Fellow Divestment Day campaigners in Armidale,
As you would know, I am involved in this particular campaign because of my background in banking while I was in Sydney. ‘Market Forces’ and ‘350.org Australia’ have done a fine job with organising this whole thing and I suggest you join their email distribution list. Further to the email that ‘Market Forces’ sent below, I have written the following (personalised) message to ANZ, National Australia Bank and Westpac. I encourage you to write as well.
Here is my message to the three banks:
I support the message being sent to you by Market Forces on behalf of others like myself. We are asking you not to fund the mining of the Galilee Basin. As a former employee in the banking sector (1990s and 2000s), I can see how the divestment campaign being undertaken in Australia and around the world may be seen as disturbing. I use my message to you here to say that it needn’t be. We humans have known since the 1760s at the latest (that is at least 250 years) about the potential of solar energy. A few hours on the surface of the Earth is enough to meet even today’s worldwide energy needs for a year. Use the divestment campaign within your bank to better the future of humanity – and your shareholders. It makes sense for any bank to want to hold on to its deposits and capital reserves.
Thank-you for your time. If you wish to contact me, please do so
Best regards,
Tom.
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Dear Iain/all,
I did not expect this. It is rather surreal to be reading my email in the Sustainable Living Armidale Magazine (SLAM) and on the Sustainable Living Armidale website.
I sent the above email after the Commonwealth Bank of Australia pulled its funding of the Carmichael coal mine. It was sent to:
– Australia and New Zealand Banking Group (ANZ);
– National Australia Bank (NAB); and
– Westpac Banking Corporation (WBC).
I have worked for each one (including the Commonwealth Bank of Australia) except the Australia and New Zealand Bank (ANZ). Pardon the grammar here but I am sure you know what I mean.
It is interesting to see that the National Australia Bank has now, also, followed Commonwealth Bank’s lead. The National Australia Bank will not fund the Carmichael coal mine. Woohoo. This leaves Indian mining giant, Adani, in a precarious situation – perhaps having invested in a stranded asset. Aside from the two Australian banks that have refused financing, about a dozen overseas banks have done likewise.
I said this when I was organising the Divestment Day campaign in Armidale around this time last year: I rate this as one campaign I will look back on in 20-30-40-50 years time and say, “Yeah, it was pretty cool that I was a part of that.”
I invite all and sundry to move their deposits and loans out of the big four banks and into a (local) credit union. Not only do depositors actually own the credit union, credit unions do not make direct loans to coal mining companies. Of course, an essential element of the move is to write to your Big Four bank to tell them why you are moving your accounts. Withdrawing their reserves makes as big a difference as can be made to their business and profits i.e. by anyone. Furthermore, tell the credit union why you are joining them i.e. so they know not to loan money to coal miners. Pro-forma letters are available at the Market Forces website. Be part of a national and an international movement.
Best regards,
Tom Livanos.
tom.369@hotmail.com
Armidale, New South Wales.
Friday 4 September 2015.