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 -
Amy Malin 3183, Australia
Laura Tranah 6720, Australia -
Jane Oldfield 3094, Australia
Mark FARROW 3094, Australia
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Jake Bugden 5007, Australia
Lauren Mickle 4101, Australia
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Margaret Heggen 2480, Australia
Sue Murphy 3088, Australia
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Sheree Clark 3039, Australia
Petra Solazzini 2617, Australia
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Fiona Bennett 2065, Australia
Belinha wilson 3150, Australia
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Alexander Bidstrup 3187, Australia
Kerry Hartigan 2422, Australia
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Martin Freney 5153, Australia
Deanne Hounsham 6230, Australia
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Frederique Robert 3066, Australia
Bunna Lawrie 3066, Australia
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Cheryl Kaulfuss 3040, Australia
Stephen Tilston 2094, Australia
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Allen Haroutonian 2099, Australia
Jodie Robinson 41287 -
Peter O'Rourke 2602, Australia
Belinda McPherson 4074, Australia
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Mariko Everett 2042, Australia
Ron Reeves 3792, Australia -
William Hood 4215, Australia
David Rey 2069, Australia
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Carl Kuddell 5211, Australia
Jananta Dwipa 3941, Australia -
Eva Wynn 3070, Australia
Jeffrey Kessel 2204, Australia -
Jennifer Lia 3630, Australia
Che Rogers 3088, Australia
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Carryl Mellor 7000, Australia
helen pereira 3081, Australia
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Imogen Love 2603, Australia
Suzie Golden 2462, Australia
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Susan Sorensen 2099, Australia
willa pratt 2204, Australia
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Enrico Ziliani 2010, Australia
Roy Hall 2074, Australia
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Jonathan White 3056, Australia
Pam McDonald 3683, Australia
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Catherine Pettman 7004, Australia
Connor Woodman 3182, Australia -
Leah Foster 2500, Australia
Kaylie Simpfendorfer 6726, Australia
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clayton ellis 6163, Australia
Brian Sexton 2200, Australia
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Priya Schiavoni 3058, Australia
Joseph Figliuolo 6233, Australia -
Anne Forsythe 2602, Australia
Mayra Miller Coooper 4068, Australia
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Galen White 6074, Australia
Les Mitchell 2577, Australia
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Olivia Wolff-Chambers 2086, Australia
Elizabeth Rogerson 2076, Australia -
Max Mallen-Cooper
Monika Doepgen 6935, Australia
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Rachael Lahiff 3058, Australia
Drew MacRae 2026, Australia
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Graham Witt 2150, Australia
Jessica Sherlock 4101, Australia -
Matthew Donovan 4226, Australia
Dylan Birchall 3067, Australia
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Liz Hearingwell 3070, Australia
Denice Finnegan 2156, Australia
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jane margarets 2026, Australia
Leila Gerges 3068, Australia
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Andrew Lucas 4879, Australia
Megan Carter 6000, Australia
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Charles Wood 2606, Australia
Celia Smith 3084, Australia
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Mary Burke 3135, Australia
Jasmine Milne 3073, Australia
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Jane Costigan 2148, Australia
Erin messenger 4005, Australia
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Michael Crocker 3113, Australia
Mark Hadden 6000, Australia
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Maureen Beatty 2113, Australia
Keith Bale 2480, Australia
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Martin Fleming 3084, Australia
lawrence toogood 5251, Australia
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Su Morley 2296, Australia
Janet Kelly 5233, Australia
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Tiffany Alexander 2032, Australia
Iris Bergmann 3434, Australia
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Eve Tocker-McMillan 3181, Australia
Jennifer Orsi 3191, Australia
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Ian Farrance 3216, Australia
Sian Prideaux 5000, Australia
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Peter Thrift 2290, Australia
Kaye Monro 2337, Australia
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Rachel Pines 2100, Australia
Amy Slender 5045, Australia -
Amy Vallance 2029, Australia
Daryll Bellingham 4101, Australia -
Elizabeth Lescheid 5340, Australia
Samantha Forsyth