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Media Release

Emergency Leaders and shareholders call on big four banks to end finance for new fossil fuels

14 December 2023

Thursday 14 December: Emergency Leaders have joined hundreds of shareholders calling on the big four Australian banks to end finance for new and expanded fossil fuel projects.

The calls by Emergency Leaders for Climate Action come as Westpac faces a resolution from over 100 shareholders and Market Forces at its annual general meeting in Brisbane, demanding the bank demonstrates how its fossil fuel finance will align with global climate goals.

Greg Mullins AO AFSM, Founder of Emergency Leaders for Climate Action said:

“During my five decades of fighting fires, I’ve watched with growing alarm as bushfires in Australia have become more intense and unpredictable: supercharged by climate change.

“This summer and next, Australians will yet again face escalating heatwave and fire conditions, worsened by pollution from two centuries of burning coal, oil and gas.

“Our banks can no longer pass the buck on this, or give blatantly greenwashed answers to stakeholders. We know some continue to lend, invest in and profit from industries whose operations are worsening the climate crisis they claim they want to fix.

“Our financial institutions must stop bankrolling the expansion of polluting coal, oil and gas projects, and start using their financial might to help secure a safer future for Australians.”

Since the Paris Agreement was signed in 2015, Westpac has loaned over $9 billion to fossil fuels, more than half of which has financed the expansion of the coal, oil and gas industry.

Will van de Pol, CEO, Market Forces said:

“Just this year, Westpac has financed companies like Santos, APA Group and JERA, whose business plans put us on a pathway to catastrophic levels of global warming.”

“Westpac needs to end its relationships with companies planning climate wrecking coal, oil and gas expansions, or risk funding a future of climate chaos.”

Greg Mullins said: “Continuing to lend or invest in polluting industries that harm us all is reckless and immoral. There is no longer any question that out-of-control climate change is approaching dangerous tipping points.

“Supporting these industries in any way shows no regard for Australians who are living through more intense and frequent fires and floods, or those who will inevitably face them in the summers to come.”Shareholders have joined with Market Forces and Australian Ethical to file resolutions at Westpac and NABMarket Forces has also lodged a Member Statement at ANZ, all demanding the banks demonstrate how their finance for fossil fuel companies is aligned with global climate goals.

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