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.orgJulien Vincent Lead Campaigner, Market Forces
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Clare Bowditch MusicianPeter Carey Author. Photo: Ashley Gilbertson
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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
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Professor Carmen Lawrence Winthrop Professor, University of Western AustraliaIan Thomas Dunlop Independent Commentator, former Chair of the Australian Coal Association
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Felix Riebl Singer/songwriter (of The Cat Empire)Kate Grenville Australian author
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Professor Ove Hoegh-Guldberg Global Change Institute, University of QueenslandBob Brown Former Leader of the Australian Greens
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Lucy Manne and Kirsty Albion Co-Directors, Australian Youth Climate CoalitionDavid Ritter CEO, Greenpeace Australia Pacific
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John Coetzee AuthorJack Mundey Unionist and environmentalist
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Professor Denise Bradley AC Emeritus Professor, University of South AustraliaProfessor Ian Lowe President, Australian Conservation Foundation
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Dr Jane Williamson Senior Lecturer, Macquarie UniversityAnthony J. McMichael AO, FTSE Professor Emeritus (Population Health), ANU
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Professor Kingsley Faulkner Chair, Doctors for the Environment AustraliaTim Levinson (Urthboy) Australian hip-hop artist
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Hon. Dr Barry Jones AO Former Minister for ScienceJames Bradley Author
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Professor Lesley Hughes Department of Biological Sciences, Macquarie UniversityPeter Temple Australian author
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Professor Nihal Agar Chairman, Hindu Council of AustraliaTara June Winch Australian author
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Emeritus Professor Robert Manne Vice-Chancellor's Fellow, La Trobe UniversityPatricia Piccinini Artist
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Mark Seymour Australian singer/songwriterPaul Dempsey Singer/songwriter, Something for Kate
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Rabbi Jonathan Keren-Black Rabbi, Leo Baeck Centre for Progressive JudaismMelissa Lucashenko Australian novelist
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Associate Professor Grant Blashki Nossal Institute for Global Health, University of MelbourneDr Linda Selvey Associate Professor in Public Health, Curtin University
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Dr Liz Hanna Convenor, Climate Change Adaptation Research Network - Human HealthVictoria Roberts Two time Olympic Rower and PhD candidate in Management and Behavioural Ethics
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Bishop George Browning Past Chair, Anglican Communion Environment NetworkGarry Egger AM MPH PhD Professor of Lifestyle Medicine, Southern Cross University
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Rev. Dr Clive W Ayre Chair, QLD Churches Environmental NetworkRev. Dr Brian Brown Moderator, Uniting Church Synod of NSW & ACT
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Peter Christoff Assoc Prof, Environmental Studies, University of MelbourneDr Will J Grant Australian National Centre for the Public Awareness of Science, ANU
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Associate Professor Mark Diesendorf Institute of Environmental Studies, UNSWSharyn Munro Author, 'Rich Land, Wasteland'
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Professor Andrew Glikson Earth and Paleo-climate scientist, ANUProfessor Glenn Albrecht Professor of Sustainability, Murdoch University
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Fiona Armstrong Convenor, Climate and Health AllianceDr Chris McGrath Senior Lecturer, The University of Queensland
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The Right Reverend Tom Wilmot Assistant Bishop of Perth, Anglican Church Diocese of PerthProfessor John Wiseman Melbourne Sustainable Society Institute, University of Melbourne
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Dr Jeremy Moss Director of Social Justice Initiative, University of MelbourneProfessor Tim Jackson Professor of Sustainable Development, University of Surrey
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Robyn Eckersley Professor of Political Science, University of MelbourneDr Brad Farrant UWA Adjunct Research Fellow in Early Childhood Development
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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
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Professor Neil Ormerod Professor of Theology, Australian Catholic UniversityDr Mark G Edwards Assistant Professor, University of Western Australia
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Dr Matthew Rimmer Assoc Prof, ANU College of LawDr Peter Tait FRACGP MClimChng National Centre for Epidemiology and Population Health, ANU
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Neil Perry Research Lecturer, University of Western SydneyBen R Newell Associate Professor of Psychology, UNSW
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Associate Professor James Ross Public Health Physician and Occupational PhysicianProfessor Lynne Madden Associate Dean, School of Medicine Sydney, The University of Notre Dame Australia
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Tony D'Ambra 2210, AustraliaFred Payne 2150, Australia
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Lillian Camphausen 2067, AustraliaGreg Wythes 2515, Australia
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Lynda Birch 3124, AustraliaCarl Gallagher Sydney, Australia
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Diane Call 2323, AustraliaKathryn Vincent 2602, Australia
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Rocky Henry 4170, AustraliaTim Shanasy 2481, Australia
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Jay Wilson 2460, AustraliaMark Butler Brisbane, Queensland, Australia
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Nicholas Beckett 2016, AustraliaMichelle Wellard 2536, Australia
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Noah Beecher Kelk 3057, AustraliaKate Nicolazzo Melbourne, Victoria, Australia
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Peter Collins Melbourne, Victoria, AustraliaChristine Dixon
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Alan Hill 4573, AustraliaDaniel Spencer 5051, Australia
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Eke Woldring 2096, AustraliaHelen Kvelde 2093, Australia
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Logan McLennan 2600, AustraliaSusan Russell 7173
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Rachel Howell 7277, AustraliaMarion McClelland 2324, Australia
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James Crannell 80634Patricia White 2470, Australia
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Alice Beauchamp 2066, AustraliaCecilia Plaza
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Rae Price 6160, AustraliaJulie Twomey 3000, Australia
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Leon Trembath 3971, AustraliaStuart Walkley 2602, Australia
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Ann Scott 4067, AustraliaLinda Fabb 3777, Australia
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Bob Elliston 7150, AustraliaJames and Verity Murray 3660, Australia
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Iris Bergmann 3016, AustraliaDan Monceaux Adelaide, South Australia
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Maire Grogan 3006, AustraliaBarbara J. Fraser 3125, Australia
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Josh WodakJulie O'Brien 3071, Australia
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Nimna De Silva 2147, AustraliaEmma Monceaux 5068, Australia
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Viki Nathan 3150, AustraliaDeborah Koch 2107, Australia
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Ann-Charlott Paduch 2093, AustraliaSimon Watson 2603, Australia
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Alan Barlee 3741, AustraliaGreg Snelders 3072, Australia
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Barbara Fieberg 6430, AustraliaNaomi Hogan Newcastle, New South Wales
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Albert Mah 6152, AustraliaD Williamson 2260, Australia
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Sofia Haakansson 2010, AustraliaAndrea MacKay
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Cassie MacAlpine 3141, AustraliaEmma Rooksby 2519, Australia
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Tim Haynes 3183, Australiarobert wesley-smith 0835, Australia
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Samuel Withers 2048, AustraliaRobert Stephan 3182, Australia
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Scott Duggan 3690, AustraliaMargaret Young 4051, Australia
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Dale Hughes 86332Henry Robert Jennens 3051, Australia
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Philip Bracken 2034, AustraliaCrystal Staples 2141, Australia
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Jake Urlus 3084, AustraliaBrett Slater 6162, Australia
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Vanessa Evans 3084, AustraliaBrian Thompson 2125, Australia
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Rhonda Green 2450, AustraliaRobyn Richardson 2037, Australia
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Katrina Gill 3054, AustraliaMark Macfarlane 2604, Australia
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Carly Smallwood 2291, AustraliaHelen Groombridge 4183, Australia
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Prof David HOOD AM 4068, AustraliaHelene Kippert 6262, Australia
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Connor Jolley 3136, AustraliaKeith Horton 2519, Australia
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Colin Jones 4218, AustraliaKevin Huckstep 4563, Australia
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Mark Dixon 2212, AustraliaDavid Schlunke 2666, Australia
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Jordan TrewAmanda Zhou Sydney, Australia
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Virginia Currell 3104, AustraliaJohn Mobbs 2064, Australia
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Paul Kaplan 6007, AustraliaCrispin Bennett 4121, Australia
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Denise Ryan 4573, AustraliaLeonor de Gouldthorpe Sydney, Australia
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Hal Strewe 2026, AustraliaChristine Winter 2011, Australia
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Marisa Strazzari 4017, AustraliaMargaret Maguire 3058, Australia