The challenge
Finance
Banks, superannuation funds and other investors directly influence Australia’s greenhouse gas pollution through their investment and lending.
By financing coal and gas companies, projects and infrastructure, banks and super funds are fuelling the climate crisis. Moving money from coal and gas to climate solutions like renewable powered industries can fund the future and help Australia transition to a cleaner, more sustainable economy.
Global financial institutions and networks are already committing to take action. For example, the Network for Greening the Financial System, a group of 42 central banks, published recommendations for the financial sector’s role in achieving climate goals.
Democracy
The Australian government is also funding the climate crisis by subsidising coal and gas projects with public money.
For decades, political donation laws have allowed coal and gas companies to exert excessive influence over our political system — pressuring governments to continue investing in coal and gas, rather than what is best for people and the planet.
Coal and gas companies are some of the biggest donors to the major political parties. Big donations grant greater access to our elected representatives and lead to undue policy influence and capture of political parties. It's why the Australian government chose a ‘gas-fired recovery’ rather than a renewable one, and why we have an inadequate national climate policy.
No one, let alone corporations with a primary objective of making profits from extracting and burning coal and gas, should be able to skew democratic processes in their favour.
The opportunity
Finance
Australia’s four big banks have publicly committed to stop financing coal by 2030 or 2035. But all four still invest billions in other
polluting industries like gas. People power got the banks to commit to quit coal. Now, the community, customers and shareholders have the power to get the banks and super funds out of all coal, gas and nuclear projects.
Democracy
Australia’s democracy needs people to reclaim their role in it and to remind our representatives who they are meant to fight for. Our democracy works best when governments put the interests of the community and the planet at the heart of every decision.
How to make the change
Banks and super funds must move our money from funding polluting coal and gas to climate solutions like clean renewable powered industries and jobs.
Political parties must reduce the influence of money in politics by banning big donations, including from coal and gas companies.
Tests of success
- Federal and state governments immediately stop funding coal or gas projects and redirect this investment to clean energy.
- Banks and superfunds commit to stop all lending to existing coal, oil and gas projects, infrastructure and companies by 2030 and invest instead in clean energy.
- Political parties refuse to accept donations from coal and gas companies.
- The Australian government places a cap on donations to political parties and candidates.
Benefits
- Speed up our energy transition, cut climate pollution and help Australia play our part to stop climate damage.
- Make our democracy stronger, ensuring elected representatives are acting for people and the planet.