2 Banks, 2 Degrees Inbox x Blair Palese – 350.org Australia

Dear Neville,

It’s a big day when not one but two of the big banks we’ve been asking to quit fossil fuels commit to limiting global warming to 2 degrees or less!

This morning, the Commonwealth Bank and the National Australia Bank (NAB) stated their support for keeping warming below the internationally-agreed-upon target of 2 degrees and flagged moves to increase investment in renewable energy. [1]

But, as you know too well, a real commitment to 2 degrees must mean a commitment to phasing out all fossil fuels.

Join us in thanking NAB and CommBank for their announcement and call upon them to commit to a full phase out of finance for fossil fuels.

We now have all four of the Big Banks saying something about climate change and their businesses before Paris. This sends a strong market signal that investment in fossil fuels is not in line with maintaining a safe climate for our future. It also provides much-needed momentum in the push to get our Governments to do more on climate.

We want to take a moment to thank all of you who joined us to write letters, switch your accounts, protest inside and out of the banks or donate to our campaign to get the Big Four to move. It’s been a lot of effort and we’ve needed all of you with us to achieve today’s outcome!

While these commitments are just a beginning, they signal that serious change is coming and that real momentum is building to keep fossil fuels in the ground.

Can you thank NAB & CommBank for taking this solid first step and ask them to take the next step by committing to phase-out fossil fuel finance?

Now that two of Australia’s Big Four have set a standard to reach, we’ll need to work hard in the coming months to make sure they deliver on their commitments. You can support our work by becoming a monthly donor or by making a one-off donation.

With much appreciation,

Blair and the 350 Australia team

[1] Commonwealth Bank, National Australia Bank join 2-degree climate change push, Sydney Morning Herald, 5th November 2015.

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