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.orgJulien Vincent Lead Campaigner, Market Forces
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Clare Bowditch MusicianPeter Carey Author. Photo: Ashley Gilbertson
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Peter Singer AC Professor of Bioethics, Princeton University and Laureate Professor, University of Melbourne. Photo: Denise Applewhite/Princeton UniversityAssociate Professor Cheryl Kernot Director, Graduate Certificate in Social Impact, The Centre for Social Impact UNSW
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Professor Carmen Lawrence Winthrop Professor, University of Western AustraliaIan Thomas Dunlop Independent Commentator, former Chair of the Australian Coal Association
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Felix Riebl Singer/songwriter (of The Cat Empire)Kate Grenville Australian author
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Professor Ove Hoegh-Guldberg Global Change Institute, University of QueenslandBob Brown Former Leader of the Australian Greens
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Lucy Manne and Kirsty Albion Co-Directors, Australian Youth Climate CoalitionDavid Ritter CEO, Greenpeace Australia Pacific
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John Coetzee AuthorJack Mundey Unionist and environmentalist
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Professor Denise Bradley AC Emeritus Professor, University of South AustraliaProfessor Ian Lowe President, Australian Conservation Foundation
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Dr Jane Williamson Senior Lecturer, Macquarie UniversityAnthony J. McMichael AO, FTSE Professor Emeritus (Population Health), ANU
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Professor Kingsley Faulkner Chair, Doctors for the Environment AustraliaTim Levinson (Urthboy) Australian hip-hop artist
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Hon. Dr Barry Jones AO Former Minister for ScienceJames Bradley Author
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Professor Lesley Hughes Department of Biological Sciences, Macquarie UniversityPeter Temple Australian author
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Professor Nihal Agar Chairman, Hindu Council of AustraliaTara June Winch Australian author
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Emeritus Professor Robert Manne Vice-Chancellor's Fellow, La Trobe UniversityPatricia Piccinini Artist
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Mark Seymour Australian singer/songwriterPaul Dempsey Singer/songwriter, Something for Kate
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Rabbi Jonathan Keren-Black Rabbi, Leo Baeck Centre for Progressive JudaismMelissa Lucashenko Australian novelist
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Associate Professor Grant Blashki Nossal Institute for Global Health, University of MelbourneDr Linda Selvey Associate Professor in Public Health, Curtin University
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Dr Liz Hanna Convenor, Climate Change Adaptation Research Network - Human HealthVictoria Roberts Two time Olympic Rower and PhD candidate in Management and Behavioural Ethics
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Bishop George Browning Past Chair, Anglican Communion Environment NetworkGarry Egger AM MPH PhD Professor of Lifestyle Medicine, Southern Cross University
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Rev. Dr Clive W Ayre Chair, QLD Churches Environmental NetworkRev. Dr Brian Brown Moderator, Uniting Church Synod of NSW & ACT
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Peter Christoff Assoc Prof, Environmental Studies, University of MelbourneDr Will J Grant Australian National Centre for the Public Awareness of Science, ANU
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Associate Professor Mark Diesendorf Institute of Environmental Studies, UNSWSharyn Munro Author, 'Rich Land, Wasteland'
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Professor Andrew Glikson Earth and Paleo-climate scientist, ANUProfessor Glenn Albrecht Professor of Sustainability, Murdoch University
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Fiona Armstrong Convenor, Climate and Health AllianceDr Chris McGrath Senior Lecturer, The University of Queensland
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The Right Reverend Tom Wilmot Assistant Bishop of Perth, Anglican Church Diocese of PerthProfessor John Wiseman Melbourne Sustainable Society Institute, University of Melbourne
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Dr Jeremy Moss Director of Social Justice Initiative, University of MelbourneProfessor Tim Jackson Professor of Sustainable Development, University of Surrey
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Robyn Eckersley Professor of Political Science, University of MelbourneDr Brad Farrant UWA Adjunct Research Fellow in Early Childhood Development
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Dr Ben Ewald Senior Lecturer in Epidemiology, University of NewcastleProf Colin D Butler ARC Future Fellow, University of Canberra and Visiting Fellow, National Centre for Epidemiology and Population Health, ANU
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Professor Neil Ormerod Professor of Theology, Australian Catholic UniversityDr Mark G Edwards Assistant Professor, University of Western Australia
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Dr Matthew Rimmer Assoc Prof, ANU College of LawDr Peter Tait FRACGP MClimChng National Centre for Epidemiology and Population Health, ANU
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Neil Perry Research Lecturer, University of Western SydneyBen R Newell Associate Professor of Psychology, UNSW
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Associate Professor James Ross Public Health Physician and Occupational PhysicianProfessor Lynne Madden Associate Dean, School of Medicine Sydney, The University of Notre Dame Australia
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Jason Coghlan Sydney, AustraliaAbigail Jabines Melbourne, Victoria, Australia
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Blair Palese Sydney, AustraliaCharlie Wood 3071, Australia
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Samuel RōbbElizabeth Bacchetti 3126, Australia
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Govind Maksay Melbourne, Victoria, AustraliaJarren Nylund
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Frank Lin 4011, AustraliaStephen Whately 3057, Australia
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Brendan McCormick 4122, AustraliaNeil Ormerod Sydney, Australia
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Frederick Stark Brisbane, Queensland, AustraliaEleanor Smith 4572, Australia
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Madeleine Testro 3040, AustraliaJustin Whelan 2021, Australia
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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, AustraliaSandy Glass 2017, Australia
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Martyn TonksErika Gronbach 3185, Australia
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Bethany Wilson 4064, AustraliaNicholas Gurieff Sydney, Australia
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Jackson Turner 4064, AustraliaSandra O'Flaherty 05586
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Kanishka Karunaratne 3174, AustraliaEmma Horsburgh 2048
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Simon Kelly 3183, AustraliaJames Whelan 2296, Australia
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Tom Swann 2612, AustraliaIsaac Astill Yeppoon, Queensland
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Sarah Williamson Gold Coast, QueenslandJulie Macken 2008, Australia
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Stuart Collins 2602, AustraliaEmily Link 5069, Australia
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Patricia Julien 4740, AustraliaJohn Wood 2602, Australia
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Nicki Laws 4352, AustraliaAnna Malos 3183, Australia
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Ros King 3056, AustraliaJaden Harris 2099, Australia
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Tom Stayner 2602, AustraliaSamantha Law 3042, Australia
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Leigh Ewbank 3011, AustraliaOcean Jangda 4031, Australia
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Sarah Harrower 6168, AustraliaDr Robin Gunning 2340, Australia
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Jessie Wells 4103, AustraliaVictoria McKenzie-McHarg 3058, Australia
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Michael Poland Melbourne, Victoria, AustraliaGuy Dohlmann 3145, Australia
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Em. Prof. Bob RandallMichael Vincent 4103, Australia
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Lizette Salmon 3690, AustraliaMaureen Searson 2536, Australia
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Lachlan Russell 2213, AustraliaMargaret Hender 5092, Australia
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Cedar Whelan 0830, AustraliaCate Faehrmann 2049, Australia
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Tanya Sinha 4128, AustraliaChristine Carlisle 4740, Australia
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Alexandra Scott Perth, Western AustraliaJonathan Maddox Springwood, New South Wales
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Deborah Hart Melbourne, Victoria, AustraliaAdrian Brown 2065, Australia
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Wendy Tubman 4819, AustraliaJeremy Chong 3109, Australia
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John Salmon 3690, AustraliaCameron Tampion 3204, Australia
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Richard Keech Melbourne, Victoria, AustraliaNick Towle Heybridge, Tasmania
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Carolyn FrankMatthew Brunswick 3044, Australia
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Will Kirsop 2026, AustraliaMagnus Ag USA
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Roy ManeaBlair Palese 2022, Australia
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Stephen Leonard 3206, AustraliaJennifer Scoullar
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Steven Baker 3556, AustraliaNeale Blackwood 6027, Australia
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Anthony Gleeson 3220, AustraliaJenny Davies 3691, Australia
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Barb TylerUmi Hardy 4405, Australia
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bobbi mckibbinLindsay Dullea
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Georgia Bamber 2539, AustraliaMelissa Haswell Muru Marri Indigenous Health Unit, School of Population Health and Community Medicine, UNSW, 2508 Australia
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Samantha Hawker Brisbane, Queensland, AustraliaThomas Braby
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Prof Simon Chapman AO PhD FASSA 2006, AustraliaPeter Wiltshire 4551, Australia
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Robert O'Keefe 5410, AustraliaBridget Bible 3141, Australia