Divestment

The Energy Transition

At the recent visit by Bill McKibben for 350.org, FoE Adelaide released The Playford Declaration. It says, in part, the following:

Here in South Australia we are in the midst of an energy transition
from  fossil fuels to renewables plus storage.

We applaud what the former State Government has achieved in the construction of renewables and battery storage; the solar subsidy it announced for low income citizens; and the planned move to overlapping local grids to provide a robust network.

While South Australia is well on target to hit its plan for 50% renewables, and predicted to reach 73% renewables by 2025, it is still funding the search for more gas fields, fails to oppose oil exploration in the Great Australian Bight, and is still considering unconventional gas and fracking in the north and south-east of the state.

It makes no sense to search for new fossil fuels which we cannot burn if we hope to contain warming to at most the 1.5 – 2 degrees we pledged for the Paris Agreement.

We need to recognise that the Energy transition is not yet complete.

Premier Thomas Playford in the mid 1940s shifted our energy system to use brown coal from Leigh Creek.
We need visionary politicians who realise that we need to both rapidly move to 100% renewable energy,
and to stop burning fossil fuels.

We call upon current and would-be politicians (and Premiers!) to take inspiration from Playford’s example and commit to a just, socially equitable energy transition: support not only a rapid move to renewables but also stop the support and funding of fossil fuels, whether for domestic use or export, for the sake of the state, the nation, and the planet.

Read the full declaration at adelaide.foe.org.au/jet/ or download the PDF

If you’re interested in working on the renewables transition campaign, there’s a meeting for FoE members and supporters at the common room at Christie Walk (entry off 101 sturt st) from 3pm on Saturday, May 26th.Read more >>

Don’t Bank on the Bomb!

2018 report Don’t Bank on the Bomb now available!

Maaike Beenes, co-author, writes —

This report, produced by PAX, a member of the Nobel Peace Prize winning International Campaign to Abolish Nuclear weapons (ICAN) is the only report detailing the global investments by financial institutions in companies producing nuclear weapons.

$525 Billion invested

329 investors made $525 Billion available to nuclear weapon producing companies between January 2014 and October 2017. They assisted with share and bond issuances, owned or managed shares and bonds or outstanding loans or made credit facilities. This is a decrease in the number of investors, but an $81 billion increase in the total amount invested. Find out who invests.

Most investors are from the US, and US$110 billion came from just 3 US financial institutions: Blackrock, Vanguard and Capital Group, all from the United States.

ICAN executive director Beatrice Fihn: “If you have been wondering who benefits from Donald Trump’s threats of nuclear war, this report has that answer. These are the companies that stand to profit from indiscriminate mass murder of civilians. We grow less safe while they cash in on chaos by banking on Armageddon.”

Author of the report Susi Snyder: “The Nuclear Ban Treaty has sparked momentum towards divestment, shown by 10% fewer investors in nuclear weapon producers, and an increase in financial institutions comprehensively prohibiting any investment. Investments are not neutral, these companies should be congratulated for standing on the side of humanity.”

Access the full report hereRead more >>

Join AYCC at the Westpac AGM Fri 9 December

The Australian Youth Climate Coalition invite you to join them for an action outside the Westpac AGM at the Convention Centre on North Terrace at 9-10am Friday 9 December.

With Turnbull giving Adani a $1billion boost, it’s really important that we make sure out banks aren’t investing in the project, so we’re hoping to get a bit of a crowd there. Below is a bit of an outline of what the action will look like, hope to see you there!

Westpac are #climatehypocrites, and it’s time their shareholders knew it! Despite receiving awards for being “the world’s most sustainable bank”, and promising not to invest in projects that would take us over 2 degrees of global warming, Westpac has invested hundreds of millions of dollars in fossil fuels and refused to rule out investing in the Adani Carmichael coal mine in Queensland, putting our future at serious risk of dangerous global warming.

Join us for some street theatre on the morning of Westpac’s AGM, where we’ll be holding an award ceremony for the bank, with the award they really deserve, for being Australia’s biggest climate hypocrites. It’ll be a fun morning, and we’ll also be flyering and engaging with shareholders as they head into the AGM.

adelaide.office@foe.org.au… Read more >>

Fossil Fuel Divestment Day – Sat Oct 8

Join FOE Affiliate Market Forces for a national day of action on Saturday Oct 8.

Where: Hindmarsh Square – Corner Grenfell and Pulteney Streets
When: 11am
Facebook event page

“Be part of actions all around Australia and help us send a message to the big banks: “If you choose fossil fuels, your customers will choose another bank!”

The big banks have broken their promises to help keep global warming below two degrees.

Since publicly supporting the Paris agreement’s two degree limit, Commonwealth Bank, ANZ, NAB and Westpac have loaned a combined $5.6 billion to fossil fuels around the world.

It’s time to send the big banks a clear message: “If you choose fossil fuels, your customers will choose another bank!”

That’s exactly the message we’ll be sending on 8 October 2016, giving customers the power to take a stand against the banks dirty lending activities on a national day of action.

If you don’t want your savings being used to finance projects that destroy the environment and make climate change worse, sign up to join us on Divestment Day 2016!”… Read more >>

Divest from fossil fuels – Market Forces event 5 October

FOE members are invited to meet with Market Forces presenter Jack Bertolus at 5pm prior to the event.

Is your money making the world a better place? Or is it supporting the continuation of fossil fuel and other industries that contribute to climate change?

Sustainable Communities and Market Forces event

Wednesday 5 October
6-8:30pm
The Joinery
111 Franklin St Adelaide

Did you know that banks lend our money to large coal, oil and gas companies and projects, and super funds and insurance companies invest customers’ money in these industries.

Come along to learn more about how you can exert influence and make a positive change for sustainability by making sure your money is working for good. Divesting your money from fossil fuels is a powerful thing to do. It is the opposite of investment – it’s taking your money away from damaging industries and businesses that threaten our future.

Our speaker is Jack Bertolus from Market Forces, a Melbourne-based organisation that works with the community to prevent investment in projects that harm the environment and drive global warming.

A simple meal will be provided from 6pm, prior to the talk – we suggest a donation of $5 per person to help cover costs.

This is a DIVESTMENT DAY event. Saturday 8 October 2016 is Divestment Day. Meet at 11am in Hindmarsh Square to join with others to deliver a message to banks about their obligations regarding compliance the Paris Agreement to keep global warming to below two degrees.

Please book for this free event via Eventbrite to help with catering.

adelaide.office@foe.org.au… Read more >>