April 10, 2013

Financing Reef Destruction – new report by 350.org and Market Forces


A new report released today by Market Forces and 350.org shows how Australia’s ‘big four’ banks, supported by international investors, are literally Financing Reef Destruction.Here's what the big four banks do with your moneyThe report makes it clear that the ‘big four’ Australian banks – ANZ, Commonwealth, NAB and Westpac – play a critical role in enabling major fossil fuel projects. Combined, these banks lent $3.8 billion to coal ports and LNG terminals in the Great Barrier Reef Word Heritage Area since January 2008. We’re calling on customers of those banks to tell them to stop financing reef destruction or they will pull out their funds and go elsewhere. Bill McKibben, coming to Australia in June for a “Global Warming: Do the Maths” tour, said “When you do the maths on avoiding the worst impacts of climate change, there simply isn’t enough room in the carbon budget for new fossil fuel projects. We’ve got to wind down the fossil fuel era with great haste if we’re goin  rt by Market Forces provides Australians with the information they need to make hard decisions about where their money is invested and if it’s helping or destroying the planet.” Book tickets to hear Bill McKibben speak about fossil fuel divestment in Australia in June and share the graphic on Facebook!