Raise The Heat At Coburg CommBank to #savethereef
Our friends at 350.org are engaged in a divestment campaign to move money out of the big banks that are financing fossil fuel industry. The Commonwealth Bank is preparing to finance and provide loan guarantees to the Indian company Adani to develop the Carmichael coal mine in the Galilee Basin. This requires a train line to be built to the coast and a major upgrade to the Abbot Point port facilities.
Upgrading Abbot Point port facilities endangers the Great Barrier Reef through the dredging required, and the huge increase in shipping that will occurr once the infrastructure is in place.
Adani Power Ltd already has a net debt reaching US$7.4 billion in April and the Carmichael mine and associated infrastructure risks being stranded assets and a poor investment. Energy and Finance analyst Tim Buckley said on May 13 “At the end of the day, risking another $10 billion to try to make good on a poorly timed initial $1 billion investment is looking increasingly unlikely in the face of the halving of thermal seaborne since 2010.”
If you are a Commonwealth Bank customer who lives in Moreland, and especially Coburg, you can assist by divesting your money. Check out the Market Forces Guide: How to switch Banks and make it Count.
A locally organised public event is being organised: Raise The Heat At Coburg CommBank as part of the national week of actions from 19-23 May.
Where: Coburg Commbank, 488 Sydney Road, Coburg, 3058, Australia
When: 10am Friday, 22 May 2015
“We are planning Divestment Day Rally Sydney Road on Friday May 22 at 10am when we will gather, cheer on people who have chosen to close their accounts. We will be spending the next few weeks talking to as many people as possible and building support, so there will be plenty of opportunities to get involved.”
There are a few Rules: “I commit to take part in Raise the Heat and; uphold the values of non-violent direct action and not take part in activities that cause fear, intimidation or property damage; respect all CommBank managers, branch staff, customers and other members of the community.”
More information and to register for the event.
A successful little rally outside Coburg Commonwealth Bank, thanks to Siman Eastman for organising it.
— Michael Staindl (@mstaindl) May 20, 2015
If you can’t make it along to Commbank at Coburg on Friday, there is an event in the city on Saturday.
Right now, Indian mining giant Adani is calling upon The Commonwealth Bank to help them finance the Abbot Point coal port in the Great Barrier Reef World Heritage Area, the first step in unlocking nine mega coal mines in Australia’s Galilee Basin. If built, these developments would cook the climate and trash the Great Barrier Reef.
It’s time to step things up and put CommBank’s reputation on the line — join us at the Swanston St branch in Melbourne to show CommBank you care! We’ll be meeting at 10 AM at the Public Purse (cnr Elizabeth and Bourke) for a short briefing before marching to the branch together.
This is a divestment day and peaceful rally – those ready to move their money from CBA, as well as customers who want to let their bank know they will leave if this risky investment does go ahead.
Former divestors and other supporters welcome – let’s show Commbank how strong community opposition to development on the reef is!
— No Frontiers Media (@NoFrontiersNews) May 20, 2015
Court case reveals potential damage from Adani mine
The Queensland EDO has been running a case in the Queensland Land Court in regard to the Adani Carmichael mine. The case revealed a large discrepancy in the number of jobs the mine would create. A complaint has now been lodged with the ASX over the misleading information in the mine business case.
According to the Queensland EDO:
The case objects to Adani’s $16.5 billion Carmichael coal mine in Queensland’s Galilee Basin on economic, environmental and ecological grounds – including that it would harm the endangered Black Throated Finch.
Throughout the past five weeks, EDO Qld has shown the importance of an independent Land Court public objection process to scrutinise major mines.
Through our expert witnesses and even Adani’s own witnesses our client has shown:
1. Adani grossly overstated to the public the number of jobs, and royalties the mine would have for Queensland;
2. The mine, rail and port as well as the burning of coal will cause damage to the Great Barrier Reef from climate change and ocean acidification;
3. The mine will destroy the core population of endangered Black Throated Finch and may impact on Waxy Cabbage Palms;
4. The mine will threaten the base flow of the Carmichael River and may threaten the ancient springs estimated to be one million years old; and
5. The project is extremely risky and unlikely to be financially viable.
We have already exposed that Adani grossly exaggerates the number of jobs and royalties to benefit Queensland and made it clear that economic claims by the mining industry should be treated with the greatest scepticism. Further, this case shows the importance of public objection rights for all mining proposals.
“Its sheer scale means that its interference with the environment is correspondingly significant,” said barrister Saul Holt QC, for Land Services of Coast and Country.
Clearly time to divest from Commbank
— Nicola Paris (@peacenicsta) May 20, 2015