The Great Barrier Reef Foundation received a $443.3 million from the Australian government to protect the Reef.
The Foundation has already received all six years of grant funding, which is currently sitting in term deposits with six banks. The Foundation’s banks include the Big Four (Commonwealth, Westpac, ANZ and NAB) that are responsible for the majority of lending to the fossil fuel industry in Australia.
In terms of scale, the Big Four last year lent to fossil fuel projects that will emit the equivalent of almost ten times Australia’s total 2017 emissions.
The Great Barrier Reef Foundation (the Foundation) does not have a policy to guide the investment of its undisbursed funding. As part of the $443.3 million Grant Agreement with the Australian Government, the Foundation must design an “investment policy” –however, the Grant Agreement is silent on whether the policy should exclude investing in fossil fuel industries that directly contribute to climate change.
The Foundation needs to align its investments with the health of the Reef.
It should build an investment policy that screens out any companies that directly contribute to threats to the Great Barrier Reef, including climate change.
Join the call to demand the Great Barrier Reef Foundation to divest from the Big Four banks immediately.
doing is a crime against Planet