A recent report shows that grant money for saving the Reef is being invested with banks that fund fossil fuels.
Just a few months ago, the government gave the little-known Great Barrier Reef Foundation nearly half-a-billion dollars. Even the foundation itself didn’t see it coming.
While money for the reef seemed like a win for the environment, it raised eyebrows. People were stunned that, despite the enormous grant, there was no consultation and no competitive application process. Further, the foundation has lots of ties with fossil fuels and banks. The chairperson panel includes representatives from BHP, Rio Tinto, Shell and Peabody Energy, as well as big banks like Commonwealth Bank.
Thanks to a recent report, we know that the vast majority of the $443.3 million grant is being invested with the Big Four banks, which are responsible for the majority of fossil fuel lending in Australia.
Climate change - driven by burning fossil fuels - is the single biggest threat to the reef.
The foundation’s investments shouldn't increase threats to the reef. Therefore, its investment policy should exclude companies directly connected to climate harms.
Sign our petition calling on the Great Barrier Reef Foundation to adopt a climate-friendly, fossil-free investment strategy.
To Anna Marsden, managing director of the Great Barrier Reef Foundation,
I believe money to save the reef shouldn't be funding fossil fuels.
I was disappointed to discover that the Great Barrier Reef Foundation, despite recognising climate change as the single biggest threat to the reef, is investing in a way that undermines the reef’s future.
The Big Four banks are responsible for investing $2.3 billion in fossil fuel projects last year. Burning fossil fuels is the leading contributor to climate change, so it beggars belief that the Big Banks are an acceptable investment for the foundation.
I am calling on you to adopt a fossil-free investment strategy that protects my investment in you as a taxpayer, as well as the future of the reef.
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