October 30, 2014

Big 4 – Help save the Reef

The Great Barrier Reef is the world’s largest single structure made by living organisms.  It is so huge, is is clearly visible from space.  Close up it is an incredible spectacle and as one of the most diverse ecosystems on this planet it is home to well over a thousand species – corals, fish, sharks, rays, turtles and more than 30 marine mammals.  It is one of the most beautiful and important places in this incredible country of Australia.

It defies logic then that we would not do all in our power to preserve it.

Our reef is already threatened by so many (human provoked) problems – rising sea temperatures, acidification, water pollution and increasingly encroaching coastal development.  What are we thinking looking to add one more?

But this is exactly what an expansion of coal terminals at Abbot Point and continuing support for an expanding coal industry is doing.

There is a way to stop this

Adani Group and GVK are scrambling around trying to find financing.  They need money (and a lot of it, $26.5bn) if they are to continue with their coal port expansion plans and they are asking the world’s big banks.

Already a large number of banks have said that they will have no part in financing the destruction of such a valuable World Heritage listed site as the Great Barrier Reef.  Deutsche Bank, Royal Bank of Scotland, HSBC, Barclays, and now Citibank, JP Morgan and Goldman Sachs, have all committed to stay away.

This is a great start.  But something seems to be missing from that list.

Aaahh, that’s it, wow, there is not a single one of Australia’s big 4 banks listed there.

Commonwealth Bank, NAB, ANZ and Westpac have all failed so far to make any kind of commitment to the preservation of the Barrier Reef.  They have made no moves to rule out the possibility of financing these reef destroying and ultimately climate destroying projects.

This is a travesty. This needs to change.

We need to let them know that we as Australians, customers, and potential customers insist that they be no part of the destruction of our beautiful barrier reef.

Put your bank on notice and let them know that this is NOT ON: www.bankingonthereef.com.au