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 -
David Feith 3184, Australia
trish mann 2483, Australia -
Chen Zheng 3147, Australia
Deane Belfield 3450, Australia
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Karen Coffield 3184, Australia
Elizabeth Coleman 2430, Australia
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Gavin Mountjoy 3015, Australia
Carol Gilbert
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Bryony Edwards 3071, AustraliaBernadette Anderson Wagga Wagga, New South Wales, Australia
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william mildren mildren
Patricia Kahler 2540, Australia
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Ben Halbert 2151, Australia
Liz Campbell 98103
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Lee Fuller 3782, Australia
Terry Wall 2315, Australia -
Natasha Bennett 4075, AustraliaJenny Chester
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Kevin Harbison 3216, Australia
Paul Magnus v7e4r1
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Carole Bois de Chesne 2107, Australia
Jenny Curtis 2040, Australia -
david McMaster 2090, Australia
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Ingrid Shaw 5019, Australia -
David Hornsby 3068, AustraliaFiona Sutton
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Henry Bois de chesne 2107, Australia
Lucie Bradley 3053, Australia
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Rowan Wylie 7004, Australia
Tim Wilson
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Aisling Callaghan 3071, Australia
Bronwen Williams 3141, Australia -
David Schwartz 2130, Australia
Chris Ormond 2454, Australia
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Elizabeth Dawson 98339
Leith Maddock 6330, Australia
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David Steele 3820, Australia
Peter Watkins 4217, Australia
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miles shorten 2481, Australia
Tamara Plush 4102, Australia
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Maia Mckenzie 2478, Australia
Alison Cleary 2290, Australia
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Steven Pate 3926, AustraliaSatima Flavell Perth, Western Australia
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Lynette Jennings 6014, Australia
Rachel Lea 2460, Australia
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Blake Jones 6066, Australia
Bob Wolcott 2431, Australia
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Lloyd Nylund 2483, Australia
Margo Adams 6062, Australia
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Eleisha Nylund Brisbane, Queensland, Australia
Mike Bolan 7180, Australia
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Janet Fairlie-Cuninghame 2073, Australia
Michael Williams 4740, Australia
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Linda Rogers 6008, Australia
David Laughton 5076, Australia
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Enid Ninnes
Elena McKinlay 3058, Australia
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Betty Mason 4066, Australia
Kat Roberts 2034, Australia
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Gabrielle Tobias 2026, Australia
Judy Cameron 3241, Australia
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Jean Christie 3122, Australia
Peter Cummins 4878, Australia
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Christina Ginevra 4152, Australia
Nigel Reid 2480, Australia -
Tina Matthews 2026, Australia
Brynnie Goodwill 2088, Australia
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Trevor Edmond 2535, Australia
Rosalie Schultz 0871, Australia
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John Merory 3088, AustraliaMichael Chew Melbourne, Victoria, Australia
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El MacQueen 4563, Australia
Peter Martin 2088, Australia
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chris green 2460, Australia
Simon Bradshaw 2049, Australia -
Peter Murphy 4350, Australia
Nigel Spratt 3156, Australia
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Mikko Rintala 4209, Australia
Ian Rose 2021, Australia
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Katherine Knight 2117, Australia
Paul Notholt 2086, Australia
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Mathlini-Rosze Cernigoi 3130, Australia
Valora Albertsen 4655, Australia
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Hal Pawson 2131, Australia
Pat Saunders 4551, Australia
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paul grace 4075, Australia
Gail Skipworth 3174, Australia
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Thea Coventry 2008, Australia
Rob Harrington 3821, Australia
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Joakim Lagerqvist 2049, Australia
Elizabeth Worth
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glenn robinson 3051, Australia
Laura Grainger 7008, Australia
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Margaret Messenger 5045, AustraliaLucy Macgillycuddy Sydney, Australia
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Claire Vanderplank 6162, Australia
Philip Sutton 3078, Australia
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Robert Hayes 2469, AustraliaTif Flynn
