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 -
Joan Variava 4501, Australia
Benjamin Gill 2093, Australia -
Kristy Brain 2456, Australia
Jessica Mickan 6000, Australia
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Wolfie Rankin 3012, Australia
Marcia Macfarlane 6066, Australia
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Michael Cann
Ella Dent 6018, Australia
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Jeniene Glass Boulder, Western Australia, AustraliaTony Michael Barnsley
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Skye Rivett
Johan Karlsson 3002, Australia
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Lauris Newbury 3875, Australia
Ernest Gavey 4564, Australia -
Sherry Hoffman 98020Tatiana Breger Surabaya, Indonesia
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Brad Hartman 42071
Frank Avagliano
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Theodora Garcia sw16
Sue Berger 2615, Australia
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Jenni Fox 4877, Australia
Barbara Coombs 80127 -
Lachlan Fetterplace 2515, Australia
John Knox 3042, Australia -
Glenn Short 80455Daniel Hjertholm Oslo, Norway
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Sarah Schmidt 80636Andrew Tovey Sydney, Australia
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Ruthi Brandt OX4 1ERJakob Frederik Anthonisen
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Joanne bergenwall-aw
Andrew Thrift 5016, Australia
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Chloe Searle 9400, Australia
Emilie Ristic 11767
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Corey Groves 4304, Australia
jakob snaketree 4101, Australia
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Tam Keen 2500, Australia
Harriet Stevens 3070, Australia
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Bronwyn Lucas 5433, Australia
Lauren Kuhn 16745
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barbara richardson 28734
Eileen Ray 3032, Australia
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Darren Perry m4a 1g1
Thomas Loeb 87102
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Ezra Cohen
Angela Bartlett 2548, Australia
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trudy alberts 4870, Australia
Katherine Heller 96789
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Richie Knight 5026, Australia
Katrina King 5026, Australia
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Pamela Phillips 2903, Australia
John Chadderton 3011, Australia -
Jo Daniels 2040, Australia
Jean Cleaver 6149, Australia
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Desney King 2074, Australia
phill Parsons 7304, Australia
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Diane Sutherland 4310, Australia
Tahni Aitken 2097, Australia
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Doug Fowley 97037
Philip Temple-Watts 4069, Australia
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Claire Ogden 4030, Australia
Annette Hutchins 4122, Australia -
Gavin Stairs N6G 2N5
Tom Ang 1021, Australia
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Liz Herdson 2502, AustraliaApril Olsen
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Leanne Morrison 7116, Australia
Lawrence Turner 01545
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Carolyn Janson 5109, Australia
Peter Tyler 2323, Australia
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Rosie Russell 2579, Australia
Lucy Ransome 4059, Australia
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Michael Conley Milford, New Hampshire
Steve Soames 6059, Australia
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Bridget Robertson
Dr James Worth 7050, Australia -
Neil Talty 2259, Australia
billie johnson 08724
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chris herron 13733
Susan Ambler 2780, Australia
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Rebecca Mayo 5064, Australia
Daniel Lynch 5035, Australia
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kerri Lawson 4565, Australia
shakti burke 2474, Australia
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Joanna Drennan 3011, Australia
Monika Szigeti 7050, Australia
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David Nash 2095, AustraliaPaul Manning Tititut, Pegu, Burma
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Lisa Groom 4211, Australia
Andrea Woods 5097, Australia
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Cris Fulton 08061
sue finn 3012, Australia
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Jane Cateris 2131, Australia
G Clarke 14803
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Michael Clancey 22939
Maggie Camilleri 3995, Australia
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Mary Panjari Melbourne, Victoria, Australia
jan gifford 0828, Australia
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Brian Forster 2009, Australia
willow berzin 3641, Australia
