Dear Mr Clyne, Ms Kelly, Mr Narev and Mr Smith,
We write to urge you to adopt a critical change to your banks’ investment policies.
Australia stands on the verge of a fossil fuel expansion that would jeopardise the possibility of containing global warming to below 2˚C above pre-industrial levels – a key marker for the prospects of a safe climate for future generations to enjoy.
As Australia’s four largest banks and heaviest lenders to coal and gas projects, you have a vital role in determining the fate of proposed new fossil fuel projects. You will be met with requests to provide finance and other forms of investment for these projects. For the sake of a safe climate, these requests must be denied.
Specifically we are asking you to demonstrate courage and leadership by adopting the following two policy changes:
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1.
Place an immediate prohibition on loans to new fossil fuel extraction projects and the infrastructure required to enable them, and
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2.
Sell down all stakes held either directly or through third parties in companies engaged in fossil fuel extraction.
There is very little time remaining to avoid catastrophic climate change. The International Energy Agency’s Chief Economist, Fatih Birol, said in late 2011 that the world had only five years in which to move off a fossil fuel pathway. Many of the projects that will be seeking your investment would operate for decades, making them entirely incompatible with any serious effort to avoid the worst impacts of climate change.
Others are warning of the economic risks of continued investment in fossil fuels. If the world is to avoid 2˚C of global warming it will mean leaving the vast bulk of known fossil fuel reserves in the ground. Failing to acknowledge this now could be a multi-trillion dollar mistake for the fossil fuel industry and institutions that finance them.
We urge you to adopt these changes to your investment policies for the sake of the environment and economic responsibility.
Sincerely,
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Bill McKibben Author and Co-Founder, 350.org
Julien Vincent Lead Campaigner, Market Forces -
Clare Bowditch Musician
Peter Carey Author. Photo: Ashley Gilbertson -
Peter Singer AC Professor of Bioethics, Princeton University and Laureate Professor, University of Melbourne. Photo: Denise Applewhite/Princeton University
Associate Professor Cheryl Kernot Director, Graduate Certificate in Social Impact, The Centre for Social Impact UNSW -
Professor Carmen Lawrence Winthrop Professor, University of Western Australia
Ian Thomas Dunlop Independent Commentator, former Chair of the Australian Coal Association -
Felix Riebl Singer/songwriter (of The Cat Empire)
Kate Grenville Australian author -
Professor Ove Hoegh-Guldberg Global Change Institute, University of Queensland
Bob Brown Former Leader of the Australian Greens -
Lucy Manne and Kirsty Albion Co-Directors, Australian Youth Climate Coalition
David Ritter CEO, Greenpeace Australia Pacific -
John Coetzee Author
Jack Mundey Unionist and environmentalist -
Professor Denise Bradley AC Emeritus Professor, University of South Australia
Professor Ian Lowe President, Australian Conservation Foundation -
Dr Jane Williamson Senior Lecturer, Macquarie University
Anthony J. McMichael AO, FTSE Professor Emeritus (Population Health), ANU -
Professor Kingsley Faulkner Chair, Doctors for the Environment Australia
Tim Levinson (Urthboy) Australian hip-hop artist -
Hon. Dr Barry Jones AO Former Minister for Science
James Bradley Author -
Professor Lesley Hughes Department of Biological Sciences, Macquarie University
Peter Temple Australian author -
Professor Nihal Agar Chairman, Hindu Council of Australia
Tara June Winch Australian author -
Emeritus Professor Robert Manne Vice-Chancellor's Fellow, La Trobe University
Patricia Piccinini Artist -
Mark Seymour Australian singer/songwriter
Paul Dempsey Singer/songwriter, Something for Kate -
Rabbi Jonathan Keren-Black Rabbi, Leo Baeck Centre for Progressive Judaism
Melissa Lucashenko Australian novelist -
Associate Professor Grant Blashki Nossal Institute for Global Health, University of Melbourne
Dr Linda Selvey Associate Professor in Public Health, Curtin University -
Dr Liz Hanna Convenor, Climate Change Adaptation Research Network - Human Health
Victoria Roberts Two time Olympic Rower and PhD candidate in Management and Behavioural Ethics -
Bishop George Browning Past Chair, Anglican Communion Environment Network
Garry Egger AM MPH PhD Professor of Lifestyle Medicine, Southern Cross University -
Rev. Dr Clive W Ayre Chair, QLD Churches Environmental Network
Rev. Dr Brian Brown Moderator, Uniting Church Synod of NSW & ACT -
Peter Christoff Assoc Prof, Environmental Studies, University of Melbourne
Dr Will J Grant Australian National Centre for the Public Awareness of Science, ANU -
Associate Professor Mark Diesendorf Institute of Environmental Studies, UNSW
Sharyn Munro Author, 'Rich Land, Wasteland' -
Professor Andrew Glikson Earth and Paleo-climate scientist, ANU
Professor Glenn Albrecht Professor of Sustainability, Murdoch University -
Fiona Armstrong Convenor, Climate and Health Alliance
Dr Chris McGrath Senior Lecturer, The University of Queensland -
The Right Reverend Tom Wilmot Assistant Bishop of Perth, Anglican Church Diocese of Perth
Professor John Wiseman Melbourne Sustainable Society Institute, University of Melbourne -
Dr Jeremy Moss Director of Social Justice Initiative, University of Melbourne
Professor Tim Jackson Professor of Sustainable Development, University of Surrey -
Robyn Eckersley Professor of Political Science, University of Melbourne
Dr Brad Farrant UWA Adjunct Research Fellow in Early Childhood Development -
Dr Ben Ewald Senior Lecturer in Epidemiology, University of Newcastle
Prof Colin D Butler ARC Future Fellow, University of Canberra and Visiting Fellow, National Centre for Epidemiology and Population Health, ANU -
Professor Neil Ormerod Professor of Theology, Australian Catholic University
Dr Mark G Edwards Assistant Professor, University of Western Australia -
Dr Matthew Rimmer Assoc Prof, ANU College of Law
Dr Peter Tait FRACGP MClimChng National Centre for Epidemiology and Population Health, ANU -
Neil Perry Research Lecturer, University of Western Sydney
Ben R Newell Associate Professor of Psychology, UNSW -
Associate Professor James Ross Public Health Physician and Occupational Physician
Professor Lynne Madden Associate Dean, School of Medicine Sydney, The University of Notre Dame Australia -
Jason Coghlan Sydney, AustraliaAbigail Jabines Melbourne, Victoria, Australia
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Blair Palese Sydney, Australia
Charlie Wood 3071, Australia -
Samuel Rōbb
Elizabeth Bacchetti 3126, Australia -
Govind Maksay Melbourne, Victoria, AustraliaJarren Nylund
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Frank Lin 4011, Australia
Stephen Whately 3057, Australia -
Brendan McCormick 4122, AustraliaNeil Ormerod Sydney, Australia
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Frederick Stark Brisbane, Queensland, Australia
Eleanor Smith 4572, Australia -
Madeleine Testro 3040, Australia
Justin Whelan 2021, Australia -
Courtney Irish Brisbane, Queensland, AustraliaMarguerite Marshall Melbourne, Victoria, Australia
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Hayley Troupe 4101, AustraliaJohn Zhao
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Olivia Hill 4165, AustraliaPookie Connor Melbourne, Victoria, Australia
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Clare Crowhurst 5038, Australia
Sandy Glass 2017, Australia -
Martyn Tonks
Erika Gronbach 3185, Australia
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Bethany Wilson 4064, AustraliaNicholas Gurieff Sydney, Australia
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Jackson Turner 4064, Australia
Sandra O'Flaherty 05586
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Kanishka Karunaratne 3174, Australia
Emma Horsburgh 2048
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Simon Kelly 3183, Australia
James Whelan 2296, Australia -
Tom Swann 2612, AustraliaIsaac Astill Yeppoon, Queensland
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Sarah Williamson Gold Coast, Queensland
Julie Macken 2008, Australia
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Stuart Collins 2602, Australia
Emily Link 5069, Australia
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Patricia Julien 4740, Australia
John Wood 2602, Australia
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Nicki Laws 4352, Australia
Anna Malos 3183, Australia
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Ros King 3056, Australia
Jaden Harris 2099, Australia -
Tom Stayner 2602, Australia
Samantha Law 3042, Australia
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Leigh Ewbank 3011, Australia
Ocean Jangda 4031, Australia -
Sarah Harrower 6168, Australia
Dr Robin Gunning 2340, Australia
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Jessie Wells 4103, Australia
Victoria McKenzie-McHarg 3058, Australia -
Michael Poland Melbourne, Victoria, Australia
Guy Dohlmann 3145, Australia
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Em. Prof. Bob Randall
Michael Vincent 4103, Australia -
Lizette Salmon 3690, Australia
Maureen Searson 2536, Australia
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Lachlan Russell 2213, Australia
Margaret Hender 5092, Australia
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Cedar Whelan 0830, Australia
Cate Faehrmann 2049, Australia -
Tanya Sinha 4128, Australia
Christine Carlisle 4740, Australia -
Alexandra Scott Perth, Western AustraliaJonathan Maddox Springwood, New South Wales
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Deborah Hart Melbourne, Victoria, Australia
Adrian Brown 2065, Australia
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Wendy Tubman 4819, Australia
Jeremy Chong 3109, Australia
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John Salmon 3690, Australia
Cameron Tampion 3204, Australia
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Richard Keech Melbourne, Victoria, Australia
Nick Towle Heybridge, Tasmania -
Carolyn Frank
Matthew Brunswick 3044, Australia
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Will Kirsop 2026, Australia
Magnus Ag USA
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Roy Manea
Blair Palese 2022, Australia -
Stephen Leonard 3206, AustraliaJennifer Scoullar
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Steven Baker 3556, Australia
Neale Blackwood 6027, Australia
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Anthony Gleeson 3220, Australia
Jenny Davies 3691, Australia
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Barb Tyler
Umi Hardy 4405, Australia
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bobbi mckibbin
Lindsay Dullea
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Georgia Bamber 2539, Australia
Melissa Haswell Muru Marri Indigenous Health Unit, School of Population Health and Community Medicine, UNSW, 2508 Australia -
Samantha Hawker Brisbane, Queensland, AustraliaThomas Braby
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Prof Simon Chapman AO PhD FASSA 2006, Australia
Peter Wiltshire 4551, Australia -
Robert O'Keefe 5410, Australia
Bridget Bible 3141, Australia
