While CommBank has committed to not financing expansions of existing or new thermal coal projects, they still profiteer off fossil fuels despite the pressing need for huge declines in the use of coal, oil and gas. Write to make the need for renewable energy investment known, and press for a commitment to not fund any form of fossil fuel projects.
While society and most businesses are now moving to reduce greenhouse gas emissions to stave off the worst impacts of climate change, the Commonwealth Government continues to want to intervene to prop up the ongoing use of fossil fuels. Much of the federal governments plants require support from the State Governments, this is where we can make our voices heard. Help us put pressure on State governments to prevent the Federal government propping up the live of coal-fired and gas power plants.
The moves towards a zero greenhouse gas emissions future will be hampered if investors keep backing fossil fuel projects and corporations. Therefore, it is disappointing that almost all superannuation funds remain heavily invested in fossil fuel corporations.
Australia’s major banks are amongst the corporations that still make significant contributions to propping up the use of fossil fuels. Help us to encourage the banks to take stronger action to stop supporting the use of fossil fuels and instead finance the shift we need to a net-zero emission future.
Carbon capture and storage means trying to catch greenhouse gas emissions and store them, such as sealing them in underground caves. The Government has indicated its support for the recommendation. The JIM Cluster is deeply concerned that the recommendation will divert funds away from supporting the transition to renewable energy, to prop up fossil fuel corporations.
The Commonwealth Government has taken steps to divert funding earmarked to support the development and uptake of renewable energy to multinational fossil fuel corporations. They have introduced the Australian Renewable Energy Agency Amendment (2020 – 2021 Budget Programs) Regulations 2021, requiring the Australian Renewable Energy Agency (ARENA) to fund some projects run by fossil fuel corporations. It makes no sense to divert funding from renewable energy development to carbon capture and storage projects for fossil fuel operations.