Unbankable, Unburnable 350 org

Dear friend,

It’s undeniable….

New information[1] confirms what we’ve suspected all along – that the Commonwealth Bank has been helping Indian mining giant Adani with its plans to dig up vast stores of coal from the Galilee Basin and ship that coal across our precious Great Barrier Reef.

This comes after months of CommBank refusing to comment on its involvement in this ridiculous project and shutting out the concerns of the community and its own customers. And yet as CommBank gives Adani a helping hand, 11 of the world’s largest banks have backed away from this climate and reef disaster for good.

Tell CommBank’s CEO Ian Narev that it’s time for his bank to back away from Adani too.

Whilst it’s undeniable that CommBank has its fingerprints over this climate bomb, what’s also undeniable is that Galilee coal is simply unburnable and unbankable.

Climate scientists warn us that Galilee coal can never safely be burnt and last week, explosive new information revealed that Queensland Treasury concluded this project was financially unviable too.[2] This makes it all the more outrageous that Australia’s oldest and largest bank would even consider touch this disastrous project.

Over the past year, hundreds of CommBank customers have left the Bank in protest over this issue, moving millions of dollars in the process. In May, thousands of people around Australia and the world organised over 100 actions at CommBank branches and offices in 43 locations, urging the Bank to join global banks in saying no to Reef & climate destruction.

Yet, instead of listening to the community, CommBank shut down branches and refused to heed even its own customers’ concerns.  

Tell CommBank’s CEO Ian Narev that the case for canning this climate catastrophe has never been clearer – it’s time for CommBank to say NO to the Galilee.

If CommBank continues to shut out the concerns of the community, then they will continue to face an unrelenting and creative community campaign. Next month, hundreds of us will again take to the streets to show CommBank that this issue won’t go away until they make a firm commitment to get out of the Galilee.

Email CommBank’s CEO Ian Narev today to ask him to do just that.

Onwards,

Charlie

[1] CommBank undeniably involved in Adani’s Galilee coal projects

[2] Adani’s Carmichael Mine is Unbankable says Queensland Treasury, Sydney Morning Herald, June 30.