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 -
Tony D'Ambra 2210, Australia
Fred Payne 2150, Australia -
Lillian Camphausen 2067, Australia
Greg Wythes 2515, Australia
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Lynda Birch 3124, AustraliaCarl Gallagher Sydney, Australia
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Diane Call 2323, Australia
Kathryn Vincent 2602, Australia
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Rocky Henry 4170, Australia
Tim Shanasy 2481, Australia
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Jay Wilson 2460, AustraliaMark Butler Brisbane, Queensland, Australia -
Nicholas Beckett 2016, Australia
Michelle Wellard 2536, Australia
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Noah Beecher Kelk 3057, AustraliaKate Nicolazzo Melbourne, Victoria, Australia
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Peter Collins Melbourne, Victoria, Australia
Christine Dixon
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Alan Hill 4573, Australia
Daniel Spencer 5051, Australia
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Eke Woldring 2096, Australia
Helen Kvelde 2093, Australia
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Logan McLennan 2600, Australia
Susan Russell 7173
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Rachel Howell 7277, Australia
Marion McClelland 2324, Australia
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James Crannell 80634
Patricia White 2470, Australia
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Alice Beauchamp 2066, Australia
Cecilia Plaza
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Rae Price 6160, Australia
Julie Twomey 3000, Australia
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Leon Trembath 3971, Australia
Stuart Walkley 2602, Australia
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Ann Scott 4067, Australia
Linda Fabb 3777, Australia
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Bob Elliston 7150, Australia
James and Verity Murray 3660, Australia
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Iris Bergmann 3016, AustraliaDan Monceaux Adelaide, South Australia
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Maire Grogan 3006, Australia
Barbara J. Fraser 3125, Australia
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Josh Wodak
Julie O'Brien 3071, Australia
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Nimna De Silva 2147, Australia
Emma Monceaux 5068, Australia
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Viki Nathan 3150, Australia
Deborah Koch 2107, Australia -
Ann-Charlott Paduch 2093, Australia
Simon Watson 2603, Australia
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Alan Barlee 3741, Australia
Greg Snelders 3072, Australia
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Barbara Fieberg 6430, AustraliaNaomi Hogan Newcastle, New South Wales
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Albert Mah 6152, Australia
D Williamson 2260, Australia
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Sofia Haakansson 2010, Australia
Andrea MacKay
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Cassie MacAlpine 3141, Australia
Emma Rooksby 2519, Australia
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Tim Haynes 3183, Australia
robert wesley-smith 0835, Australia
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Samuel Withers 2048, Australia
Robert Stephan 3182, Australia
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Scott Duggan 3690, Australia
Margaret Young 4051, Australia
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Dale Hughes 86332
Henry Robert Jennens 3051, Australia -
Philip Bracken 2034, Australia
Crystal Staples 2141, Australia
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Jake Urlus 3084, Australia
Brett Slater 6162, Australia
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Vanessa Evans 3084, Australia
Brian Thompson 2125, Australia
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Rhonda Green 2450, Australia
Robyn Richardson 2037, Australia
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Katrina Gill 3054, Australia
Mark Macfarlane 2604, Australia -
Carly Smallwood 2291, Australia
Helen Groombridge 4183, Australia
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Prof David HOOD AM 4068, Australia
Helene Kippert 6262, Australia -
Connor Jolley 3136, Australia
Keith Horton 2519, Australia -
Colin Jones 4218, Australia
Kevin Huckstep 4563, Australia
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Mark Dixon 2212, Australia
David Schlunke 2666, Australia
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Jordan TrewAmanda Zhou Sydney, Australia
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Virginia Currell 3104, Australia
John Mobbs 2064, Australia
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Paul Kaplan 6007, Australia
Crispin Bennett 4121, Australia
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Denise Ryan 4573, AustraliaLeonor de Gouldthorpe Sydney, Australia
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Hal Strewe 2026, Australia
Christine Winter 2011, Australia -
Marisa Strazzari 4017, Australia
Margaret Maguire 3058, Australia
