Posts tagged ‘Commbank’
CommBank Brunswick: stop funding Fossil Fuels protest
Commonwealth Bank will announce their new oil and gas policy in August, and now is the time to pile on the pressure to make sure they don’t side with planet wrecking corporations.
Climate Action Merribek members organised a visit and a peaceful protest at 11am on Wednesday at the Commonwealth Bank in Brunswick as part of a broader action by 350 Australia.
From 2016 to 2022 the Commonwealth Bank financed Fossil Fuel Companies to the tune of Aus$14 billion (USD$8,148.69 million)
(more…)Commbank rules out funding Adani Carmichael coal mine
Commonwealth Bank announces will not fund Adani
In a statement today the Commonwealth Bank effectively ruled out funding for the giant Adani Carmichael coal mine. This is a win for the broad campaign to stop Adani.
A Commonwealth Bank spokesperson said, “We have been asked about our role in funding the Adani Carmichael mine. Whilst in general we do not comment on specific clients, we can confirm that we are not amongst the banks who have been, or will be, asked to consider this financing,” according to an Australian Financial Review report.
Perhaps Climate Action Moreland’s little action at the Glenroy Branch tipped the scales?
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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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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.
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.”
Climate Action Merribek: people in Brunswick, Coburg, Fawkner and Glenroy wanting action on climate change 