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 -
Margaret Murray 4810, Australia
Michael Mitchell 2640, Australia -
Anne Von Heideman Uppsala, Sweden
Marvin V.S. 2065, Australia
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Lisa Edwards Perth, Western Australia
James Vaughan 2066, Australia
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Andrew Gray 2026, Australia
Ian Coulston 2226, Australia
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Sharon Hawke 4215, Australia
Deirdre Whitford 2204, Australia
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Hugh Gould 2795, Australia
Ariane de Geus 2026, Australia
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Nicholas Cummings 7250, Australia
Penelope Furphy 3206, Australia
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Jonathan Waites 4552, Australia
Veronique Perrin 5048, Australia
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Sarah Houston 4064, Australia
Brendan Lim 3066, Australia
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Simon Foster 4064, Australia
Stephen Darling 5048, Australia
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Ross Flint 7277, Australia
Lisa Berlingeri 3071, Australia
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Phoebe Coyne 6162, Australia
Natasha Flores 2040, Australia
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Ronnie Wood 6070, AustraliaAntonia Wrigley Bath, Somerset
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Tracy Kelly Brisbane, Queensland, Australia
Peter Seligman 3055, Australia -
Phoebe Coyne BrixhamJustin Shepherd Adelaide, South Australia
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Chantelle Tsironis 3105, AustraliaMatt Frend Adelaide, South Australia
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Andy Mack 4879, Australia
Gill Cosgrove 2602, Australia
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Leslie Keating 3012, Australia
janelle irvine 2550, Australia
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Rebecca Dunn Canberra, Australian Capital Territory
Lex Whyte 5172, Australia
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Russell Chiffey 2450, Australia
Ted Finnie 2329, Australia
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Don Dornan 2546, Australia
Beverley Bloxham 4350, Australia
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Stephen McEvoy 2291, Australia
Doug Gibbes 2251, Australia
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Manuel Gomez 2011, Australia
Lisa Bohlscheid 4102, Australia
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Lachlan Smith 4103, Australia
Thomas Stemler 6012, Australia
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Nicola Kuchar 4710, Australia
Eleanor Speed 3851, Australia
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Catharine Courtney 4034, Australia
Celine Massa 2048, Australia
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Thomas Pollak 4006, AustraliaLoretta Leslie Cowes, Victoria
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Jo Bower 6006, Australia
Andrew Hingston 7007, Australia
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Dianne Weston Melbourne, Victoria, Australia
Ken Brown 2350, Australia
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Dr. Oliver Greeff 64665
Damian Harrison
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Karl Olson 2036, Australia
Louise Simmons 3460, Australia
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Matthew Cropper Canberra, Australian Capital Territory
Simon Copland 4101, Australia -
Thomas Wearne Fremantle, Western AustraliaAdam Gilbert
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Stephen McLuckie
Laurie Barram 4169, Australia -
Rachel Coupland-Evans 3782, Australia
Colin Broadfoot 2454, Australia
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Rosemary Morrow 2780, Australia
Reg Tydell 3013, Australia -
Stuart Thrupp 3083, Australia
Madeleine Lundholm 6159, Australia
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Cathy Hall 6162, Australia
Kate Healey 2067, Australia
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Amanda Legge 2265, Australia
simon james 6284, Australia
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jason ferry 3980, Australia
Christopher Vernon 3205, Australia
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Reinhard Freise 2483, Australia
Ralph Reilly 4215, Australia -
Penny Lyle 4169, Australia
Julian Conrad 4065, Australia -
kalu davies 4870, Australia
Christie Kingston 6460, Australia
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Bill Ford 2050, Australia
Phoebe Fredericki 4152, Australia
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Greg Bamford 4075, Australia
Selena Griffith 2101, Australia -
David Shorthouse 2602, Australia
Isabelle Hawton 3055, Australia
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annette sheehan 2752, Australia
Dan Robertson 3810, Australia
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Tim Budge Melbourne, Victoria, Australia
Mitch Loly 6169, Australia
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David Cox 2605, Australia
Catherine PYe 5290, Australia
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Clive Carlyle 5290, Australia
Steve Campbell 2508, Australia
