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 -
eva offermans 3184, Australia
Cyhtle Heal 3073, Australia -
Tyson A 2650, Australia
Kel Townsend 3939, Australia
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Marlon Hodges 3088, Australia
Robyn Bailey 6061
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Sarah Auld 3691, Australia
Anna Stephens 2033, Australia
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Dianne Cox 3450, Australia
Lisa Kjeldal 4300, Australia
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Sarah Appleby 3008, Australia
Wendy Williams 3065, Australia
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Loren Smith 2027, Australia
Tara Gladigau
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Gus van der Heyde 3931, Australia
Edwina Barton 2612, Australia
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Paul Hibbert
Nerine Mills 6076, Australia
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Jay Stiles 3121, Australia
Emma Fitzsimmons 4226, Australia
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Anita Olsen 4814, Australia
Miranda Green 6004, Australia
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Amanda Green 6004, Australia
Jeremy Ryder 5000, Australia -
Jarl Willing 3070, Australia
Madeleine Graham 6035, Australia
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Amy Warnes 6156, Australia
Anin Karajagu 6163, Australia
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Apu Karajagi 6163, Australia
Marcia Lorenz 5280, Australia
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Emma Ceolin 4034, Australia
Ania Wlosinski 6713, Australia
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Sharon Fenton 2262, Australia
Kathy Staltari 6057, Australia
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Grace Cockburn 3056, Australia
Lorien Vecellio 3168, Australia -
STEPHANIE PERAZZONE
Hui-Sheng Chang 3079, Australia
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Nigel Brown 3079, Australia
Camroeun Ham L8E1G6
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Kathy Tyler 3791, Australia
Clara Singh 3054, Australia
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Clare Scopes 3056, Australia
Richard Haynes 6051, Australia -
Darren Hanlon 4570, Australia
Elise Hardiker 3018, Australia
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Sasha Meler 3207, Australia
Nathanael Pfefferle
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Georgina Hickey 3179, Australia
Gillian Miller 4306, Australia
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Vicki Bishop 2046, Australia
Adrienne Rowell 5158, Australia
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Simone Barry 3458, Australia
Caroline Crawford 4179, Australia
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Scott Howarth 6037, Australia
Ellie Jones 6037, Australia
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Kay Makin 3280, Australia
Mike Walker 4555, Australia -
Jenna O'Connor 3847, Australia
Paul Sullivan 2130, Australia
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Michael Pelton 5086, Australia
John McPhee 7310, Australia
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Liette Boisvert 4068, Australia
Jennifer Gilmore 2088, Australia
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Julia Curry 2088, Australia
K Flanagan 4352, Australia
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Ella Strachan 2500, Australia
Jennifer Blau 2088, Australia
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Shanta Gerbi 5022, Australia
Georgia Westgarth 3109, Australia
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Jennifer Westgarth 3109, Australia
Jacqueline Amos 3915, Australia
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Gay Thew 2780, Australia
Paul E. Ivory 4104, Australia
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Bob Cullen 4551, Australia
gwen beacham 4000, Australia
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Caitlin Young 3000, Australia
Christina McPhail 2913, Australia
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Trudy Bray 2567, Australia
Halie Ryan 4215, Australia
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LEONIE LYALL 2782, Australia
Carol Bristow 7005, Australia
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Robert Adams 2016, Australia
Eleanor Johnson 3136, Australia
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Babette Yates 2484, Australia
Ash Phillips 2298, Australia
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Timothy Hillier 3065, Australia
Andrew Smalley 3057, Australia
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Leo Gaggl 5000, Australia
Paul Isbel 3165, Australia -
Dr Ray Edmondson 2902, Australia
Kit Chan 6111, Australia
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Susan Mot 4105, Australia
sean rainey 2534, Australia
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Ann Brain 3350, Australia
Matt Collins 3141, Australia
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Amy Molloy 6281, Australia
Sebastian Velez 5045, Australia
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Lucy Rose 3000, Australia
Greg Tenni 4159, Australia