DIVESTMENT

 

 

 

 

 

 

Divestment

The divestment campaign goes after the corporations that maintain, perpetuate, lobby for, and profit from fossil fuels as a component of the nation’s energy picture, a significant difference from tactics aiming at individual behavior—turn off your lights, unplug unused appliances, etc

South Africa was not the only successful divestment campaign a similar powerful divestment campaign was mounted in the 1990s against investments in tobacco companies, with significant actions involving tax-exempt endowments. When Harvard University divested from tobacco, the reverberations were powerful and have continued.

16602601_784050898414466_5867010685248633064_nTo be part of the bigger picture and to get involved in the divestment movement signup here or put your bank on notice over coal and gas.

For a personal divestment journey visit Maureen’s blog.

Tell your Health Fund to divest: https://www.marketforces.org.au/insurance/health

Is your bank funding the dirty coal and gas industry?

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Which banks are not investing in fossil fuels? Which is a better bank to switch to?

Our partners Market Forces have created many resources to help you find and switch to a bank that won’t use your money to fund the fossil fuel industry. More importantly, they help you get the most out of your bank switch, sending a strong message that will encourage your old bank to stop investing in coal and gas while telling your new bank why you joined them.

They have created a table, repeated below which allows you to compare the position of many banks, credit unions or building societies on investing in the fossil fuels industry.

Banks, credit unions and building societies have been sorted into categories. You can see which banks have funded fossil fuels, which have clarified their position, and which are yet to give a response. Importantly, you can take action and contact your financial institution.

Visit Market Forces resources page for further information including this How to Switch Banks and Make it Count guide.

Whilst we cannot provide financial advice we have assisted hundreds of West Australians to switch their bank or superannuation. If you want to talk to one of our volunteers passionate about this campaign contact perth@350.org.au

Banks that are heavily invested in the fossil fuel industry according to Market Forces research:

Name Amount Invested 
(millions)
Position Action                              
AMP See next column AMP does not appear in our lending figures but holds shares in numerous coal and gas companies, including Yancoal, Origin Energy and BHP Billiton Tell them to stop
ANZ $6,749m Invested in fossil fuels Put them on notice
Tell them to stop
Citi $607m Invested in fossil fuels Tell them to stop
Commonwealth Bank $5,199m Invested in fossil fuels Put them on notice
Tell them to stop
HSBC $1,236m Invested in fossil fuels Tell them to stop
ING $484m Invested in fossil fuels Tell them to stop
Macquarie Bank $331m Invested in fossil fuels Tell them to stop
National Australia Bank $4,695m Invested in fossil fuels Put them on notice
Tell them to stop
Westpac $3,182m Invested in fossil fuels Put them on notice
Tell them to stop

Banks that are owned by those that are heavily invested in the fossil fuel industry (Market Forces research):

Name Amount Invested 
(millions)
Position Action
Bank of Melbourne  N/A Owned by Westpac which is invested in fossil fuels Tell owners to stop
BankSA  N/A Owned by Westpac which is invested in fossil fuels Tell owners to stop
Bankwest  N/A Owned by Commonwealth Bank which is invested in fossil fuels Tell owners to stop
RAMS  N/A Owned by Westpac which is invested in fossil fuels Tell owners to stop
St George  N/A Owned by Westpac which is invested in fossil fuels Tell owners to stop
UBank  N/A Owned by NAB which is invested in fossil fuels Tell owners to stop

Banks, credit unions and building societies that have not shown up in any of our research as investing in the fossil fuel industry, and who have provided Market Forces with a position on where they stand on fossil fuel investment:

Name Amount Invested 
(millions)
Position Action                  
Bank of Queensland  $0 “�As a smaller bank, we are not involved in financing large mining projects but do lend money to some small and medium sized businesses who could have either direct or indirect exposure to the mining sector.�” Thank them
Send enquiry
Bendigo Bank  $0 “�Our commitment to minimise environmental harm � whenever and however we can � includes our own operations, as well as the operations of the businesses we support through loans and investment. Specifically, the Bank does not lend to companies for whom the core activity is the exploration, mining, manufacture or export of thermal coal or coal seam gas.�” Thank them
Send enquiry
Beyond Bank  $0 “�Beyond Bank Australia does not have any investments with fossil-fuel associated companies. We�re a community focused bank and we work closely with community groups to create good together through health, education and the environment.�” Thank them
Send enquiry
CUA (Credit Union Australia)  $0 “�CUA does not directly finance the coal and gas sector and we do not lend directly to companies within those sectors. As Australia�s largest credit union, CUA�s business is the provision of personal banking products and services and our business banking customers are typically within the SME sector.�” Thank them
Send enquiry
Delphi Bank  $0 “�Our commitment to minimise environmental harm � whenever and however we can � includes our own operations, as well as the operations of the businesses we support through loans and investment. Specifically, the Bank does not lend to companies for whom the core activity is the exploration, mining, manufacture or export of thermal coal or coal seam gas.�” Thank them
Send enquiry
ME Bank  $0 “�ME Bank does not have any direct investments in fossil fuels, coal mining, coal ports, coal power, gas power or liquid natural gas plants. Given ME Bank�s ownership structure and relationship with industry super funds and unions, we are particularly committed to ensuring human and labour rights are upheld in all the parties we do business with.�” Thank them
Send enquiry
P&N Bank  $0 “�As a retail bank and not a business bank, P&N Bank lends for property/land/personal loans and credit cards. P&N Bank does not invest in any companies associated with the coal and gas sector.�” Thank them
Send enquiry
Teachers Mutual Bank  $0 “�Teachers Mutual Bank does not use members� deposits to directly lend to, buy equity or debit in, any large-scale greenhouse polluting activities from fossil fuel exploration, extraction, production and use. We do not use members� funds to finance large-scale greenhouse-gas pollution. We take this approach because as a business we believe in creating a brighter future.�” Thank them
Send enquiry
Unicredit  $0 “�The University Credit Society does not invest in or lend to companies directly involved in the fossil fuel industry.�” Thank them
Send enquiry

Banks that have a prior history of investing in fossil fuel projects, but who no longer do:

Name Amount Invested 
(millions)
Position Action                  
Suncorp Bank $720m “We no longer have any exposure [to fossil fuel companies] as Suncorp Bank only provides lending to personal, SME and agribusiness clients so does not have exposure to large corporations including fossil fuel projects.�” Thank them
Send enquiry

 

(Information extracted from the Market Forces website 25th Nov 2014. Find out more about the table here. List has been reduced to highlight institutions with branches in West Australia and those providing a specialised online banking service.)