Paulina Duran

SYDNEY (Reuters), A group shareholders has filed climate resolutions with the Big Four Australian banks. The resolutions ask them to abide in their self-declared support of net-zero emission by 2050, and end financing fossil fuels.

Resolutions demand a strong commitment by Westpac Banking (NYSE:) Corp. Australia and New Zealand Banking Group (OTC:), and National Australia Bank are not to be funding fossil fuel projects. This is in compliance with International Energy Agency (IEA).

Reps of the banks weren’t immediately available to comment.

A group of approximately 100 shareholders filed the resolutions ahead of United Nations’ COP26 global climate talks in Glasgow. These negotiations are set to commence on Oct. 31.

However, they are unlikely to be officially submitted for a vote during December’s banks annual general meetings. This is partly due to Australian corporate laws.

However, support is given at meetings for such resolutions and has increased in recent years.

The shareholder support for similar resolutions at NAB and ANZ annual meetings increased to 28% and 26% last year.

One of the three matching resolutions was signed by shareholders: “Despite committing towards the Paris Agreement’s climate goals… ANZ has been aligning its investments practices and policies with failure of those goals. It is causing our company to fall behind the rapidly evolving expectations of regulators and investors, as well as the practices of financial institutions around the world.”

An investor group managing $4.2 trillion called for the toughening of climate and biodiversity policies at some of the largest banks in order to avoid rebellions during their annual meeting earlier this year.

According to the International Energy Agency’s May Report, there shouldn’t be any new fossil fuel projects in order for the world reach its goal of zero net emissions by 2050.

Australia, which is both the biggest exporter of coal and the country with the highest carbon emissions per capita in the world, has yet to sign up. This week, Australia approved the third extension of its coal mine.