We’ve come to expect scandals in the banking sector – a Royal Commission seven years ago confirmed our worst fears, and the stories of misconduct and corruption keep on coming.
This week’s action is a chance to tell the banks that we strongly object to a largely unreported scandal – their broken promises on climate action.
The big four banks made commitments to fund a transition to net zero by 2050 in line with the Paris Agreement. But since the Paris Agreement they’ve invested $43.4 billion in the world’s major coal, oil and gas companies. This has included funding the expansion of fossil fuels to the tune of $30 billion.
Research by Market Forces shows that two of the big four banks – in particular Westpac and ANZ – are ramping up investments in fossil fuel expansion projects.
Please join the Market Forces divestment campaign this week. https://www.marketforces.org.au/campaigns/banks/fossil-fuel-blocklist-report/
If you bank with one of the big four, you can easily write to your bank with a message tailored to their investments in fossil fuels. If you have moved to a smaller bank you can quickly write to all the big four banks to give them a serve about their broken promises.