Friday, 2 May 2014

Why I'm leaving my bank

Today I joined hundreds of people around Australia in notifying our fossil fuel funding banks that we are closing our accounts and placing our funds in an ethical bank.  It's called a Divestment campaign and it is coordinated by / Australia and Market Forces.

My fossil funding bank has, since 2008, invested over 5 billion dollars in coal, oil and gas projects in Australia.
Fossil Bank Divesters 

Everyone knows burning fossil fuels is the prime cause of climate change.
Even climate deniers know it. They just can't bear to admit it.

We know the impacts of climate change...
We are getting stronger storms, floods, droughts and fires.
We are destroying forests and farms for coal and gas mines.

Bushfires like this are becoming more intense
Due to more intense floods and fires, we, as in all of us, are losing lives, businesses and insurance is becoming costly.

Due to ocean acidification, we are losing plankton, the basis of the ocean food-chain, which is impacting all marine fish species. Those species that we may wish to harvest sustainably, or those that we may wish to just to marvel at and let be whether it benefits us or not.

The Corroboree Frog is at risk
due to drought, fire and ongoing warming
destroying its alpine habitat.
So we can expand a coal port, we are going to dump dredging spoil into the Great Barrier Reef and risk loss of coral, fish and the reef's world heritage status. Increased shipping movement will lead to increased shipping accidents with oil and coal pollution impacting the reef. Need I mention coral bleaching through heat stress from climate change?

Bleached Coral in the Great Barrier Reef
is not a living habitat for fish
Our government has declared Australia open for business. If you are a carbon polluter that is.

Ongoing investment in fossil fuels will worsen these conditions and it is morally wrong.
No one should be funding new fossil fuel project when we have cheaper renewable options like wind.

So I, and thousands of others are taking our money out of these investments.
This week, over $AUD 100 million is being removed from Australian fossil funding banks.

Smart people and investors should do the same before the carbon bubble bursts and they find themselves on the wrong side of history.