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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David Feith 3184, Australiatrish mann 2483, Australia
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Chen Zheng 3147, AustraliaDeane Belfield 3450, Australia
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Karen Coffield 3184, AustraliaElizabeth Coleman 2430, Australia
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Gavin Mountjoy 3015, AustraliaCarol Gilbert
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Bryony Edwards 3071, AustraliaBernadette Anderson Wagga Wagga, New South Wales, Australia
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william mildren mildrenPatricia Kahler 2540, Australia
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Ben Halbert 2151, AustraliaLiz Campbell 98103
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Lee Fuller 3782, AustraliaTerry Wall 2315, Australia
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Natasha Bennett 4075, AustraliaJenny Chester
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Kevin Harbison 3216, AustraliaPaul Magnus v7e4r1
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Carole Bois de Chesne 2107, AustraliaJenny Curtis 2040, Australia
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david McMaster 2090, AustraliaIngrid Shaw 5019, Australia
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David Hornsby 3068, AustraliaFiona Sutton
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Henry Bois de chesne 2107, AustraliaLucie Bradley 3053, Australia
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Rowan Wylie 7004, AustraliaTim Wilson
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Aisling Callaghan 3071, AustraliaBronwen Williams 3141, Australia
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David Schwartz 2130, AustraliaChris Ormond 2454, Australia
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Elizabeth Dawson 98339Leith Maddock 6330, Australia
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David Steele 3820, AustraliaPeter Watkins 4217, Australia
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miles shorten 2481, AustraliaTamara Plush 4102, Australia
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Maia Mckenzie 2478, AustraliaAlison Cleary 2290, Australia
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Steven Pate 3926, AustraliaSatima Flavell Perth, Western Australia
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Lynette Jennings 6014, AustraliaRachel Lea 2460, Australia
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Blake Jones 6066, AustraliaBob Wolcott 2431, Australia
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Lloyd Nylund 2483, AustraliaMargo Adams 6062, Australia
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Eleisha Nylund Brisbane, Queensland, AustraliaMike Bolan 7180, Australia
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Janet Fairlie-Cuninghame 2073, AustraliaMichael Williams 4740, Australia
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Linda Rogers 6008, AustraliaDavid Laughton 5076, Australia
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Enid NinnesElena McKinlay 3058, Australia
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Betty Mason 4066, AustraliaKat Roberts 2034, Australia
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Gabrielle Tobias 2026, AustraliaJudy Cameron 3241, Australia
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Jean Christie 3122, AustraliaPeter Cummins 4878, Australia
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Christina Ginevra 4152, AustraliaNigel Reid 2480, Australia
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Tina Matthews 2026, AustraliaBrynnie Goodwill 2088, Australia
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Trevor Edmond 2535, AustraliaRosalie Schultz 0871, Australia
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John Merory 3088, AustraliaMichael Chew Melbourne, Victoria, Australia
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El MacQueen 4563, AustraliaPeter Martin 2088, Australia
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chris green 2460, AustraliaSimon Bradshaw 2049, Australia
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Peter Murphy 4350, AustraliaNigel Spratt 3156, Australia
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Mikko Rintala 4209, AustraliaIan Rose 2021, Australia
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Katherine Knight 2117, AustraliaPaul Notholt 2086, Australia
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Mathlini-Rosze Cernigoi 3130, AustraliaValora Albertsen 4655, Australia
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Hal Pawson 2131, AustraliaPat Saunders 4551, Australia
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paul grace 4075, AustraliaGail Skipworth 3174, Australia
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Thea Coventry 2008, AustraliaRob Harrington 3821, Australia
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Joakim Lagerqvist 2049, AustraliaElizabeth Worth
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glenn robinson 3051, AustraliaLaura Grainger 7008, Australia
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Margaret Messenger 5045, AustraliaLucy Macgillycuddy Sydney, Australia
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Claire Vanderplank 6162, AustraliaPhilip Sutton 3078, Australia
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Robert Hayes 2469, AustraliaTif Flynn