Friday 13 December: Emergency Leaders have joined bushfire survivors and hundreds of shareholders calling on the big four Australian banks to end finance for companies expanding coal, oil and gas production.
The calls by Emergency Leaders for Climate Action come as Westpac faces a resolution lodged by over 100 shareholders and Market Forces at its annual general meeting in Sydney, 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:
“Australians deserve a safer future, but every dollar banks lend to coal, oil, and gas takes us further away from it.”
“The extreme weather events we’re facing now are fuelled by pollution from burning coal, oil, and gas, and banks that fund these industries are fanning the flames. It’s time for financial institutions to take responsibility for their role in the climate crisis.“
“No amount of greenwashed climate credentials pardons any bank that shells out to polluting projects, gambling with our safety and future for short-term profit. Financing fossil fuels isn’t just bad for the planet, it’s a betrayal of Australians facing escalating heatwaves, bushfires, and floods.”
Since the Paris Agreement was signed in late 2015, Westpac has loaned $9.8 billion to fossil fuels, more than half of which has gone to companies expanding coal, oil and gas production.
Will van de Pol, CEO, Market Forces said:
“Just this year, Westpac has financed companies like Santos, APA Group and JERA, whose fossil fuel expansion plans put us on a pathway to catastrophic levels of global warming.”
“Westpac needs to end finance for companies pushing ahead with new coal, oil and gas developments, harming the climate and undermining a safe future.”
Serena Joyner, CEO of Bushfire Survivors for Climate Action and resident of the heavily bushfire-impacted Blue Mountains said:
“Westpac claims to be helping its customers build resilience to climate disasters but by funding new coal, oil and gas, it’s pouring fuel on the fire.”
“Australian communities faced the Black Summer bushfires and their aftermath with strength and determination, but our biggest banks lack the courage to walk away from the coal, oil and gas companies that are driving climate disasters.”
“While my community faces more climate-fueled bushfires like Black Summer, our big banks can make decisions today to prevent it from getting worse.”
“We’re calling on Westpac and all of Australia’s big banks to show the same courage Australian communities display during and after disasters and cut ties with companies expanding coal, oil and gas production.”
Greg Mullins said: “Banks have a responsibility to stop funding the industries making the climate crisis worse.”
“To secure a safer future from the worst effects of climate change, banks must stop funding the projects making it worse and use their power to accelerate the clean energy transition instead.“
“Every dollar they invest in clean energy instead of coal or gas is a step towards saving lives and livelihoods, and halting climate pollution at the source.“
Shareholders have joined with Market Forces and Australian Ethical to file resolutions at Westpac and NAB. Market Forces has also lodged a resolution at ANZ, all demanding the banks demonstrate how their finance for fossil fuel companies is aligned with global climate goals.
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