Ahead of the G20 Summit in Hamburg, the Greenpeace Germany-commissioned study also found that in about half of the G20 countries, renewable energy has been cheaper or equal in price to electricity generated from dirty coal or hazardous nuclear power plants since 2015.

Read the full report

"There can be no excuses anymore. Climate protection increasingly makes economic sense across the G20 as renewable energy becomes cheaper than dirty coal and nuclear,” Greenpeace Germany energy expert Tobias Austrup said.

“Any G20 country that is still investing in coal and nuclear power plants is wasting their money on technology that will not be competitive in coming years. The G20 now has a responsibility to send a clear signal that accelerating the clean energy transition is not only the right thing to do for the climate, but also for the economy.”

The Finnish Lappeenranta University of Technology study, commissioned by Greenpeace, calculates the electricity generation costs in all G20 countries for the years 2015 and 2030.

The study found that wind farms already generate the cheapest form of electricity in 2015 in large parts of Europe, South America, the US, China and Australia. Due to rapid technical progress and falling price, in 2030 solar energy will be so cheap that it will be even cheaper than wind power in many G20 countries.

Global investments mirror the results of the Greenpeace study. UN figures reveal that in 2016 investments in renewables were double that of investments in conventional power stations. About 55 percent of the added electricity capacities were based on renewable energies last year - a record figure.

US President Trump, however, is mistakenly promoting coal and nuclear power.

"Trump’s energy policy is simply a bad deal," Austrup added. "The US has excellent conditions for expanding its wind and solar energy capabilities and states like California, Texas or Iowa will not miss this chance."

Notes:

Greenpeace Germany study comparing electricity production costs: http://gpurl.de/9IHVS

UN study on global trends in renewable energy investment: http://fs-unep-centre.org/sites/default/files/publications/globaltrendsinrenewableenergyinvestment2017.pdf

Media contacts:
Gregor Kessler, Greenpeace Germany, Communications: gregor.kessler@greenpeace.org +49 151 7270 2918

Greenpeace International Press Desk: +31 (0)20 718 2470 (available 24 hours) pressdesk.int@greenpeace.org

The analysis comes as Environment Ministers from across Australia meet in Melbourne today.

Greenpeace plastics campaigner Samantha Wockner, who is in Melbourne with Greenpeace supporters demonstrating outside the meeting, said:

“It’s time for New South Wales and Victoria to clean up their act and finally ban the bag.

“Every other state and territory is banning the bag and even the big supermarket chains are acting.

“Government inaction in our two most populous states is letting down the country.

“We’re calling on NSW Environment Minister Upton and Victorian Environment Minister D'Ambrosio to finally ban the bag at today’s meeting of environment ministers.

“Our analysis shows that the New South Wales and Victorian governments can’t get away with the excuse that they don’t need to act because the supermarkets are.

“Even once the supermarket bans are in place, there will be 1.6 to 2 billion bags each year not covered if NSW and Victoria fail to act.

“The analysis also shows that many websites including some government sources in Australia grossly underestimate the amount of plastic bags being used.

“Our oceans are already being clogged up with plastic pollution, and the last thing we need is billions more bags across NSW and Victoria ending up in these states’ beautiful beaches, waterways and oceans to strangle and suffocate marine life,” Ms Wockner said. 

Contact – Monique Vandeleur 0419 588 430

Notes for editors: 

For a copy of the analysis go to the Greenpeace blog

http://www.greenpeace.org.au/blog/billions-of-bags/#.WX_PEVqg9QN

They also released a new poll showing 65% of residents in NSW, VIC and WA supported a ban; with 79% support in states with existing bans (see below).

“The environmental and community verdict is in – it’s time for state governments to take action. The growing alarm about plastic pollution of the ocean is creating added urgency which can’t be ignored,” said Jeff Angel, Director of the Boomerang Alliance of 47 groups.

Greenpeace Senior Media Campaigner, Simon Black, said: "Australians use tens of millions of plastic bags each day". 

"An estimated 50 million of the littered bags end up in our waterways and oceans each year. There is now an estimated 1.7 million tonnes of plastic contaminating our waterways.” 

"Much of it in the form of invisible microplastics which cannot be seen but kill marine life and contaminating our food."

Ian Kiernan, AO, Chairman of CleanUp Australia said: “We’re seeing more and more businesses and local communities ditching the plastic bag. There are plenty of alternatives. Governments should take their guide from this and enact state laws.”

Omnipoll 25 May - 5 June 2017

Support or not the ban in "STATE" of single use plastic bags given out at supermarket and store checkouts. 

Further information:

Jeff Angel, Boomerang Alliance - 0418 273 773

Simon Black, Greenpeace, 0418 219 086

The revelation comes after continued pressure by customers and concerned community members who have staged numerous protests outside CommBank branches across the country and peppered the bank’s Facebook page with messages pleading for the bank to “dump coal” and “stop supporting the fossil fuel industry”.

“Despite clear proof that fossil fuel investments are toxic, the Commonwealth Bank would rather create a PR team than deal with their customers’ concerns,” Greenpeace Climate and Energy Campaigner, Nikola Casule, said.

“Customers started out angry that the bank they trusted with their money is investing in fossil fuels that are damaging the environment and killing the Great Barrier Reef and now they are furious that those concerns are being ignored.

“The only substantial thing CommBank have done since their customers started telling them they wanted action on climate change has been to set up a team of people to try to convince people not to take their business elsewhere,” Dr Casule said.

The Commonwealth Bank made a public commitment to take action to limit global warming to no more than two degrees in late 2015, but last year lent a massive $3.886 billion to coal, gas and oil mining and infrastructure projects, making it the biggest funder of dirty fossil fuels in Australia in 2016.

Under questioning at a parliamentary inquiry in March, CEO Ian Narev was unable to provide a single example of the bank’s climate policy affecting lending decisions and last month it was revealed that CommBank had been secretly working with Adani to facilitate the construction of the Carmichael megamine. It has still not ruled out providing finance to the proposed mine.  

A new international study into 37 banks’ fossil fuel lending policies by BankTrack yesterday put the Commonwealth Bank at the bottom of the pile because of its failure to evidence any policies to restrict coal, gas or extreme oil projects.

“I have been a CommBank customer for over 20 years. I have several mortgages and a business account,” Cabarita resident and business owner, Michael Rahme, said.

“Investing in new coal mines  and coal fired power stations has clearly and undoubtedly become an investment risk, a social risk, and an environmental risk that can no longer be ignored. The individuals on the Board of CommBank would be morally and ethically bankrupt to continue to do so.

“If Commbank do not publicly declare that they will no longer fund or lend or invest in new coal fired power stations, I will be leaving the bank and never coming back.”

Close to 85,000 people have signed a petition calling on CommBank to stop funding new coal, and over 4,500 CommBank customers have indicated they are considering changing banks over their support of dirty coal, oil and gas projects.

“Instead of action to address the concerns of their customers all we have seen is more empty repetition of the same PR rhetoric and spin in direct letters and emails to customers,” Dr Casule said.

“The Commonwealth Bank talks up the need to address climate change, invest in renewables and help us transition to a low-carbon economy, but they are not living up to their word.”

For interviews contact:

Rachael Vincent, Media Campaigner rachael.vincent@greenpeace.org 02 9263 0354 | 0413 993 316

Notes

Market Forces’ research shows CommBank is Australia’s dirtiest bank, lending $3,886 million to fossil fuels in 2016 and a total of $20.5 billion between 2008 and the first half of 2016 (including $4.523 billion to coal mines, coal fired power plants and coal ports).

The supermarket giants today announced they would no longer offer the lightweight plastic shopping bags across their chains of stores network in Australia.

“This announcement by Woolworths and Coles show they are serious about their responsibilities as Australia’s largest supermarket chains,” Greenpeace campaigner Samantha Wockner said.

“This ban will stop billions of bags from being used each year in Australia, tens of millions of which can make their way into our waterways and eventually end inside marine life and our food.

“The environment ministers of Victoria and NSW need to recognise that they are being left behind on this issue and must step up and show the leadership that is embarrassingly being shown by supermarket chains and not them.”

Greenpeace Australia Pacific is calling on the state governments of NSW and Victoria to follow the lead set by Woolworths and Coles.

South Australia, Tasmania, the Northern Territory and ACT all have bans on single-use plastic bags. Queensland will introduce a ban in July 2018 while NSW and Victoria are yet to implement a policy on bags. Western Australia has stated it hopes to bring in a ban on bags in the next 18 months.

“The overwhelming majority of Australians support a ban on single use plastic bags - which are only used for minutes on average, but then take up to a thousand years to decompose,” Wockner said.

“There is no reason for the paralysis currently infecting some state and federal governments on this issue.

“It’s time for us to ban the bag at every level.”

For interviews contact:

Simon Black

Greenpeace Senior Media Campaigner

0418 219 086 / simon.black@greenpeace.org

The letter also calls for members to rule out any involvement with Adani’s Carmichael mine in Queensland, with the NAIF currently considering a proposal to loan $1 billion of taxpayers’ money to the billionaire mining company for the construction of a rail line.

“Given the large amount of public money at stake and the high degree of community interest in this issue, it is particularly important that the public not be kept in the dark,” the letter reads.

“We ask you to be transparent and open in your decision-making.

“In reaching your decision, please give proper weight to the overwhelming popular conviction that public money should not be used to finance Adani’s high-risk Carmichael project.”

The letter comes one day before the fund is due to face a senate grilling over possible conflicts of interest on its board after revelations that one of the board’s directors also runs companies associated with mining labour and equipment hire and was personally known by the the former resources minister.

“The controversy surrounding the NAIF and its consideration of this project has united Australians from every background,” Greenpeace Climate and Energy campaigner Nikola Casule said.

“This letter is another reminder that both experts in corporate governance and transparency as well as ordinary Australians are opposed to any taxpayers’ money being used to prop up a dying industry. New coal mines, like the Carmichael mine, aren’t viable without the support they get from the government in the form of subsidies and royalty holidays.

“With this letter more prominent voices join those of former treasurer Wayne Swan and former Liberal Party leader John Hewson in warning against any public money going into this mine.”

The letter has been signed by:

Jon AltmanProfessor of Anthropology, Deakin University

Frank BongiornoProfessor of History, Australian National University

Ian DunlopFormer Chair, Australian Coal Association and CEO AICD

Robyn EckersleyProfessor of Political Science, University of Melbourne

Alex GardnerProfessor of Natural Resources and Environmental Law, The University of

Western Australia

Sarah JosephProfessor of Law, Monash University

John KeaneProfessor of Politics, University of Sydney

Stephen Keim SCSenior Counsel

Greg McIntyre SCSenior Counsel

John QuigginProfessor of Economics, University of Queensland

Barry RafeDirector Trainer

Christopher WrightProfessor of Organisational Studies, University of Sydney

James WrightCEO, Future Business Council

For interviews contact:

Simon Black

Greenpeace Senior Media Campaigner

0418 219 086 / simon.black@greenpeace.org

A submission made to the inquiry by the NAIF itself shows that director Sally Pitkin ceased her association with the body on July 31, 2017.

No mention of Ms Pitkin’s departure has been made on the NAIF’s website nor has any public announcement been made about her position or the effect this resignation will have on the projects the board is considering.

“The NAIF is run by a compromised board of hand-picked mining executives, some of whom were personally familiar with, and recommended by, the former resources minister Matt Canavan,” Greenpeace Climate and Energy campaigner Nikola Casule said.

“They have consistently refused any public accountability or oversight. This latest resignation, done quietly behind the scenes only a week before a senate inquiry into the Facility, shows that the NAIF is in disarray and not fit for purpose.

“If the NAIF is truly to operate in the interests of Northern Australia rather than a $5 billion ‘slush fund’ of public money, as it was described by former treasurer, Wayne Swan, it must be disbanded so we can start again.”

The Australian Senate voted to establish an inquiry into the NAIF and any potential conflicts of interest on its board after revelations that one of the board’s directors, Karla Way-McPhail, also runs mining labour and equipment hire companies and had made “hyper-partisan comments” online in support of the coal industry.

For interviews contact:

Simon Black

Greenpeace Senior Media Campaigner

0418 219 086 / simon.black@greenpeace.org

CommBank today released a one-page “Climate Policy Position Statement” which now makes them the only of the “big four” to not restrict lending around coal projects, and sees them fall far behind the standard set by other banks.

“A climate policy that doesn’t mention coal or fossil fuels is not a climate policy at all,” Greenpeace campaigner Jonathan Moylan said.

“The Commonwealth Bank commit in their policy to support a transition to net zero emissions by 2050 but then make a mockery of that promise by failing to outline any significant measures to achieve that goal.

“By failing to exclude highly polluting fossil fuel projects like coal mines, CommBank have fallen far behind other banks such as HSBC and Deutsche Bank.”

More than 90,000 people have called on CommBank to rule out fossil fuel projects and the bank is also subject to legal action for having failed to consider climate change a material financial risk in their 2016 annual report.

Moylan said that the bank's recognition of the risk climate change poses to investors through its adoption of the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations around climate related risks was welcome, but noted that the bank has again failed to take action.

“In this policy, CommBank states they recognise that climate related risks are real but then fail to take any significant measures to curb them,” Moylan said.

“This is flagrant hypocrisy from an institution struggling to protect its name after wave after wave of scandals.

“By continuing to invest in the coal industry, CommBank have failed both the Australian people and their own shareholders by exposing them to the risk of catastrophic climate change.”

For interviews contact:

Simon Black

Greenpeace Senior Media Campaigner

0418 219 086 / simon.black@greenpeace.org 

The revelation comes after continued pressure by customers and concerned community members who have staged numerous protests outside CommBank branches across the country and peppered the bank’s Facebook page with messages pleading for the bank to “dump coal” and “stop supporting the fossil fuel industry”.

“Despite clear proof that fossil fuel investments are toxic, the Commonwealth Bank would rather create a PR team than deal with their customers’ concerns,” Greenpeace Climate and Energy Campaigner, Nikola Casule, said.

“Customers started out angry that the bank they trusted with their money is investing in fossil fuels that are damaging the environment and killing the Great Barrier Reef and now they are furious that those concerns are being ignored.

“The only substantial thing CommBank have done since their customers started telling them they wanted action on climate change has been to set up a team of people to try to convince people not to take their business elsewhere,” Dr Casule said.

The Commonwealth Bank made a public commitment to take action to limit global warming to no more than two degrees in late 2015, but last year lent a massive $3.886 billion to coal, gas and oil mining and infrastructure projects, making it the biggest funder of dirty fossil fuels in Australia in 2016.

Under questioning at a parliamentary inquiry in March, CEO Ian Narev was unable to provide a single example of the bank’s climate policy affecting lending decisions and last month it was revealed that CommBank had been secretly working with Adani to facilitate the construction of the Carmichael megamine. It has still not ruled out providing finance to the proposed mine.  

A new international study into 37 banks’ fossil fuel lending policies by BankTrack yesterday put the Commonwealth Bank at the bottom of the pile because of its failure to evidence any policies to restrict coal, gas or extreme oil projects.

“I have been a CommBank customer for over 20 years. I have several mortgages and a business account,” Cabarita resident and business owner, Michael Rahme, said.

“Investing in new coal mines  and coal fired power stations has clearly and undoubtedly become an investment risk, a social risk, and an environmental risk that can no longer be ignored. The individuals on the Board of CommBank would be morally and ethically bankrupt to continue to do so.

“If Commbank do not publicly declare that they will no longer fund or lend or invest in new coal fired power stations, I will be leaving the bank and never coming back.”

Close to 85,000 people have signed a petition calling on CommBank to stop funding new coal, and over 4,500 CommBank customers have indicated they are considering changing banks over their support of dirty coal, oil and gas projects.

“Instead of action to address the concerns of their customers all we have seen is more empty repetition of the same PR rhetoric and spin in direct letters and emails to customers,” Dr Casule said.

“The Commonwealth Bank talks up the need to address climate change, invest in renewables and help us transition to a low-carbon economy, but they are not living up to their word.”

For interviews contact:

Rachael Vincent, Media Campaigner rachael.vincent@greenpeace.org 02 9263 0354 | 0413 993 316

Notes

Market Forces’ research shows CommBank is Australia’s dirtiest bank, lending $3,886 million to fossil fuels in 2016 and a total of $20.5 billion between 2008 and the first half of 2016 (including $4.523 billion to coal mines, coal fired power plants and coal ports).

The supermarket giants today announced they would no longer offer the lightweight plastic shopping bags across their chains of stores network in Australia.

“This announcement by Woolworths and Coles show they are serious about their responsibilities as Australia’s largest supermarket chains,” Greenpeace campaigner Samantha Wockner said.

“This ban will stop billions of bags from being used each year in Australia, tens of millions of which can make their way into our waterways and eventually end inside marine life and our food.

“The environment ministers of Victoria and NSW need to recognise that they are being left behind on this issue and must step up and show the leadership that is embarrassingly being shown by supermarket chains and not them.”

Greenpeace Australia Pacific is calling on the state governments of NSW and Victoria to follow the lead set by Woolworths and Coles.

South Australia, Tasmania, the Northern Territory and ACT all have bans on single-use plastic bags. Queensland will introduce a ban in July 2018 while NSW and Victoria are yet to implement a policy on bags. Western Australia has stated it hopes to bring in a ban on bags in the next 18 months.

“The overwhelming majority of Australians support a ban on single use plastic bags - which are only used for minutes on average, but then take up to a thousand years to decompose,” Wockner said.

“There is no reason for the paralysis currently infecting some state and federal governments on this issue.

“It’s time for us to ban the bag at every level.”

For interviews contact:

Simon Black

Greenpeace Senior Media Campaigner

0418 219 086 / simon.black@greenpeace.org

The letter also calls for members to rule out any involvement with Adani’s Carmichael mine in Queensland, with the NAIF currently considering a proposal to loan $1 billion of taxpayers’ money to the billionaire mining company for the construction of a rail line.

“Given the large amount of public money at stake and the high degree of community interest in this issue, it is particularly important that the public not be kept in the dark,” the letter reads.

“We ask you to be transparent and open in your decision-making.

“In reaching your decision, please give proper weight to the overwhelming popular conviction that public money should not be used to finance Adani’s high-risk Carmichael project.”

The letter comes one day before the fund is due to face a senate grilling over possible conflicts of interest on its board after revelations that one of the board’s directors also runs companies associated with mining labour and equipment hire and was personally known by the the former resources minister.

“The controversy surrounding the NAIF and its consideration of this project has united Australians from every background,” Greenpeace Climate and Energy campaigner Nikola Casule said.

“This letter is another reminder that both experts in corporate governance and transparency as well as ordinary Australians are opposed to any taxpayers’ money being used to prop up a dying industry. New coal mines, like the Carmichael mine, aren’t viable without the support they get from the government in the form of subsidies and royalty holidays.

“With this letter more prominent voices join those of former treasurer Wayne Swan and former Liberal Party leader John Hewson in warning against any public money going into this mine.”

The letter has been signed by:

Jon AltmanProfessor of Anthropology, Deakin University

Frank BongiornoProfessor of History, Australian National University

Ian DunlopFormer Chair, Australian Coal Association and CEO AICD

Robyn EckersleyProfessor of Political Science, University of Melbourne

Alex GardnerProfessor of Natural Resources and Environmental Law, The University of

Western Australia

Sarah JosephProfessor of Law, Monash University

John KeaneProfessor of Politics, University of Sydney

Stephen Keim SCSenior Counsel

Greg McIntyre SCSenior Counsel

John QuigginProfessor of Economics, University of Queensland

Barry RafeDirector Trainer

Christopher WrightProfessor of Organisational Studies, University of Sydney

James WrightCEO, Future Business Council

For interviews contact:

Simon Black

Greenpeace Senior Media Campaigner

0418 219 086 / simon.black@greenpeace.org

A submission made to the inquiry by the NAIF itself shows that director Sally Pitkin ceased her association with the body on July 31, 2017.

No mention of Ms Pitkin’s departure has been made on the NAIF’s website nor has any public announcement been made about her position or the effect this resignation will have on the projects the board is considering.

“The NAIF is run by a compromised board of hand-picked mining executives, some of whom were personally familiar with, and recommended by, the former resources minister Matt Canavan,” Greenpeace Climate and Energy campaigner Nikola Casule said.

“They have consistently refused any public accountability or oversight. This latest resignation, done quietly behind the scenes only a week before a senate inquiry into the Facility, shows that the NAIF is in disarray and not fit for purpose.

“If the NAIF is truly to operate in the interests of Northern Australia rather than a $5 billion ‘slush fund’ of public money, as it was described by former treasurer, Wayne Swan, it must be disbanded so we can start again.”

The Australian Senate voted to establish an inquiry into the NAIF and any potential conflicts of interest on its board after revelations that one of the board’s directors, Karla Way-McPhail, also runs mining labour and equipment hire companies and had made “hyper-partisan comments” online in support of the coal industry.

For interviews contact:

Simon Black

Greenpeace Senior Media Campaigner

0418 219 086 / simon.black@greenpeace.org

Released today Environmental Justice Australia’s report Toxic and terminal: How the regulation of coal-fired power stations fails Australian communities[1] found emissions limits in Australia are much more lax than those in the US, EU and China and Mercury limits for some NSW power stations are 666 times higher than the US limits.

“High-polluting coal power plants in Australia are putting communities at risk with the government doing nothing to hold these companies to account,” Greenpeace campaigner Andrew Kelly said.

“These plants are pumping substances that directly cause and contribute to asthma, lung cancer, heart attacks, stroke, and respiratory disease into the air in much higher levels than would be permitted overseas.”

The report also found that new “low emission” coal-fired power stations only marginally reduced toxins produced and that “despite evidence of a failure to comply with pollution licence conditions, no power station in Victoria, NSW or Queensland has been prosecuted for any offence in the past ten years”.

It also uncovered several instances where officials from plants failed to report their emissions, or reported them incorrectly.  

“The Australian government has shown over and over again that it is coal’s best friend,” Kelly said.

“This shows that they are also the enemy of the very communities they are claiming to support with emissions limits rarely monitored or enforced.

“Despite ample evidence emissions standards are being exceeded the government are yet to punish the plants responsible.”

Michelle Coles runs Port Augusta's community cinema with her husband, and has been independently monitoring the air quality with a crowd-funding air monitor since a failure to decommission the plant properly saw “fly ash” cover the town for days.

She said that the report was further demonstration State and Federal governments were failing to protect Australian communities from toxic air pollution from coal-fired power stations but warned communities needed to be protected during plant closures as well.

“Governments are unprepared for power station closures and the huge task of decommissioning and rehabilitation,” Coles said.“Port Augusta is an example of what happens if you fail to plan a coal-fired power station closure properly.

“The coal dust from the power station really affected our lives. We always had dust when the power station was operating. But over new years’, it was horrific. We had no information. People were coughing, had burning throats and itchy eyes. We were afraid to go outside. I'm talking about our families, our community.”

NOTES FOR EDITORS:

[1] http://envirojustice.org.au/sites/default/files/files/EJA_CoalHealth_final.pdf

For interviews contact:

Simon Black

Greenpeace Senior Media Campaigner

0418 219 086 / simon.black@greenpeace.org

Statoil’s latest proposal comes amid new concerns voiced by Norway’s oil regulator over the company’s safety record. [1].

"Statoil has come under scrutiny for a worsening safety record, including a doubling of the volume of oil spills from their Norwegian wells last year and fourteen major safety incidents in the past eighteen months,” said Greenpeace Campaigner, Jonathan Moylan.

“NOPSEMA should not approve drilling in such a sensitive area by a company with such a track record.

“The Great Australian Bight has some of the most extreme weather conditions on the planet. Extreme deepwater drilling under such conditions is too risky. Any spill would be catastrophic, as stochastic modelling done previously by BP has shown: the devastating impacts would reach from Perth in WA to Eden on the NSW south coast.

“Statoil should brace for strong opposition to its plans from the South Australian community, including from tourism and fishing communities who rely on a pristine Bight.

“The livelihoods of communities that would be affected by a catastrophic oil spill should not be trumped by the special interests of the oil industry,” said Mr Moylan.

The Great Australian Bight is one of the most precious, pristine wilderness areas in the world.

“The Bight is a whale nursery for the Southern Right Whale, home to the Australian sea lion and 85% of species found in the Bight exist nowhere else on earth,” said Mr Moylan.

“Statoil’s intention to open up more risky drilling operations at the ends of the earth stands in marked contrast to their espoused recognition of the global energy transformation that is already underway.” [2]

An unprecedented legal challenge in Norway, led by Greenpeace and Natuur og Ungdom, is challenging Statoil’s northernmost Arctic oil licenses ever granted in the Barents Sea on climate grounds.

Notes for editors:
[1] Statoil: Safety incidents surge as new Arctic drilling drive begins at http://energydesk.greenpeace.org/2017/05/11/statoil-arctic-barents-safety-incidents/
[2] Immediate action needed to transform the global energy system https://www.statoil.com/en/news/energy-perspectives2017-immediate-action-needed.html

For interviews contact:
Rachael Vincent, Media Campaigner
rachael.vincent@greenpeace.org 0413 993 316

“The Government says one thing, but does another on the Reef,” said Ms Foster Vander Elst.

“Queensland and Australian government ministers say they are committed to preserving the Reef for future generations, but their actions make it quite clear they do not care enough to do what we need to save it.”

Both the UNESCO World Heritage Committee and the Government’s own Reef 2050 Advisory Committee have warned that the Government’s Reef 2050 Plan, which primarily addresses water quality and land clearing, is inadequate and will not work because it does not address the primary threat to the Reef—climate change.   

UNESCO’s scientific report on coral reefs released on 23 June warns the only way to save the Reef from certain destruction before the end of the century is to halt global warming at well below 1.5-2°C above pre-industrial levels.

“The Australian Government has the power to act on global warming. It is utterly irresponsible to suggest otherwise. And Australia must act if it is serious about protecting the Reef. This means we must keep 90 per cent of existing coal reserves in the ground [1],” Ms Foster Vander Elst said.  

“But instead, the Queensland and Australian Governments are pouring billions of dollars of taxpayers’ money into fossil fuel subsidies, talking up the construction of more coal-fired power stations and bending over backwards to facilitate the expansion of Australian coal mining in the Galilee basin, including a proposal for the NAIF to provide a $1 billion loan to the billionaire Adani mining corporation,” said Ms Foster Vander Elst.

“When the Government is spending fifty five times more on fossil fuel subsidies [2] than on its much-touted Reef 2050 plan, it’s quite clear what its priorities really are.

“What we should be doing is cutting fossil fuels subsidies, banning new coal mines and offering the world real climate leadership. If we do not act now, then when Australians mourn the destruction of the Great Barrier Reef in years to come, they will know who to blame: the Abbott-Turnbull Australian Governments who wilfully promoted fossil fuels over committed action on climate change,” Ms Foster Vander Elst said.

Notes
[1] See Greenpeace Report April 2016, ‘Exporting climate change, killing the reef’ at http://www.greenpeace.org/australia/Global/australia/reports/Exporting%20climate%20change,%20killing%20the%20reef.pdf

[2] The Reef 2050 Plan has a price-tag of $2bn over ten years—or $200m a year—but Market Forces has identified $11bn in tax-payer funded fossil fuel subsidies provided by the Government each year: ‘How your taxes subsidise fossil fuels, Market Forces, http://www.marketforces.org.au/ffs/tax/

Background briefing & timeline
Greenpeace’s newly updated 18-page report, ‘The double threat to the Great Barrier Reef: climate change and the Australian Government’ offers a  background briefing and timeline on UNESCO, the Australian Government and the Reef: http://www.greenpeace.org/australia/en/what-we-do/oceans/resources/reports/The-double-threat-to-the-Great-Barrier-Reef/

Photos and video
High resolution photographs and video for the media can be accessed in the Greenpeace media library here, including drone footage of bleached coral: http://media.greenpeace.org/shoot/27MZIFJJD68E1

For interviews contact
Rachael Vincent, Media Campaigner 0413 993 316 rachael.vincent@greenpeace.org

The bank, which is currently facing litigation by shareholders for failing to disclose climate risk, today confirmed they had not been approached to finance the controversial development in Queensland and "would not be" approached in the future.

"Today’s announcement by CommBank means it is even more unlikely that Adani’s project will gain the finance necessary to build the controversial Carmichael mine, but CommBank is still right at the bottom of the league table in terms of bank climate policies,” Greenpeace campaigner Jonathan Moylan said.

“Fourteen banks globally, including HSBC and Deutsche Bank, have ruled out funding new coal projects, and CommBank will continue to face public pressure until it does the same.”

"CommBank has financed more fossil fuel pollution than any other Australian bank since it committed to support the Paris Agreement only eighteen months ago.”

“If CommBank do not rule out funding fossil fuels projects in their new climate policy, that Paris Agreement commitment will look even more hollow.”

Analysis by University College London’s Institute for Sustainable Resources shows that to limit average global warming to two degrees, a third of the world’s oil reserves, half of its gas reserves and 80 per cent of coal reserves must remain in the ground. 

“Australians do not want their money invested in projects that damage the Great Barrier Reef, and pose a risk to Pacific Islanders and future generations,” continued Mr Moylan.

"Greenpeace will keep up the pressure to ensure that CommBank take steps to rule out new investments in the dying coal industry and reflect the concern of their customers, shareholders, and the wider Australian community."

For more information, contact:

Simon Black 
Senior Media Campaigner

Greenpeace Australia Pacific

Tel: 0418 219 086
Email: sblack@greenpeace.org

The revelation comes after continued pressure by customers and concerned community members who have staged numerous protests outside CommBank branches across the country and peppered the bank’s Facebook page with messages pleading for the bank to “dump coal” and “stop supporting the fossil fuel industry”.

“Despite clear proof that fossil fuel investments are toxic, the Commonwealth Bank would rather create a PR team than deal with their customers’ concerns,” Greenpeace Climate and Energy Campaigner, Nikola Casule, said.

“Customers started out angry that the bank they trusted with their money is investing in fossil fuels that are damaging the environment and killing the Great Barrier Reef and now they are furious that those concerns are being ignored.

“The only substantial thing CommBank have done since their customers started telling them they wanted action on climate change has been to set up a team of people to try to convince people not to take their business elsewhere,” Dr Casule said.

The Commonwealth Bank made a public commitment to take action to limit global warming to no more than two degrees in late 2015, but last year lent a massive $3.886 billion to coal, gas and oil mining and infrastructure projects, making it the biggest funder of dirty fossil fuels in Australia in 2016.

Under questioning at a parliamentary inquiry in March, CEO Ian Narev was unable to provide a single example of the bank’s climate policy affecting lending decisions and last month it was revealed that CommBank had been secretly working with Adani to facilitate the construction of the Carmichael megamine. It has still not ruled out providing finance to the proposed mine.  

A new international study into 37 banks’ fossil fuel lending policies by BankTrack yesterday put the Commonwealth Bank at the bottom of the pile because of its failure to evidence any policies to restrict coal, gas or extreme oil projects.

“I have been a CommBank customer for over 20 years. I have several mortgages and a business account,” Cabarita resident and business owner, Michael Rahme, said.

“Investing in new coal mines  and coal fired power stations has clearly and undoubtedly become an investment risk, a social risk, and an environmental risk that can no longer be ignored. The individuals on the Board of CommBank would be morally and ethically bankrupt to continue to do so.

“If Commbank do not publicly declare that they will no longer fund or lend or invest in new coal fired power stations, I will be leaving the bank and never coming back.”

Close to 85,000 people have signed a petition calling on CommBank to stop funding new coal, and over 4,500 CommBank customers have indicated they are considering changing banks over their support of dirty coal, oil and gas projects.

“Instead of action to address the concerns of their customers all we have seen is more empty repetition of the same PR rhetoric and spin in direct letters and emails to customers,” Dr Casule said.

“The Commonwealth Bank talks up the need to address climate change, invest in renewables and help us transition to a low-carbon economy, but they are not living up to their word.”

For interviews contact:

Rachael Vincent, Media Campaigner rachael.vincent@greenpeace.org 02 9263 0354 | 0413 993 316

Notes

Market Forces’ research shows CommBank is Australia’s dirtiest bank, lending $3,886 million to fossil fuels in 2016 and a total of $20.5 billion between 2008 and the first half of 2016 (including $4.523 billion to coal mines, coal fired power plants and coal ports).