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 -
Char Grainger
Sue Devine -
Robert Earley 2067, Australia
Christine Morrissey 14850
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Michael Fletcher
Svea Tullberg 04949
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Sandra Gray 01036
Tor Udd 51156
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Jodi Tanner Tell 97213
caroline schofield BS5 6HN
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Leigh Emerson Smith 33143
Connie Nelson 64058
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Ron Hutchison 61821
Jill Leighty 12770
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Juan Cruz New York, New York
Deb Sylvester 63132
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Michael Weller 91775Denby Angus Canberra, Australian Capital Territory
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Neil Denison 2478, Australia
Steve Dewar 3170, Australia -
Marion Yaglinski 19063
Sean Barry
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Joan McEwen 40502Greg Dalton Mornington, Victoria, Australia
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Victoria Osborne 3101, Australia
Vanessa Taveras 4113, Australia
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Anne Daw 5062, Australia
Helen Randall 2068, Australia
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Monika Tanaka 2131, Australia
Jennifer Norton 2611, Australia
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Ken Hudson San Diego, CaliforniaHayley Troupe Brisbane, Queensland, Australia
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alan charlton ca7 8hj
Owen Hughes 2076, Australia
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E. Mulholland 03301
Samuel Roland 94131-3029
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Janet StoodyTyson Adams
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Leah Parker 4051, Australia
Florence Vincent 98576
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Auke-Florian HiemstraBrad Sims -
Naima Shea 95959
Cheryl Lee 21655
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Joyce Bonfield V8K 1Y2
April Eveleigh 2337, Australia
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Graham Clark 3051, Australia
Miles Goodrich 04011 -
Janie Wise 54843
Peter Ciurczak 14222
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Cristalle Watson
Karen Rees 3175, Australia
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Mike Herbert 97439
Kim Goslin V0J 1E4
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Justin Holm
Stephen Johnson 92117
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James Latham 3049, Australia
alison carter 34242
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Mary Meyer 95519
Kim Coffman 77057
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Sophie Bongard
Robert Pashos 62035
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Carol Fegan 2602, Australia
Kevin Mills 607-8491
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Shelley Ann Tamworth, New South Wales
Guy Gray 18018
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Katie Ross 2037, Australia
Dave Crain 2484, Australia
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Claire Bettington 2035, Australia
Sara Hazan 64053
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Lisa Milatovich 43762
Chloe Martin 4110, Australia -
Irene Perkoulidis 3072, Australia
David Rothfield 3792, Australia -
Susan Gaustad 55066Evangelos Pappas Brooklyn, New York
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Joan Raphael 92126
Barry Lewis 85016
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Paulette Simmons 97330
Gene Hunter 18018
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Samantha Trenoweth 2016, Australia
John Heussler 4122, Australia
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Evan Carlson 06473
Tessa Sparks 2032, Australia
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michael hyman 98005Michael Sullivan
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Brian Krouzek 01960
Stephen White 22850 -
Barb Coddington 81601
Erin Hogan 08753
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Virginia Rogers 48104
Anna Baker 3058, Australia
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Sarah LettesRosa Corr Drumkeeran, Leitrim, Ireland
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Vivian Valtri Burgess 05747-9604
Alister Ferguson 4069, Australia
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Andrea Zinn 11210
Ellen van Bever 02138
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Gabriella Sonam 10009Nia Emmanouil Darwin, Northern Territory
