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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Margaret Murray 4810, AustraliaMichael Mitchell 2640, Australia
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Anne Von Heideman Uppsala, SwedenMarvin V.S. 2065, Australia
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Lisa Edwards Perth, Western AustraliaJames Vaughan 2066, Australia
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Andrew Gray 2026, AustraliaIan Coulston 2226, Australia
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Sharon Hawke 4215, AustraliaDeirdre Whitford 2204, Australia
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Hugh Gould 2795, AustraliaAriane de Geus 2026, Australia
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Nicholas Cummings 7250, AustraliaPenelope Furphy 3206, Australia
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Jonathan Waites 4552, AustraliaVeronique Perrin 5048, Australia
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Sarah Houston 4064, AustraliaBrendan Lim 3066, Australia
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Simon Foster 4064, AustraliaStephen Darling 5048, Australia
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Ross Flint 7277, AustraliaLisa Berlingeri 3071, Australia
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Phoebe Coyne 6162, AustraliaNatasha Flores 2040, Australia
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Ronnie Wood 6070, AustraliaAntonia Wrigley Bath, Somerset
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Tracy Kelly Brisbane, Queensland, AustraliaPeter Seligman 3055, Australia
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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, AustraliaGill Cosgrove 2602, Australia
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Leslie Keating 3012, Australiajanelle irvine 2550, Australia
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Rebecca Dunn Canberra, Australian Capital TerritoryLex Whyte 5172, Australia
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Russell Chiffey 2450, AustraliaTed Finnie 2329, Australia
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Don Dornan 2546, AustraliaBeverley Bloxham 4350, Australia
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Stephen McEvoy 2291, AustraliaDoug Gibbes 2251, Australia
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Manuel Gomez 2011, AustraliaLisa Bohlscheid 4102, Australia
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Lachlan Smith 4103, AustraliaThomas Stemler 6012, Australia
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Nicola Kuchar 4710, AustraliaEleanor Speed 3851, Australia
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Catharine Courtney 4034, AustraliaCeline Massa 2048, Australia
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Thomas Pollak 4006, AustraliaLoretta Leslie Cowes, Victoria
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Jo Bower 6006, AustraliaAndrew Hingston 7007, Australia
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Dianne Weston Melbourne, Victoria, AustraliaKen Brown 2350, Australia
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Dr. Oliver Greeff 64665Damian Harrison
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Karl Olson 2036, AustraliaLouise Simmons 3460, Australia
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Matthew Cropper Canberra, Australian Capital TerritorySimon Copland 4101, Australia
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Thomas Wearne Fremantle, Western AustraliaAdam Gilbert
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Stephen McLuckieLaurie Barram 4169, Australia
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Rachel Coupland-Evans 3782, AustraliaColin Broadfoot 2454, Australia
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Rosemary Morrow 2780, AustraliaReg Tydell 3013, Australia
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Stuart Thrupp 3083, AustraliaMadeleine Lundholm 6159, Australia
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Cathy Hall 6162, AustraliaKate Healey 2067, Australia
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Amanda Legge 2265, Australiasimon james 6284, Australia
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jason ferry 3980, AustraliaChristopher Vernon 3205, Australia
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Reinhard Freise 2483, AustraliaRalph Reilly 4215, Australia
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Penny Lyle 4169, AustraliaJulian Conrad 4065, Australia
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kalu davies 4870, AustraliaChristie Kingston 6460, Australia
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Bill Ford 2050, AustraliaPhoebe Fredericki 4152, Australia
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Greg Bamford 4075, AustraliaSelena Griffith 2101, Australia
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David Shorthouse 2602, AustraliaIsabelle Hawton 3055, Australia
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annette sheehan 2752, AustraliaDan Robertson 3810, Australia
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Tim Budge Melbourne, Victoria, AustraliaMitch Loly 6169, Australia
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David Cox 2605, AustraliaCatherine PYe 5290, Australia
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Clive Carlyle 5290, AustraliaSteve Campbell 2508, Australia