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 -
Paul Williams 2483, Australia
Angela James 2484, Australia -
Janelle Robbins 3055, Australia
Colin Lambie 3550, Australia
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John Fraser 3850, Australia
Chris Quin 3942, Australia
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David Robinson 3206, AustraliaCindy Eiritz Darwin, Northern Territory -
Tom Hartney 3071, Australia
Esther Bohmer
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Adam Verwey 2617, Australia
Minnie Vo 4214, Australia
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Adriana Wall 2065, Australia
Harriet Riley 2010, Australia
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Leisa Spears
Merryn Redenbach 3056, Australia
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Ché Wall 2065, Australia
Andrew Wilcox 2756, Australia -
Bob Hale 3144, AustraliaMeaghan Grace Canberra, Australian Capital Territory
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Daniel Anderson 4101, Australia
John Pratt 4870, Australia
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Madhu Pillai 3079, Australia
Teddy Sera 2259, Australia
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Candice Krynauw 3131, Australia
Belinda Spagnoletti 3040, Australia
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Cheryl Moller 6069, Australia
Mark Tregonning 3072, Australia
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Alexandra Ross 2607, Australia
Peter Wade 4106, Australia
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Elliot Cummins 3054, Australia
Fleur Billing 3206, Australia
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Michele Cullen 2485, Australia
Lane Crockett 3068, Australia
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Anne Stanton 2463, Australia
Monica Hyde 2072, Australia
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Elena Tjandra 2607, Australia
Gill King 2604, Australia -
Ngaire McGawAlister Ferguson Brisbane, Queensland, Australia
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Peter Nash 2094, Australia
Helen Weder 4103, Australia
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Lindsay Soutar 2042, AustraliaKerri Feigan
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Sum Gi
Greg McNevin 2154, Australia
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Miriam Robinson 3068, AustraliaAnthony Scott Melton South, Victoria, Australia
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Erland Howden 2780, Australia
JAMES PAULY 4068, Australia -
Sean Burton 2444, Australia
Jan Arens 4670, Australia
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Meadhbh Ní Bholguidhir Melbourne, Victoria, Australia
Dominique Hes 3015, Australia
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Melissa Greben 4060, Australia
Nadine Watson 3205, Australia
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Pablo Brait 2049, Australia
Kati Thompson 3068, Australia
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Duncan Reilly 5161, Australia
Myrthe Baijens 8923BA
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Bill Wilson 6158, Australia
Marnie Cotton 4107, Australia
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Sheree Dillon 4051, Australia
Julia Hutton 4068, Australia -
Julie Ayo 2481, Australia
Geoff Evans 2300, Australia -
Laird Shaw 7467, AustraliaMaryanne Barnes
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Sue Head 2443, AustraliaRochelle Spencer Perth, Western Australia
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troy martin 4030, Australia
Patrick Weyland-Smith 3071, Australia
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Dr Rob Jenny
Fay Chomley 3071, Australia
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Irene Kirczenow Perth, Western AustraliaCraig Lambie Melbourne, Victoria, Australia
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Stella Alison Topaz 2044, Australia
gaby jung 3101, Australia
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Polly Jude 2478, Australia
Tanya Richmond 2211, Australia
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Ian Mack
Avril Blay 3068, Australia
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Megan Lewis 2422, Australia
George Crisp 6007, Australia
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Valia Sandeva 2113, Australia
Shreerupa Basu 2031, Australia
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Sam Marginson 3065, AustraliaWing Chan
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Rod Halligan
Eve Stobbe 3936, Australia -
Clare Noire Deadwood, South Dakota
Steve Berry 3065, Australia
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meredith Kalisz 3875, Australia
stephen curtain 3094, Australia
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Ben Butler-Bonnice 3070, Australia
Jill Favero 3032, Australia
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Meredith Stanton 2453, Australia
Angela Papas 3977, Australia
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Kailas Wild 7000, Australia
Kieran Ruffles 3054, Australia
