticalAlign\":\"bottom\",\"borderWidth\":\"0\",\"borderColor\":\"\",\"borderRadius\":\"0\"},\"exporting\":{\"enabled\":false,\"chartOptions\":{\"plotOptions\":{\"series\":{\"dataLabels\":{\"enabled\":false}}}},\"filename\":\"\",\"width\":\"\",\"buttons\":{\"contextButton\":{\"align\":\"right\",\"verticalAlign\":\"top\",\"symbolStroke\":\"#666\",\"text\":\"\"}}},\"credits\":{\"enabled\":false,\"href\":\"https:\\\/\\\/www.highcharts.com\",\"text\":\"Highcharts.com\"}},\"type\":\"highcharts_stacked_area_chart\",\"height\":400},\n            engine: \"highcharts\",\n            type: \"highcharts_stacked_area_chart\",\n            title: \"Whitehaven\u2019s historical and projected coal production Saleable coal, equity-weighted - July 2024 update\",\n            container: \"wpDataChart_129\",\n            follow_filtering: 0,\n            wpdatatable_id: 327,\n            group_chart: 0        }\n    <\/script>\n\n    <div id=\"wpDataChart_129\" class=\"highcharts_stacked_area_chart\" style=\"width: 100%\"><\/div>\n[\/et_pb_code][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Poppins||||||||&#8221; text_font_size=&#8221;10px&#8221; text_line_height=&#8221;1.8em&#8221; text_orientation=&#8221;center&#8221; custom_padding=&#8221;||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Source: Environmental impact assessment documentation, Whitehaven ASX releases.<br \/>Note: Assumes Whitehaven\u2019s five-year production forecast for Blackwater and Daunia continues until end of operations. Narrabri Stage 3, Vickery (full scale), Winchester South and Blackwater South are assumed to receive FID in FY2025, 2027, 2029 and 2031 respectively.<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>To justify its dirty coal expansion plans, Whitehaven <a href=\"https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-FY23-Results-presentation.pdf\">refers to coal demand scenarios<\/a> that assume substantially higher coal consumption than in the IEA\u2019s STEPS scenario, which would already result in 2.4\u00b0C of global warming by 2100. Even at 2\u00b0C of warming, the expected increases in temperatures, drought conditions, bushfires, extreme storms and flooding in Australia <a href=\"https:\/\/www.climatecouncil.org.au\/wp-content\/uploads\/2021\/04\/aim-high-go-fast-why-emissions-must-plummet-climate-council-report-210421.pdf\">would be devastating<\/a>. Global warming of 2\u00baC would <a href=\"https:\/\/www.ipcc.ch\/sr15\/chapter\/spm\/\">also spell the death<\/a> of the Great Barrier Reef.<\/p>\n<p>Put simply, Whitehaven\u2019s business model depends on catastrophic ecological, social and economic collapse.<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h5>Projected emissions from coal growth projects currently seeking approvals in NSW and QLD, by company<\/h5>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/11\/Whitehaven-Blog-Graphics-2024-1920-x-680-px.png&#8221; alt=&#8221;Projected emissions from coal growth projects currently seeking approvals in NSW and QLD, by company&#8221; title_text=&#8221;Whitehaven Blog Graphics 2024 (1920 x 680 px)&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||3px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Poppins||||||||&#8221; text_font_size=&#8221;10px&#8221; text_line_height=&#8221;1.8em&#8221; text_orientation=&#8221;center&#8221; custom_padding=&#8221;||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Source: Company disclosures, EPBC portal, NSW Major projects portal, Queensland Coordinator-General State Development portal<br \/>*Stanmore has multiple potential projects but is not actively seeking approvals. <\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; module_id=&#8221;expansion-plans&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;15px||15px||true|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row make_equal=&#8221;on&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; max_width=&#8221;700px&#8221; custom_margin=&#8221;||50px||false|false&#8221; custom_padding=&#8221;40px|20px|20px|20px|false|true&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Whitehaven\u2019s coal expansion plans<\/h2>\n<p>[\/et_pb_text][et_pb_toggle title=&#8221;Vickery Coal Mine&#8221; open_toggle_background_color=&#8221;RGBA(255,255,255,0)&#8221; closed_toggle_background_color=&#8221;RGBA(255,255,255,0)&#8221; icon_color=&#8221;#fa6d6d&#8221; toggle_icon=&#8221;&#x4c;||divi||400&#8243; use_icon_font_size=&#8221;on&#8221; icon_font_size=&#8221;20px&#8221; open_icon_color=&#8221;#fa6d6d&#8221; open_toggle_icon=&#8221;&#x4b;||divi||400&#8243; open_use_icon_font_size=&#8221;on&#8221; open_icon_font_size=&#8221;20px&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; title_font=&#8221;Poppins|600|||||||&#8221; title_line_height=&#8221;1.75em&#8221; closed_title_font=&#8221;Poppins|500|||||||&#8221; closed_title_line_height=&#8221;1.75em&#8221; custom_padding=&#8221;|10px||10px|false|true&#8221; border_width_all=&#8221;0px&#8221; border_width_bottom=&#8221;1px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Whitehaven\u2019s proposed <a href=\"https:\/\/majorprojects.planningportal.nsw.gov.au\/prweb\/PRRestService\/mp\/01\/getContent?AttachRef=SSD-7480%2120190303T213440.399%20GMT#page=23\">$1 billion<\/a>\u00a0Vickery coal mine is totally out of line with a safe future. It involves mining approximately 120 million tonnes of coal from the Gunnedah Basin, in New South Wales. Whitehaven has <a href=\"https:\/\/majorprojects.planningportal.nsw.gov.au\/prweb\/PRRestService\/mp\/01\/getContent?AttachRef=SSD-7480%2120200812T053800.936%20GMT#page=46\">portrayed<\/a> the coal split between metallurgical and thermal coal differently over time at Vickery, with the most recent FY23 results presentation calling it <a href=\"https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-FY23-Results-presentation.pdf#page-24\">primarily thermal coal<\/a>.<\/p>\n<p>In 2020, a <a href=\"https:\/\/equitygenerationlawyers.com\/cases\/sharma-v-minister-for-environment\/\">class action<\/a> challenging the Vickery coal mine expansion was brought by a group of eight young people from across Australia, represented by Equity Generation Lawyers and assisted by their 86 year-old litigation guardian, Sister Brigid Arthur. The case sought to prevent the federal environment minister from approving the proposed expansion.<\/p>\n<p>In a <a href=\"https:\/\/www.judgments.fedcourt.gov.au\/judgments\/Judgments\/fca\/single\/2021\/2021fca0560?fbclid=IwAR17zXvBrYMYtiigGtqLr58dMBKzW1M6n1XFqJPGnT3_fFzXhaGEhHNtzLU\">world-first ruling<\/a> in May 2021, Justice Bromberg of the Federal Court held that the environment minister has a duty of care to protect young people from the harms caused by climate change. The Court found that the impacts of global warming on young people \u201cmight fairly be described as the greatest intergenerational injustice ever inflicted by one generation of humans upon the next\u201d.<\/p>\n<p>Although the Full Federal Court overturned Justice Bromberg\u2019s decision for legal reasons on appeal, the Court\u2019s factual findings about the catastrophic consequences of climate change were unchallenged. The case has laid the foundations for further legal challenges to coal mining approvals.<\/p>\n<p>Federal environmental approval for the Vickery expansion was granted in September 2021, the final approval necessary for Whitehaven to proceed with construction. In June this year, Whitehaven <a href=\"https:\/\/www.afr.com\/companies\/mining\/whitehaven-pushes-ahead-with-smaller-swifter-vickery-coal-mine-20230421-p5d28m\">commenced<\/a> \u201cearly mining\u201d operations at Vickery to try to take advantage of high coal prices, while leaving a final investment decision on \u201cfull scale\u201d Vickery until later.<\/p>\n<p>When emissions from digging up and burning the coal from Vickery are added up, the mine would unleash around <a href=\"https:\/\/whitehavencoal.com.au\/Documentations\/Vickery%20Extension%20Project\/Environmental%20Management,%20Monitoring%20&amp;%20Compliance\/Environmental%20Assessments\/VCM-Environmental%20Impact%20Statement-Appendix%20E%20-%20Air%20Quality%20and%20Greenhouse%20Gas%20Assessment.pdf#page=57\">388 million tonnes<\/a> of carbon emissions over its 26-year lifespan, or <a href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/1147372\/2022_Provisional_emissions_statistics_report.pdf\">more than<\/a> the UK\u2019s annual emissions.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/02\/01-2024-Vickery.jpg\" alt=\"Aerial photo of Vickery mine in its early stages\" width=\"700\" \/><br \/><span style=\"font-size: 13px;\">Early mining at Vickery.<br \/>Image credit: Wando Conservation &amp; Cultural Centre Inc, January 2024<\/span><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Winchester South Coal Mine&#8221; open_toggle_background_color=&#8221;RGBA(255,255,255,0)&#8221; closed_toggle_background_color=&#8221;RGBA(255,255,255,0)&#8221; icon_color=&#8221;#fa6d6d&#8221; toggle_icon=&#8221;&#x4c;||divi||400&#8243; use_icon_font_size=&#8221;on&#8221; icon_font_size=&#8221;20px&#8221; open_icon_color=&#8221;#fa6d6d&#8221; open_toggle_icon=&#8221;&#x4b;||divi||400&#8243; open_use_icon_font_size=&#8221;on&#8221; open_icon_font_size=&#8221;20px&#8221; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; title_font=&#8221;Poppins|600|||||||&#8221; title_line_height=&#8221;1.75em&#8221; closed_title_font=&#8221;Poppins|500|||||||&#8221; closed_title_line_height=&#8221;1.75em&#8221; custom_padding=&#8221;|10px||10px|false|true&#8221; border_width_all=&#8221;0px&#8221; border_width_bottom=&#8221;1px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Whitehaven\u2019s proposed <a href=\"https:\/\/eisdocs.dsdip.qld.gov.au\/Winchester%20South\/Revised%20draft%20EIS\/attachment-16-economics.pdf#page=31\">$2.9 billion<\/a> Winchester South coal mine involves plans for a large open-cut coal mine in Queensland\u2019s Bowen Basin. Despite publicly referring to the mine as a \u201cmetallurgical coal mine\u201d, the mine will in fact produce at least 42% thermal coal according to government department <a href=\"https:\/\/eisdocs.dsdip.qld.gov.au\/Winchester%20South\/CGER\/winchester-south-project-cger.PDF#page=6\">documents<\/a>. However, this figure could be a gross underestimate, as <a href=\"https:\/\/www.marketforces.org.au\/more-thermal-coal-than-eis-estimates\/\">analysis<\/a> by <em>Energy &amp; Resource Insights<\/em> shows Whitehaven has consistently underestimated thermal coal production at its Maules Creek coal mine.<\/p>\n<p>Winchester South would involve mining approximately 215 million tonnes of product coal over a 30-year project lifespan. The mine would impact over <a href=\"https:\/\/eisdocs.dsdip.qld.gov.au\/Winchester%20South\/Draft%20EIS\/appendix-d-terrestrial-ecology-assessment-part-one.pdf#page=115\">314.5 hectares<\/a> of endangered Koala habitat, or the equivalent of 155 Melbourne Cricket Grounds. When emissions from digging up and burning the coal are added, the mine would unleash <a href=\"https:\/\/eisdocs.dsdip.qld.gov.au\/Winchester%20South\/Revised%20draft%20EIS\/attachment-13-air-quality-and-greenhouse-gas.pdf#page=58\">558 million tonnes<\/a> of carbon emissions in total, more than Australia\u2019s entire 2022 <a href=\"https:\/\/www.dcceew.gov.au\/about\/news\/australias-greenhouse-gas-emissions-dec-2022-quarterly-update\">emissions<\/a>.<\/p>\n<p>In February 2024, the mine was <a href=\"https:\/\/www.abc.net.au\/news\/2024-02-07\/winchester-south-coal-mine-approved-by-qld-gov\/103438576\">approved<\/a> by the Queensland State Government. The project still needs Federal approvals and has not reached a final investment decision.<\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Narrabri Stage 3 Coal Mine&#8221; open_toggle_background_color=&#8221;RGBA(255,255,255,0)&#8221; closed_toggle_background_color=&#8221;RGBA(255,255,255,0)&#8221; icon_color=&#8221;#fa6d6d&#8221; toggle_icon=&#8221;&#x4c;||divi||400&#8243; use_icon_font_size=&#8221;on&#8221; icon_font_size=&#8221;20px&#8221; open_icon_color=&#8221;#fa6d6d&#8221; open_toggle_icon=&#8221;&#x4b;||divi||400&#8243; open_use_icon_font_size=&#8221;on&#8221; open_icon_font_size=&#8221;20px&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; title_font=&#8221;Poppins|600|||||||&#8221; title_line_height=&#8221;1.75em&#8221; closed_title_font=&#8221;Poppins|500|||||||&#8221; closed_title_line_height=&#8221;1.75em&#8221; custom_padding=&#8221;|10px||10px|false|true&#8221; border_width_all=&#8221;0px&#8221; border_width_bottom=&#8221;1px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Whitehaven\u2019s proposed <a href=\"https:\/\/majorprojects.planningportal.nsw.gov.au\/prweb\/PRRestService\/mp\/01\/getContent?AttachRef=SSD-10269%2120201023T021209.256%20GMT#page=25\">$600 million<\/a>\u00a0Narrabri Stage 3 project (also known as Narrabri South) would extend the life of the existing Narrabri coal mine from 2031 to 2044. The mine expansion would result in an additional 105 million tonnes of product coal being mined. When emissions from digging up and burning the coal are added, the mine expansion would unleash over <a href=\"https:\/\/majorprojects.planningportal.nsw.gov.au\/prweb\/PRRestService\/mp\/01\/getContent?AttachRef=SSD-10269%2120201023T021207.795%20GMT#page=59\">455 million tonnes<\/a> of carbon dioxide.<\/p>\n<p>According to energy think-tank Ember, the Narrabri expansion could be the <a href=\"https:\/\/ember-climate.org\/insights\/research\/tackling-australias-coal-mine-methane-problem\/\">most polluting<\/a> thermal coal mine in Australia, based on its fugitive methane gas emissions. At its 2021 AGM Whitehaven revealed it plans to fund Narrabri Stage 3 off its balance sheet with the capital expenditure expected to be available for early mining to proceed in <a href=\"https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2023\/08\/WHC-FY23-Results-presentation.pdf#page=31\">FY2024<\/a><\/p>\n<p>The company is already talking about the mining leases for <a href=\"https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2022\/04\/MAR22-Narrabri-Mine-Exploration-Licence-Applications.pdf\">Gorman North<\/a> as yet another extension for the Narrabri underground mine.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2023\/11\/Narrabri_Whitehaven_LTG.jpg\" alt=\"Arial photograph of Narrabri coal and infrastructure\" width=\"700\" \/><br \/><span style=\"font-size: 13px;\">Image Credit: Lock the Gate Alliance, Sept 2022<\/span><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Maules Creek Extension Project&#8221; open_toggle_background_color=&#8221;RGBA(255,255,255,0)&#8221; closed_toggle_background_color=&#8221;RGBA(255,255,255,0)&#8221; icon_color=&#8221;#fa6d6d&#8221; toggle_icon=&#8221;&#x4c;||divi||400&#8243; use_icon_font_size=&#8221;on&#8221; icon_font_size=&#8221;20px&#8221; open_icon_color=&#8221;#fa6d6d&#8221; open_toggle_icon=&#8221;&#x4b;||divi||400&#8243; open_use_icon_font_size=&#8221;on&#8221; open_icon_font_size=&#8221;20px&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; title_font=&#8221;Poppins|600|||||||&#8221; title_line_height=&#8221;1.75em&#8221; closed_title_font=&#8221;Poppins|500|||||||&#8221; closed_title_line_height=&#8221;1.75em&#8221; custom_padding=&#8221;|10px||10px|false|true&#8221; border_width_all=&#8221;0px&#8221; border_width_bottom=&#8221;1px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>In June 2023, the company lodged an application to extend the life of its controversial Maules Creek coal mine by another nine years. This project would see Whitehaven mining at Maules Creek <a href=\"https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2024\/02\/December-2023-Maules-Creek-Continuation-Project-fact-sheet.pdf\">until 2043<\/a> and release another <a href=\"https:\/\/whitehavencoal.com.au\/Documentations\/Maules%20Creek%20Mine\/Environmental%20Management,%20Monitoring%20&amp;%20Compliance\/Environmental%20Assessments\/MCC-Environmental%20Assessment-02-Main%20Volume%20Part%202.pdf#page=15\">266 million tonnes<\/a> of carbon emissions.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2023\/11\/GoogleEarth-Whitehaven-Maules-Creek-Boggabri-Tarrawonga.jpg\" alt=\"Satellite view of Maules Creek mine area\" width=\"700\" \/><span style=\"font-size: 13px;\">Whitehaven&#8217;s Maules Creek mine top left, next the Idemitsu Boggabri mine, then Whitehaven&#8217;s Tarrawonga mine bottom right corner all eating into the Leard State Forest.<br \/>Maps data: Google, \u00a9 2 July 2020 Maxar Technologies, CNES \/ Airbus<\/span><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Blackwater South&#8221; open_toggle_background_color=&#8221;RGBA(255,255,255,0)&#8221; closed_toggle_background_color=&#8221;RGBA(255,255,255,0)&#8221; icon_color=&#8221;#fa6d6d&#8221; toggle_icon=&#8221;&#x4c;||divi||400&#8243; use_icon_font_size=&#8221;on&#8221; icon_font_size=&#8221;20px&#8221; open_icon_color=&#8221;#fa6d6d&#8221; open_toggle_icon=&#8221;&#x4b;||divi||400&#8243; open_use_icon_font_size=&#8221;on&#8221; open_icon_font_size=&#8221;20px&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; title_font=&#8221;Poppins|600|||||||&#8221; title_line_height=&#8221;1.75em&#8221; closed_title_font=&#8221;Poppins|500|||||||&#8221; closed_title_line_height=&#8221;1.75em&#8221; custom_padding=&#8221;|10px||10px|false|true&#8221; border_width_all=&#8221;0px&#8221; border_width_bottom=&#8221;1px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>The Blackwater South Project was initially <a href=\"https:\/\/www.afr.com\/companies\/mining\/bhp-asks-to-mine-queensland-coal-for-90-years-20220811-p5b93p\" target=\"_blank\" rel=\"noopener\">developed by BHP<\/a> as a distinct project from its Blackwater mine. This is one of the largest metallurgical coal mine proposals in Australia, with a planned 90 year life span. Both Whitehaven and BHP confirmed at their 2023 annual general meetings that the mining tenements for this project were a part of Whitehaven\u2019s <a href=\"https:\/\/www.afr.com\/street-talk\/bofa-jefferies-bankroll-whitehaven-s-winning-bid-for-bhp-coal-20231018-p5ed5l\" target=\"_blank\" rel=\"noopener\">acquisition<\/a> of the Blackwater and Daunia mines from BHP. A full economic assessment of the project is not yet available, but the <a href=\"https:\/\/eisdocs.dsdip.qld.gov.au\/Blackwater%20South%20Coking%20Coal\/Initial%20Advice%20Statement\/blackwater-south-coking-coal-project-initial-advice-statement.PDF#page=15\" target=\"_blank\" rel=\"noopener\">current planning documents<\/a> estimate costs to \u201cexceed $1 billion\u201d. Should the mine go ahead, this would see Whitehaven mining coal until 2121, threaten <a href=\"https:\/\/epbcpublicportal.awe.gov.au\/_entity\/sharepointdocumentlocation\/ca34e3c6-b216-ed11-b83e-00224818a528\/2ab10dab-d681-4911-b881-cc99413f07b6?file=Att%20F%20-%20EMM%20%282022%29%20Blackwater%20Terrestrial%20Ecology%20Survey%20Report.pdf\" target=\"_blank\" rel=\"noopener\">6,800 hectares of koala habitat<\/a>, and over the course of its lifetime the project would unleash 1.9 billion tonnes<span style=\"font-size: 13px;\"><sup>3<\/sup><\/span> of carbon emissions, or four times Australia\u2019s annual <a href=\"https:\/\/www.dcceew.gov.au\/about\/news\/australias-greenhouse-gas-emissions-dec-2022-quarterly-update\" target=\"_blank\" rel=\"noopener\">emissions<\/a> in 2022.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/02\/Blackwater-South-project.jpg\" alt=\"Satellite view of Blackwater South mine area\" width=\"700\" \/><br \/><span style=\"font-size: 13px; line-height: 1.6;\">Approximate location of Blackwater South project. Coordinates sourced from <a href=\"https:\/\/eisdocs.dsdip.qld.gov.au\/Blackwater%20South%20Coking%20Coal\/Initial%20Advice%20Statement\/blackwater-south-coking-coal-project-initial-advice-statement.PDF\">initial advice statement<\/a>. Maps data: \u00a9 2023 Google Earth, Landsat \/ Copernicus<\/span><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Blackwater North Extension Project&#8221; open_toggle_background_color=&#8221;RGBA(255,255,255,0)&#8221; closed_toggle_background_color=&#8221;RGBA(255,255,255,0)&#8221; icon_color=&#8221;#fa6d6d&#8221; toggle_icon=&#8221;&#x4c;||divi||400&#8243; use_icon_font_size=&#8221;on&#8221; icon_font_size=&#8221;20px&#8221; open_icon_color=&#8221;#fa6d6d&#8221; open_toggle_icon=&#8221;&#x4b;||divi||400&#8243; open_use_icon_font_size=&#8221;on&#8221; open_icon_font_size=&#8221;20px&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; title_font=&#8221;Poppins|600|||||||&#8221; title_line_height=&#8221;1.75em&#8221; closed_title_font=&#8221;Poppins|500|||||||&#8221; closed_title_line_height=&#8221;1.75em&#8221; custom_padding=&#8221;|10px||10px|false|true&#8221; border_width_all=&#8221;0px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>The <a href=\"https:\/\/whitehavencoal.com.au\/wp-content\/uploads\/2024\/03\/BWM-North-Extension-Project-%E2%80%93-EA-Amendment-Application.pdf\" target=\"_blank\" rel=\"noopener\">Blackwater North Extension project<\/a> is an expansion of the footprint of the Blackwater Mine and extension of the mine life for a further 60 years to 2085. The project would also amount to an increase in coal production at Blackwater from 16 Mtpa to up to 17.6 Mtpa (product coal). A full economic assessment of the project is not yet available.<\/p>\n<p>[\/et_pb_toggle][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;700px&#8221; max_width_tablet=&#8221;614px&#8221; max_width_phone=&#8221;614px&#8221; max_width_last_edited=&#8221;on|desktop&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h5>Whitehaven Coal growth project production timelines\u00a0<\/h5>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;0px||||false|false&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/11\/Whitehaven-projected-production-timelines-2024.png&#8221; alt=&#8221;Whitehaven projected production timelines 2024&#8243; title_text=&#8221;Whitehaven projected production timelines 2024&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;20px||0px||false|false&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Poppins||||||||&#8221; text_font_size=&#8221;10px&#8221; text_line_height=&#8221;1.8em&#8221; text_orientation=&#8221;center&#8221; custom_padding=&#8221;20px||10px||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Source: Company disclosures<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;700px&#8221; max_width_tablet=&#8221;614px&#8221; max_width_phone=&#8221;614px&#8221; max_width_last_edited=&#8221;on|desktop&#8221; custom_padding=&#8221;0px||80px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Destroying the environment and breaking the law<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px|||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Whitehaven\u2019s existing Maules Creek coal mine is one of Australia\u2019s most controversial mining projects and was <a href=\"https:\/\/www.theguardian.com\/environment\/2014\/apr\/09\/maules-creek-mine-divides-families-and-communities\">strongly opposed<\/a> by local farmers and Gomeroi traditional owners. Despite a massive community campaign that included a two year blockade, Whitehaven bulldozed hundreds of hectares of critically endangered forest that <a href=\"https:\/\/www.edo.org.au\/2020\/04\/03\/court-challenge-over-coal-mines-critically-endangered-woodlands-offsets-failure\/\">provide important habitat<\/a> for rare and endangered species like the Superb Parrot, Regent Honeyeater and Squirrel Glider.<\/p>\n<p>Whitehaven assured the government that it could \u201coffset\u201d the loss of this woodland by buying and protecting other areas of habitat. Six years later, Whitehaven had not kept its promises, even after being granted multiple extensions by the federal government. In 2021, after a legal challenge by the South East Forest Alliance, the government <a href=\"https:\/\/www.theguardian.com\/environment\/2021\/may\/01\/activists-drop-challenge-to-maules-creek-coalmine-after-offsets-approved\">again varied<\/a> Whitehaven\u2019s conditions of approval to grant the company a further three years to secure the necessary offsets.<\/p>\n<p>Farmers near the Maules Creek coal mine are also deeply concerned that Whitehaven\u2019s water use is drying out streams and bores. Local farmers have been repeatedly outbid on <a href=\"https:\/\/www.theland.com.au\/story\/5931279\/water-war-mines-beat-farms-at-water-auction\/\">water licences<\/a> with Whitehaven paying five times the market value at times for water. In April 2021, Whitehaven <a href=\"https:\/\/www.lockthegate.org.au\/whitehaven_pleads_guilty_to_stealing_one_billion_litres_of_water_during_drought\">plead guilty<\/a> to taking one billion litres of water during a severe drought in New South Wales.\u00a0 According to a <a href=\"https:\/\/ieefa.org\/sites\/default\/files\/2024-03\/The%20hidden%20costs%20of%20coalmines%20unquenchable%20thirst_Mar24.pdf\">report<\/a> on water use and the coal industry, Whitehaven has racked up more water-related offences than any other coal miner:<\/p>\n<p>&nbsp;<\/p>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/11\/Water-related-offences.png&#8221; title_text=&#8221;Water related offences&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>The company\u2019s mines are renowned for a litany of environmental breaches, many of which Whitehaven <a href=\"https:\/\/www.abc.net.au\/news\/2017-08-04\/whitehaven-coal-environment-licence-breaches-raise-concerns\/8771156\">sought to keep secret<\/a>. The incidents range in severity but many involve breaches of conditions that are imposed to protect communities and the environment from the impacts of mining. In August 2021, Whitehaven was <a href=\"https:\/\/www.smh.com.au\/environment\/sustainability\/whitehaven-slapped-with-372-500-in-fines-for-breaches-of-licence-20210813-p58ile.html\">fined $372,500<\/a> for 19 breaches of its licence, including failures to rehabilitate drill sites and drilling bores that did not meet approval conditions.<\/p>\n<p>In October 2024, Whitehaven was <a href=\"https:\/\/www.northerndailyleader.com.au\/story\/8788490\/coal-mine-explosion-video-surfaces-following-court-verdict\/\">found guilty yet again<\/a>, this time on four charges relating to \u201cblasting in an incompetent manner\u201d that impacted two workers 3 kilometres away at another coal mine in Boggabri run by Idemitsu:<\/p>\n<p>[\/et_pb_text][et_pb_video src=&#8221;https:\/\/youtu.be\/Xdjkb2x-zpQ&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_video][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>The company is still in court for eight charges related to <a href=\"https:\/\/nwprotectionadvocacy.com\/whitehaven-lawyers-foreshadow-guilty-plea\/\">toxic fumes<\/a> from other blasts at the mine.<\/p>\n<p>Lock the Gate Alliance has compiled a <a href=\"https:\/\/www.lockthegate.org.au\/whitehaven_coal_shame_file\">comprehensive list<\/a> of Whitehaven\u2019s law-breaking over the last 10 years. This compilation shows the company and its subsidiaries have been found guilty or investigated 35 times and incurred almost $1.5 million in total penalties.<\/p>\n<p>[\/et_pb_text][et_pb_code _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<iframe loading=\"lazy\" src=\"https:\/\/player.vimeo.com\/video\/516945908?h=c26cd302a1\" width=\"756\" height=\"425\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture\" allowfullscreen><\/iframe>[\/et_pb_code][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;||||||||&#8221; text_font_size=&#8221;13px&#8221; text_line_height=&#8221;1.6em&#8221; custom_padding=&#8221;30px||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-size: 13px;\"><sup>1<\/sup><\/span> Note that both Whitehaven and state planning bodies frequently present the \u201cinvestment value\u201d of these projects, which is a net present value and so does not reflect the real-world dollar cost of the projects. We use undiscounted capex and adjust it to current prices using historical coal mining industry inflation rates. We assume Vickery will incur capex of approximately $1bn, Winchester South $3bn, Blackwater South $1.5bn and Narrabri stage 3 $700m over the next ten years. This assumes all four projects receive FID in the next few years.<\/p>\n<p><span style=\"font-size: 13px;\"><sup>2<\/sup><\/span> Calculated from the gross (managed) production as forecast by Market Forces using project planning documentation, using separate stationary emissions factors for thermal and metallurgical coal from the <a href=\"https:\/\/www.dcceew.gov.au\/sites\/default\/files\/documents\/national-greenhouse-account-factors-2023.pdf\" target=\"_blank\" rel=\"noopener\">Australian government<\/a>.<\/p>\n<p><span style=\"font-size: 13px;\"><sup>3<\/sup><\/span> Based on annual product coal production of 8 million tonnes for 90 years, using stationary combustion emissions intensities from the Australian Department of Climate Change, Energy, the Environment and Water.<\/p>\n<p><span style=\"font-size: 13px;\"><sup>4<\/sup><\/span> Based on annual product coal production of 8 million tonnes for 90 years, using stationary combustion emissions intensities from the Australian Department of Climate Change, Energy, the Environment and Water.<\/p>\n<p><span><\/span><\/p>\n<p><span>Banner image credit: Lock the Gate Alliance, September 2022<\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;700px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_divider color=&#8221;#f4f4f4&#8243; divider_weight=&#8221;3px&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px||true|false&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Investor briefings<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;700px&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_code disabled_on=&#8221;off|off|off&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]\n<table id=\"tablepress-119\" class=\"tablepress tablepress-id-119\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Company<\/strong><\/th><th class=\"column-2\"><strong>Briefing<\/strong><\/th><th class=\"column-3\"><strong>Date<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Whitehaven Coal<\/td><td class=\"column-2\"><a href=\"https:\/\/investorbriefings.marketforces.org.au\/link\/438686\/\" rel=\"noopener\" target=\"_blank\">Whitehaven Coal's remuneration and coal growth plans<\/a><\/td><td class=\"column-3\">October 2025<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Whitehaven Coal<\/td><td class=\"column-2\"><a href=\"https:\/\/investorbriefings.marketforces.org.au\/view\/694424262\/\" rel=\"noopener\" target=\"_blank\">Whitehaven Coal: Gambling big on coal expansion<\/a><\/td><td class=\"column-3\">September 2024<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Whitehaven Coal<\/td><td class=\"column-2\"><a href=\"https:\/\/investorbriefings.marketforces.org.au\/link\/446429\/\" rel=\"noopener\" target=\"_blank\">Whitehaven's growth strategy is extremely fragile<\/a><\/td><td class=\"column-3\">July 2024<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Whitehaven Coal<\/td><td class=\"column-2\"><a href=\"https:\/\/www.marketforces.org.au\/whitehaven-coal-dcf-model-detailed-results-methodology-july-2024\" rel=\"noopener\" target=\"_blank\">Whitehaven Coal DCF Model - Detailed results and methodology<\/a><\/td><td class=\"column-3\">July 2024<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Whitehaven Coal<\/td><td class=\"column-2\"><a href=\"https:\/\/www.marketforces.org.au\/investor-update-whitehaven-flawed-remuneration-policy-june-2024\" rel=\"noopener\" target=\"_blank\">Coal Growth At All Costs: Whitehaven's Flawed Remuneration Policy<\/a><\/td><td class=\"column-3\">June 2024<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Whitehaven Coal<\/td><td class=\"column-2\"><a href=\"https:\/\/www.marketforces.org.au\/investors\/investor-briefing-whitehaven-coal-march-2024\/\" rel=\"noopener\" target=\"_blank\">Australian coal miners face increased lending costs<\/a><\/td><td class=\"column-3\">March 2024<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Whitehaven Coal<\/td><td class=\"column-2\"><a href=\"https:\/\/www.marketforces.org.au\/investors\/investor-briefing-whitehaven-coal-dec-2023\/\" rel=\"noopener\" target=\"_blank\">Whitehaven's FIVE coal expansion projects<\/a><\/td><td class=\"column-3\">December 2023<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Whitehaven Coal<\/td><td class=\"column-2\"><a href=\"https:\/\/www.marketforces.org.au\/investors\/whitehaven-investor-briefing-page-october-2023\/\" rel=\"noopener\" target=\"_blank\">Whitehaven growth plans are a bet on failure of world's climate policies<\/a><\/td><td class=\"column-3\">October 2023<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Whitehaven Coal<\/td><td class=\"column-2\"><a href=\"https:\/\/www.marketforces.org.au\/investors\/investor-briefing-whitehaven-coal-new-hope-corporation-sep-2022\/\" rel=\"noopener\" target=\"_blank\">Whitehaven Coal &amp; New Hope Corporation<\/a><\/td><td class=\"column-3\">September 2022<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-119 from cache -->[\/et_pb_code][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;700px&#8221; custom_padding=&#8221;||80px||false|false&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; disabled_on=&#8221;on|on|on&#8221; disabled=&#8221;on&#8221; sticky_enabled=&#8221;0&#8243;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.27.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; link_option_url=&#8221;https:\/\/www.marketforces.org.au\/investors\/whitehaven-investor-briefing-page-october-2023\/&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/investorbriefings.marketforces.org.au\/view\/694424262\/\" target=\"_blank\" rel=\"noopener\" title=\"Whitehaven Coal: Gambling big on coal expansion (September 2024)\">Whitehaven Coal: Gambling big on coal expansion (September 2024)<\/a><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; link_option_url=&#8221;https:\/\/www.marketforces.org.au\/investors\/whitehaven-investor-briefing-page-october-2023\/&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/www.marketforces.org.au\/whitehaven-coal-investor-update-july-2024\" target=\"_blank\" rel=\"noopener\">Whitehaven&#8217;s growth strategy is extremely fragile (July 2024)<\/a><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; link_option_url=&#8221;https:\/\/www.marketforces.org.au\/investors\/whitehaven-investor-briefing-page-october-2023\/&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/www.marketforces.org.au\/whitehaven-coal-dcf-model-detailed-results-methodology-july-2024\" target=\"_blank\" rel=\"noopener\">Whitehaven Coal DCF Model &#8211; Detailed results and methodology (July 2024)<\/a><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; link_option_url=&#8221;https:\/\/www.marketforces.org.au\/investors\/whitehaven-investor-briefing-page-october-2023\/&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/www.marketforces.org.au\/investor-update-whitehaven-flawed-remuneration-policy-june-2024\" target=\"_blank\" rel=\"noopener\">Coal Growth At All Costs: Whitehaven\u2019s Flawed Remuneration Policy (June 2024)<\/a><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; link_option_url=&#8221;https:\/\/www.marketforces.org.au\/investors\/whitehaven-investor-briefing-page-october-2023\/&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/www.marketforces.org.au\/investors\/investor-briefing-whitehaven-coal-march-2024\/\" target=\"_blank\" rel=\"noopener\">Australian coal miners face increased lending costs (March 2024)<\/a><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/www.marketforces.org.au\/investors\/investor-briefing-whitehaven-coal-dec-2023\/\">Whitehaven\u2019s FIVE coal expansion projects (December 2023)<\/a><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; link_option_url=&#8221;https:\/\/www.marketforces.org.au\/investors\/whitehaven-investor-briefing-page-october-2023\/&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/www.marketforces.org.au\/investors\/whitehaven-investor-briefing-page-october-2023\/\">Whitehaven growth plans are a bet on failure of world&#8217;s climate policies (October 2023)<\/a><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; link_option_url=&#8221;https:\/\/www.marketforces.org.au\/investors\/whitehaven-investor-briefing-page-october-2023\/&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/www.marketforces.org.au\/investors\/investor-briefing-whitehaven-coal-new-hope-corporation-sep-2022\/\">Whitehaven Coal &amp; New Hope Corporation (September 2022)<\/a><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;700px&#8221; custom_padding=&#8221;0px||60px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Latest Whitehaven Coal news<\/h2>\n<p>[\/et_pb_text][et_pb_blog fullwidth=&#8221;off&#8221; posts_number=&#8221;6&#8243; include_categories=&#8221;875&#8243; excerpt_length=&#8221;100&#8243; show_author=&#8221;off&#8221; show_categories=&#8221;off&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; header_level=&#8221;h6&#8243; header_line_height=&#8221;1.1em&#8221; body_font_size=&#8221;15px&#8221; body_line_height=&#8221;1.1em&#8221; meta_font=&#8221;||||||||&#8221; meta_text_color=&#8221;#c1c1c1&#8243; meta_font_size=&#8221;12px&#8221; meta_line_height=&#8221;1.3em&#8221; pagination_font_size=&#8221;13px&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_blog][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; admin_label=&#8221;Join us&#8221; module_class=&#8221;join-us-bottom&#8221; _builder_version=&#8221;4.22.2&#8243; _module_preset=&#8221;default&#8221; background_enable_color=&#8221;off&#8221; width_tablet=&#8221;100%&#8221; width_phone=&#8221;100%&#8221; width_last_edited=&#8221;on|phone&#8221; custom_margin=&#8221;0px|0px||0px|false|false&#8221; custom_padding=&#8221;0px||60px||false|false&#8221; custom_padding_tablet=&#8221;82px||73px||false|false&#8221; custom_padding_phone=&#8221;0px|0px||0px|false|false&#8221; bottom_divider_color=&#8221;#fafafa&#8221; bottom_divider_height=&#8221;37px&#8221; bottom_divider_flip=&#8221;horizontal|vertical&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;2_5,3_5&#8243; make_equal=&#8221;on&#8221; _builder_version=&#8221;4.23.2&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#131313&#8243; width=&#8221;1180px&#8221; width_tablet=&#8221;1180px&#8221; width_phone=&#8221;1180px&#8221; width_last_edited=&#8221;on|desktop&#8221; max_width=&#8221;1180px&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;|auto||auto|false|false&#8221; custom_margin_tablet=&#8221;|auto||auto|false|false&#8221; custom_margin_phone=&#8221;|0px||0px|false|false&#8221; custom_margin_last_edited=&#8221;on|tablet&#8221; custom_padding=&#8221;33px|51px|33px|51px|true|false&#8221; custom_css_main_element=&#8221;max-width: 100% !important;&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_5&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_css_main_element=&#8221;margin: auto;&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.22.2&#8243; _module_preset=&#8221;default&#8221; header_3_font=&#8221;Inter|800|||||||&#8221; header_3_text_color=&#8221;#FFFFFF&#8221; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; custom_margin=&#8221;||17px||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3><span>Join us<\/span><\/h3>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;|600|||||||&#8221; text_text_color=&#8221;#FFFFFF&#8221; text_line_height=&#8221;1.5em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Subscribe for email updates: be part of the movement taking action to protect our climate.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;3_5&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_css_main_element=&#8221;margin: auto;\t&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_code _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]\n                <div class='gf_browser_unknown gform_wrapper gravity-theme gform-theme--no-framework mf-gf-dark_wrapper' data-form-theme='gravity-theme' data-form-index='0' id='gform_wrapper_558' >\n                        <div class='gform_heading'>\n                            <p class='gform_description'><\/p>\n                        <\/div><form method='post' enctype='multipart\/form-data'  id='gform_558' class='mf-gf-dark' action='\/wp-json\/wp\/v2\/pages\/73736' data-formid='558' novalidate><div class='gf_invisible ginput_recaptchav3' data-sitekey='6LdpG74bAAAAAAfG76zCHaW_pwUx9zp9bP05qG2y' data-tabindex='0'><input id=\"input_c8578219aefa524a8dd2cd4a3e94c2b3\" class=\"gfield_recaptcha_response\" type=\"hidden\" name=\"input_c8578219aefa524a8dd2cd4a3e94c2b3\" value=\"\"\/><\/div>\n                        <div class='gform-body gform_body'><div id='gform_fields_558' class='gform_fields top_label form_sublabel_below description_below validation_below'><fieldset id=\"field_558_1\" class=\"gfield gfield--type-name gfield--input-type-name text_16pt gfield_contains_required field_sublabel_hidden_label gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >First name<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/legend><div class='ginput_complex ginput_container ginput_container--name no_prefix has_first_name no_middle_name no_last_name no_suffix gf_name_has_1 ginput_container_name gform-grid-row' id='input_558_1'>\n                            \n                            <span id='input_558_1_3_container' class='name_first gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.3' id='input_558_1_3' value=''   aria-required='true'     \/>\n                                                    <label for='input_558_1_3' class='gform-field-label gform-field-label--type-sub hidden_sub_label screen-reader-text'>First<\/label>\n                                                <\/span>\n                            \n                            \n                            \n                        <\/div><\/fieldset><div id=\"field_558_2\" class=\"gfield gfield--type-email gfield--input-type-email gfield--width-full text_16pt gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_558_2'>Email<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_2' id='input_558_2' type='email' value='' class='large'    aria-required=\"true\" aria-invalid=\"false\"  \/>\n                        <\/div><\/div><fieldset id=\"field_558_3\" class=\"gfield gfield--type-address gfield--input-type-address gfield--width-full gfield_contains_required field_sublabel_hidden_label gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Country<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/legend>    \n                    <div class='ginput_complex ginput_container has_country ginput_container_address gform-grid-row' id='input_558_3' >\n                        <input type='hidden' class='gform_hidden' name='input_3.4' id='input_558_3_4' value=''\/><span class='ginput_left address_country ginput_address_country gform-grid-col' id='input_558_3_6_container' >\n                                        <select name='input_3.6' id='input_558_3_6'   aria-required='true'    ><option value='' ><\/option><option value='Afghanistan' >Afghanistan<\/option><option value='Albania' >Albania<\/option><option value='Algeria' >Algeria<\/option><option value='American Samoa' >American Samoa<\/option><option value='Andorra' >Andorra<\/option><option value='Angola' >Angola<\/option><option value='Anguilla' >Anguilla<\/option><option value='Antarctica' >Antarctica<\/option><option value='Antigua and Barbuda' >Antigua and Barbuda<\/option><option value='Argentina' >Argentina<\/option><option value='Armenia' >Armenia<\/option><option value='Aruba' >Aruba<\/option><option value='Australia' selected='selected'>Australia<\/option><option value='Austria' >Austria<\/option><option value='Azerbaijan' >Azerbaijan<\/option><option value='Bahamas' >Bahamas<\/option><option value='Bahrain' >Bahrain<\/option><option value='Bangladesh' >Bangladesh<\/option><option value='Barbados' >Barbados<\/option><option value='Belarus' >Belarus<\/option><option value='Belgium' >Belgium<\/option><option value='Belize' >Belize<\/option><option value='Benin' >Benin<\/option><option value='Bermuda' >Bermuda<\/option><option value='Bhutan' >Bhutan<\/option><option value='Bolivia' >Bolivia<\/option><option value='Bonaire, Sint Eustatius and Saba' >Bonaire, Sint Eustatius and Saba<\/option><option value='Bosnia and Herzegovina' >Bosnia and Herzegovina<\/option><option value='Botswana' >Botswana<\/option><option value='Bouvet Island' >Bouvet Island<\/option><option value='Brazil' >Brazil<\/option><option value='British Indian Ocean Territory' >British Indian Ocean Territory<\/option><option value='Brunei Darussalam' >Brunei Darussalam<\/option><option value='Bulgaria' >Bulgaria<\/option><option value='Burkina Faso' >Burkina Faso<\/option><option value='Burundi' >Burundi<\/option><option value='Cambodia' >Cambodia<\/option><option value='Cameroon' >Cameroon<\/option><option value='Canada' >Canada<\/option><option value='Cape Verde' >Cape Verde<\/option><option value='Cayman Islands' >Cayman Islands<\/option><option value='Central African Republic' >Central African Republic<\/option><option value='Chad' >Chad<\/option><option value='Chile' >Chile<\/option><option value='China' >China<\/option><option value='Christmas Island' >Christmas Island<\/option><option value='Cocos Islands' >Cocos 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