Fueling the fire

Abstract

Since the global financial crisis, tens of billions of dollars have been loaned to the Australian fossil fuel industry. Many of these projects have been responsible for horrific environmental damage, including the destruction of prime agricultural land and nature reserves, contamination of aquifers, declining air quality and the industrialisation of iconic sites including the Great Barrier Reef World Heritage Area.   Fossil fuels are also the biggest source of greenhouse gas emissions in the world. Fossil fuels make up over 85% of global energy consumption, producing more than 30 Gt CO2 (billion tonnes of carbon dioxide) each year. The increasing concentration of carbon dioxide and other greenhouse gases in the earth’s atmosphere is causing global warming, which is already delivering dangerous impacts that are set to become catastrophic without an urgent reduction in emissions.   Funding decisions made by banks to support fossil fuel projects have massive impacts on our climate, environment, health, communities and economy. It is incumbent on these institutions to withdraw their support for the destructive and dangerous activities of the fossil fuel industry