Tell Westpac to Go Fossil Free

Here in New Zealand, Westpac have been bankrolling new coal mining projects in the Denniston Plateau at the same time as the company claims to be “committed to helping New Zealand transition to a low carbon economy.”

It’s not a pleasant feeling, learning that your bank – the custodian of your money – is lending billions of dollars to projects that damage the environment and drive climate change. But the good news is that, by working together, we can change this.

By withdrawing our money, or “divesting”, from the banks that are funding carbon pollution, we are removing the social license of companies that pollute our atmosphere and block political action on climate change. Instead, we can choose to move our money to banks that are 100% fossil fuel free, or at least free of the 200 largest fossil fuel companies on the planet.

Write to Wespac CEO, David McLean, and let him know that you are putting Westpac on notice.

Tell Westpac CEO, David McLean to divest from fossil fuels

Dear Mr McLean,

As a customer, I am very concerned about the impacts of climate change and the risk that investing in oil, gas and coal companies poses for my savings.

To keep global warming under 2 degrees Celsius (the level that scientists agree we cannot exceed if we’re to keep within safe limits) we must leave 80% of known fossil fuel reserves in the ground. It is no exaggeration to say that the move away from fossil fuels to renewable alternatives is imperative if our children are to inherit a planet in which they can survive.

Thousands of customers in Australia, and now in New Zealand, have been leaving behind some of the major banks because of their heavy investments in the outdated and destructive fossil fuel sector. Like me, they understand the important role that institutions have in the protection of our planet, and choose to entrust their money to those who will not support irresponsible projects.

I may soon join them.

As an individual, I believe I should do all that is in my power to facilitate the transition to a cleaner future. As a customer, I expect nothing less from the institution that manages my money; therefore I request that you divest from fossil fuels, and unequivocally rule out any future loans to coal and gas mining, transport and export projects.

As a long-standing customer, I request that you make this commitment directly to me, as well as publicly. Not doing so may lead to the closure of my account with you. This issue is important enough to me that I would move to a bank that will not use my money to profit from, or finance the expansion of the fossil fuel industry, climate change and environmental destruction.

Thank you very much for your time, and I look forward to hearing from you soon.

Nga Mihi

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