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:
-
1.
Place an immediate prohibition on loans to new fossil fuel extraction projects and the infrastructure required to enable them, and
-
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,
-
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 -
Tamara Inkster-Draper 2612, Australia
C.J. Fogarty -
John Reid 92111
Sharlene Carlson J9B2J2
-
Lim Ai Yim Shah Alam, Malaysia
Franklin Bruinstroop 4552, Australia
-
Charlotte Vetter 28327
Susannah Gordon 3144, Australia
-
David Scott 3723, AustraliaPer Lyngemark Helsingborg, Sweden
-
Wade Lavers 4157, Australia
Alex Nicolson 2090, Australia -
Scott Gordon 4101, Australia
Sarah Metcalf
-
Clare Gallagher 80113
Isabel McIntosh 2015, Australia
-
Miia Laurikainen Oxford, UK
Rick Martin 32937
-
David Bradshaw 44708Ant Van Haren Grafton, New South Wales, Australia -
Ben Thompson 4128, Australia
Paul Pringle 4004, Australia -
Leonie Lea 4170, Australia
ruth thomlinson so17 1xe
-
Joanne Fraser 4520, Australia
Annette Loudon 2192, Australia
-
George Main 2602, Australia
Janalee Stock 45701
-
bj smith 4508, Australia
heidi Woolever 12058
-
Alix Gibson 4818, AustraliaMarcus Knight Mount Morgan, Queensland
-
Marcus Knight 4714, Australia
James Marshall 48864
-
Caroline Le Couteur 2602, Australia
Martin Barker 2452, Australia
-
Steve Ogden 4610, Australia
Daniel Berg 2482, Australia -
Lynn Fletcher 01970
Anna Fox 11763
-
Lyn Bender 3000, AustraliaKirsty Wood Sydney, Australia -
Jeremy Saunders Melbourne, Victoria, Australia
Selina Ward 4067, Australia
-
Rob Hosken Pittsburgh, Pennsylvania
Jacqueline Hewing IP1 2DU
-
Sarah Zastoupil
Thanissara Peacock 37343 -
Pamela St Louis N9G2V9
Alan William Preston 0505, Australia
-
Elias Herb 02459
Karen Alexander 3782, Australia
-
Dan Bennett 02360
Jacinta Payne 3113, Australia
-
Richard A Rusnak Jr 83686
Tim Maskell 3051, Australia
-
Elizabeth Gordon 2257, Australia
Nicole Meservey 01604
-
Jeanne Carroll 03038
Melinda Keyt 3192, Australia
-
Judy Cumming
Patti Gorcheff 44452
-
Daniel Rodgers Mullumbimby, New South Wales
richard laprade j8y 5z7
-
Sandra Brown
David Hermolin 2600, Australia
-
Margaret Browne 18018
Nancy Turyk
-
Saundra Emerson 32130Annette Tetreault Lawing Peace Dale, Rhode Island
-
Tamara McArthur-West 48840Kevin Norman El Sobrante, California
-
Jessie Mehrhoff 20016Melissa Farrelly Sedan, South Australia
-
Wendy Barrott 48236
Kharla Stepnitz 48864
-
Jon Nelson 10016
Richard Shook 06357
-
Bob Beale 2321, Australia
jeremy white 2470, Australia -
Denise Gilbert 2422, AustraliaAmy Bruce Albany, New York
-
Mikala Maloney 4703, AustraliaNorman Koerner Philadelphia, Pennsylvania
-
cindy carney 01330
Peter Leonard 87571
-
Marilyn Victor 55430
Linda Ronning 11787
-
julie lyford 2422, Australia
katie herzig 37212
-
Ewa Karaszkiewicz Kraków, PolandAgnieszka Zając Kraków, Poland
-
Donna Dralle 55409
Virginia Russell 30458
-
Sapphire McMullan-Fisher 6163, AustraliaPawel Straczek Kraków, Poland
-
Barbara Leiterman M5R 2K1
Roger Klemm USA/91040
-
Alex Burton 2305, Australia
Gillian Basnett 6082, Australia
