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.orgJulien Vincent Lead Campaigner, Market Forces
-
Clare Bowditch MusicianPeter Carey Author. Photo: Ashley Gilbertson
-
Peter Singer AC Professor of Bioethics, Princeton University and Laureate Professor, University of Melbourne. Photo: Denise Applewhite/Princeton UniversityAssociate Professor Cheryl Kernot Director, Graduate Certificate in Social Impact, The Centre for Social Impact UNSW
-
Professor Carmen Lawrence Winthrop Professor, University of Western AustraliaIan 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 QueenslandBob Brown Former Leader of the Australian Greens
-
Lucy Manne and Kirsty Albion Co-Directors, Australian Youth Climate CoalitionDavid Ritter CEO, Greenpeace Australia Pacific
-
John Coetzee AuthorJack Mundey Unionist and environmentalist
-
Professor Denise Bradley AC Emeritus Professor, University of South AustraliaProfessor Ian Lowe President, Australian Conservation Foundation
-
Dr Jane Williamson Senior Lecturer, Macquarie UniversityAnthony J. McMichael AO, FTSE Professor Emeritus (Population Health), ANU
-
Professor Kingsley Faulkner Chair, Doctors for the Environment AustraliaTim Levinson (Urthboy) Australian hip-hop artist
-
Hon. Dr Barry Jones AO Former Minister for ScienceJames Bradley Author
-
Professor Lesley Hughes Department of Biological Sciences, Macquarie UniversityPeter Temple Australian author
-
Professor Nihal Agar Chairman, Hindu Council of AustraliaTara June Winch Australian author
-
Emeritus Professor Robert Manne Vice-Chancellor's Fellow, La Trobe UniversityPatricia Piccinini Artist
-
Mark Seymour Australian singer/songwriterPaul Dempsey Singer/songwriter, Something for Kate
-
Rabbi Jonathan Keren-Black Rabbi, Leo Baeck Centre for Progressive JudaismMelissa Lucashenko Australian novelist
-
Associate Professor Grant Blashki Nossal Institute for Global Health, University of MelbourneDr Linda Selvey Associate Professor in Public Health, Curtin University
-
Dr Liz Hanna Convenor, Climate Change Adaptation Research Network - Human HealthVictoria Roberts Two time Olympic Rower and PhD candidate in Management and Behavioural Ethics
-
Bishop George Browning Past Chair, Anglican Communion Environment NetworkGarry Egger AM MPH PhD Professor of Lifestyle Medicine, Southern Cross University
-
Rev. Dr Clive W Ayre Chair, QLD Churches Environmental NetworkRev. Dr Brian Brown Moderator, Uniting Church Synod of NSW & ACT
-
Peter Christoff Assoc Prof, Environmental Studies, University of MelbourneDr Will J Grant Australian National Centre for the Public Awareness of Science, ANU
-
Associate Professor Mark Diesendorf Institute of Environmental Studies, UNSWSharyn Munro Author, 'Rich Land, Wasteland'
-
Professor Andrew Glikson Earth and Paleo-climate scientist, ANUProfessor Glenn Albrecht Professor of Sustainability, Murdoch University
-
Fiona Armstrong Convenor, Climate and Health AllianceDr Chris McGrath Senior Lecturer, The University of Queensland
-
The Right Reverend Tom Wilmot Assistant Bishop of Perth, Anglican Church Diocese of PerthProfessor John Wiseman Melbourne Sustainable Society Institute, University of Melbourne
-
Dr Jeremy Moss Director of Social Justice Initiative, University of MelbourneProfessor Tim Jackson Professor of Sustainable Development, University of Surrey
-
Robyn Eckersley Professor of Political Science, University of MelbourneDr Brad Farrant UWA Adjunct Research Fellow in Early Childhood Development
-
Dr Ben Ewald Senior Lecturer in Epidemiology, University of NewcastleProf 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 UniversityDr Mark G Edwards Assistant Professor, University of Western Australia
-
Dr Matthew Rimmer Assoc Prof, ANU College of LawDr Peter Tait FRACGP MClimChng National Centre for Epidemiology and Population Health, ANU
-
Neil Perry Research Lecturer, University of Western SydneyBen R Newell Associate Professor of Psychology, UNSW
-
Associate Professor James Ross Public Health Physician and Occupational PhysicianProfessor Lynne Madden Associate Dean, School of Medicine Sydney, The University of Notre Dame Australia
-
Amy Malin 3183, AustraliaLaura Tranah 6720, Australia
-
Jane Oldfield 3094, AustraliaMark FARROW 3094, Australia
-
Jake Bugden 5007, AustraliaLauren Mickle 4101, Australia
-
Margaret Heggen 2480, AustraliaSue Murphy 3088, Australia
-
Sheree Clark 3039, AustraliaPetra Solazzini 2617, Australia
-
Fiona Bennett 2065, AustraliaBelinha wilson 3150, Australia
-
Alexander Bidstrup 3187, AustraliaKerry Hartigan 2422, Australia
-
Martin Freney 5153, AustraliaDeanne Hounsham 6230, Australia
-
Frederique Robert 3066, AustraliaBunna Lawrie 3066, Australia
-
Cheryl Kaulfuss 3040, AustraliaStephen Tilston 2094, Australia
-
Allen Haroutonian 2099, AustraliaJodie Robinson 41287
-
Peter O'Rourke 2602, AustraliaBelinda McPherson 4074, Australia
-
Mariko Everett 2042, AustraliaRon Reeves 3792, Australia
-
William Hood 4215, AustraliaDavid Rey 2069, Australia
-
Carl Kuddell 5211, AustraliaJananta Dwipa 3941, Australia
-
Eva Wynn 3070, AustraliaJeffrey Kessel 2204, Australia
-
Jennifer Lia 3630, AustraliaChe Rogers 3088, Australia
-
Carryl Mellor 7000, Australiahelen pereira 3081, Australia
-
Imogen Love 2603, AustraliaSuzie Golden 2462, Australia
-
Susan Sorensen 2099, Australiawilla pratt 2204, Australia
-
Enrico Ziliani 2010, AustraliaRoy Hall 2074, Australia
-
Jonathan White 3056, AustraliaPam McDonald 3683, Australia
-
Catherine Pettman 7004, AustraliaConnor Woodman 3182, Australia
-
Leah Foster 2500, AustraliaKaylie Simpfendorfer 6726, Australia
-
clayton ellis 6163, AustraliaBrian Sexton 2200, Australia
-
Priya Schiavoni 3058, AustraliaJoseph Figliuolo 6233, Australia
-
Anne Forsythe 2602, AustraliaMayra Miller Coooper 4068, Australia
-
Galen White 6074, AustraliaLes Mitchell 2577, Australia
-
Olivia Wolff-Chambers 2086, AustraliaElizabeth Rogerson 2076, Australia
-
Max Mallen-CooperMonika Doepgen 6935, Australia
-
Rachael Lahiff 3058, AustraliaDrew MacRae 2026, Australia
-
Graham Witt 2150, AustraliaJessica Sherlock 4101, Australia
-
Matthew Donovan 4226, AustraliaDylan Birchall 3067, Australia
-
Liz Hearingwell 3070, AustraliaDenice Finnegan 2156, Australia
-
jane margarets 2026, AustraliaLeila Gerges 3068, Australia
-
Andrew Lucas 4879, AustraliaMegan Carter 6000, Australia
-
Charles Wood 2606, AustraliaCelia Smith 3084, Australia
-
Mary Burke 3135, AustraliaJasmine Milne 3073, Australia
-
Jane Costigan 2148, AustraliaErin messenger 4005, Australia
-
Michael Crocker 3113, AustraliaMark Hadden 6000, Australia
-
Maureen Beatty 2113, AustraliaKeith Bale 2480, Australia
-
Martin Fleming 3084, Australialawrence toogood 5251, Australia
-
Su Morley 2296, AustraliaJanet Kelly 5233, Australia
-
Tiffany Alexander 2032, AustraliaIris Bergmann 3434, Australia
-
Eve Tocker-McMillan 3181, AustraliaJennifer Orsi 3191, Australia
-
Ian Farrance 3216, AustraliaSian Prideaux 5000, Australia
-
Peter Thrift 2290, AustraliaKaye Monro 2337, Australia
-
Rachel Pines 2100, AustraliaAmy Slender 5045, Australia
-
Amy Vallance 2029, AustraliaDaryll Bellingham 4101, Australia
-
Elizabeth Lescheid 5340, AustraliaSamantha Forsyth