Cease new thermal coal mining developments and publish emission reduction targets.

The outcome

Given these considerations and our thermal coal engagement objectives, we decided to vote in favour of Market Forces’ shareholder proposal, which was seeking improved disclosure on how Whitehaven will manage down its coal assets in line with net zero by 2050, capital requirements for decommissioning and rehabilitation, plans for a just transition, and how Whitehaven’s remaining returns would be redeployed or returned to shareholders.


Whitehaven’s strategy continues to contradict Fidelity’s thermal coal engagement goals and therefore we continue to seek avenues through which to escalate our objectives and encourage more ambition from the company on 1.5-degree alignment. 


Looking forward, we do believe that Whitehaven’s strategic shift toward metallurgical coal is a positive development, and we will seek to use this opportunity to proactively engage with the company to test whether the acquisitions change its approach to thermal coal expansion and greenfield developments going forward.