Tell TSB Bank: It's time to go Fossil Free

Ask TSB to phase out its interests in Solid Energy and commit to full fossil fuel divestment.

Dear Mr Kevin Murphy,

Recent research has shown that if the world is to limit global warming to no more than two degrees, then 80% of known fossil fuel reserves must stay in the ground. That includes New Zealand's coal reserves.

As TSB Bank moves to write-off your debt exposure to Solid Energy, as customers and concerned citizens, we want to see TSB go further. TSB has a proud history of moving with the times and serving the interests of New Zealand. Now it's time to become a leader in tackling climate change. That means phasing out your interests in Solid Energy and committing not to invest in any further fossil fuel projects.

I urge you to act now.

Yours sincerely,

Signed,

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While the Government has wasted millions of taxpayer dollars in bailing out Solid Energy, TSB Bank, the Taranaki community-owned bank, last week announced it had written off its remaining $53.9 million debt exposure it had to Solid Energy as the company’s prospects continue to look glum.

With climate scientists telling us that we must leave 80% of known fossil fuel reserves in the ground, it is no longer morally acceptable for our banks to be funding the fossil fuel industry, much less using our money to bail out the industry when it goes belly up.

It’s time for TSB to cut its ties and its losses: Ask TSB to phase out its interests in Solid Energy, to turn its back on the fossil fuel industry and commit to being fossil free.

If there was any question of fossil fuels being considered sound investments, after the world’s largest sovereign wealth fund, Norway’s Government Pension Fund Global, dumped it’s fossil fuel investments, the case was made very clear.

Meanwhile, Dunedin City Council last week announced it was divesting $558,225 worth of shares in petroleum companies because of their underperformance - in advance of their full divestment moves, which have been awaiting final approval by council.

Sign the petition to tell TSB that their bad relationship with Solid Energy is over, they need to move into the future and commit to being fossil free!