I can't say that they haven't tried to be forthcoming in their communications with regards to sustainability and divestment. In fact someone from their sustainability department tried to phone me when I was at work sadly, so could not answer. Ultimately, with the WORLD BANK just announcing it will no longer fund coal projects (and yes, I know they aren't the best, however this is a big move), they don't really have a leg to stand on with comments like: "due to reasons of confidentiality and regulatory requirements xxxx cannot comment on individual companies or projects." That has pretty much been a standard line in all communications I have received from a number of banks I have contacted about the fossil fuel project threatening the Great Barrier Reef.
Sod that. If some of the worlds biggest financial groups can just outright say NO, we will not fund the Adani project, why will NONE of the Big 4 Australian banks say the same.
My reply to the bank attached to my Fund:
"The World Bank was just able to announce that it will no longer fund coal projects unless there is 'extreme need'.
"The World Bank will invest heavily in clean energy and only fund coal projects in “circumstances of extreme need” because climate change will undermine efforts to eliminate extreme poverty, says its president Jim Yong Kim."
And with a coal mine in Australia having to shut production for 3 weeks just recently due to oversupply, it is very clear that coal is on the way out. There has been little to no movement, it seems, in carbon capture technology and therefore trying to continue with this form of energy is simply bad investments.
I live in South Australia where the State's emissions reductions target is currently larger than the Federal one, where we are being noticed for the strong growth in renewables, and where Coal Seam Gas is also being fought against.
I will be posting my rollover form today to complete the process. I appreciate your emails but I cannot leave my money with any company I do not believe is clearly moving forward, as so many others are."
So, here's some photos... hehe.
Here are the resources I used to make my decision. All I'm asking is that you look into where your money is held. If you are comfortable with it, sure, keep it that way. But if you question the investments that your institution holds, start a dialogue with them.
Market Forces: http://www.marketforces.org.au/campaigns/banks/
Super Switch: www.superswitch.org.au
Future Super: http://www.myfuturesuper.com.au/
Go Fossil Free: http://gofossilfree.org.au/
We need everyone.
xJ
Market Forces: http://www.marketforces.org.au/campaigns/banks/
Super Switch: www.superswitch.org.au
Future Super: http://www.myfuturesuper.com.au/
Go Fossil Free: http://gofossilfree.org.au/
We need everyone.
xJ
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