Posts tagged ‘Commbank’

Westpac have a better climate policy on export coal than Liberal or Labor

Thank You Westpac for new climate policy

On Friday members of Climate Action Moreland and supporters gathered on Sydney Road outside Westpac Bank. For a change we had something positive to say. We also had a load protest outside Commbank next door, before marching to Wills MP Peter Khalil’s office to push him past just opposing public subsidies to oppose the mine itself.

The Westpac Bank climate position statement and 2020 action plan is actually more aligned with Australia’s commitments under the 2015 Paris Agreement, in terms of the export coal industry, than either the Government or Labor opposition. That is not to say it is perfect, but Westpac Bank realize there is a transition to a zero carbon economy underway and their policy on investment in fossil fuels and especially coal is nuanced to that effect.
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May 14, 2017 at 6:49 pm 1 comment

Moreland Says #StopAdani: outside Westpac then Commbank Coburg on May 12

CommBank, dump Adani, dump Coal. Photo: Julian Meehan

Climate Action Moreland has joined the #StopAdani campaign(1) under the name Moreland Says #StopAdani.

We will be holding an action outside the Coburg Westpac branch (482 Sydney Rd) on Friday May 12 from 12.30pm to say thankyou to Westpac for adopting a climate policy, while not perfect, effectively rules out funding the Adani Carmichael mine and any Galilee Basin mines.
(Facebook Event)

We intend to follow this with a protest outside of CommBank Coburg branch. The Commonwealth Bank still has no policy that explicitly rules out new fossil fuel projects including the Adani project. The bank has been silent on funding Adani.

After making our presence felt outside Commbank, we will march to Peter Khalil’s office (if he doesn’t attend).

Our aims are two fold:

  • to put pressure on CommBank to publicly commit not to fund Adani’s coal project, and
  • for our Federal Labor MP Peter Khalil to come out in public opposition to Adani’s coal project

We are seeking endorsements from local groups. Endorsing groups will be invited to provide a speaker at this event.

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April 27, 2017 at 4:04 pm 1 comment

Raise The Heat At Coburg CommBank to #savethereef

Commbank-coburg-divest-IMG_0500-600w
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.”

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May 20, 2015 at 5:23 pm Leave a comment


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