Commbank to face nature risk shareholder resolution
Nearly 200 Commonwealth Bank shareholders have filed a shareholder resolution calling on the bank to set out the steps it will take to become deforestation-free.
In response to the announcement of a deal to repower the Tomago aluminium smelter with renewable energy, the Australian Conservation Foundation’s national climate policy adviser Annika Reynolds (they/them) said:
“ACF welcomes the news that Rio Tinto’s Tomago aluminium smelter will be repowered to run on 3 gigawatts of additional renewable energy generation.
“This crucial step in the renewable energy transition has been made possible by the leadership of the federal and NSW governments.
“Renewable energy is now at the heart of Australian industry and economic growth, revitalising the country’s manufacturing base and green metal export potential.
“Aluminium smelters are major electricity users, with Tomago presently consuming enough electricity to produce around 17 million tonnes of climate pollution every year.
“This package helps the aluminium sector shift away from its reliance on polluting coal-fired power and instead be run on a combination of wind, solar and storage.
“Shifting industry to renewables is an essential element of climate action in Australia. The other essential element is to stop approving new fossil fuel projects.”