350 Fremantle is up and running, and you can be part of the action.
A great team of Fremantle people are working together to spread the word about how we can all take meaningful action on climate change. It is so energising to be part of this group, where people take on board something they can do, and get stuck in and do it – whether that be writing articles, designing posters, finding venues, organisaing stalls. The level of activity has been astounding!
We are launching 350 Fremantle with a screening of the Bill McKibben film Do the Math – a documentary about the movement to address the climate crisis and challenge the fossil fuel industry.
Come along and hear how you can be part of this international movement to tackle climate change.
Yesterday, I received a response from GESB to my letter (See Posts on 7 November and 11 October for background).
This time, GESB did respond to most of my questions. GESB confirmed it has 5.9% of its total equity portfolio allocated to companies in coal and consumable fuels, integrated oil and gas, and oil and gas exploration.
The letter also informed me that 17 of GESBs investment managers who are signaturies to the United Nations Principles for responsibile Investment (UNPRI) have all confirmed they will adhere to the UNPRI standards. A quick look at the UNPRI website shows that climate change is clearly on the agenda:
“In an era where our changing climate has become one of the greatest threats to both society as a whole, business and the long-term profitability and sustainability of companies and markets, the Principles for Responsible Investment (PRI) Initiative is supporting signatories to take action on climate risk.”
Judging by the statement in the letter that “GESB’s key investment objective is to produce sound returns on members superannuation…” I suspect GESB doesn’t see switching investement from fossil fuels to renewables as being a top priority.
I wonder if GESB could be encouraged to set up a Fossil Free Fund… Makes sense to me.
One of the challenges for me, is working out where I can most effectively use my time, in trying to bring about action on climate change. Where will I get the best bang for my buck? I suspect, working with others in Fremantle to build 350 Fremantle might be a better way to go. Or maybe, it makes sense to keep plugging away on lots of fronts.
I was invited to help out with the 350.org stall at the Jacaranda Festival in the riverside suburb of Applecross on the weekend. I imagined spending the afternoon under a shady Jacaranda tree, but other than that I had no idea what the afternoon would hold or the sort of response we’d get from the general public. The Jacarandas, usually awash with purple, were somewhat muted this year, but the crowd was out in force. Sadly, my hopes of being shaded by a beautiful tree were dashed when I spotted the 350.org stall sandwiched between the stage, with the PA system blaring, and the merry-go-round wafting diesel fumes in our direction – and not a tree to be seen. However, as the 350.org budget is non-existent, and the Festival organisers hadn’t charged any fee for the stall, we made the best of it. It was hot in the November sun, the vast majority of people walked past us without giving second glance and a couple of people vigorously argued the validity of the climate science. More than a few were interested in what 350.org is doing to combat climate change, many people took leaflets about divesting and quite a few signed up as volunteers. The local member of State Parliament met a 350.org volunteer who is a constituent and was challenged to consider the climate impacts of legislation before Parliament.
350.0rg Chocolate Mint pots…
We gave potted Chocolate Mint, complete with a list of useful websites, to people who were interested. A great idea – thanks to Paula! Between the heat, the sun and the diesel fumes it wasn’t the pleasant afternoon I’d envisaged. The disinterest from the crowd reminded me of the emphatic observation from Geoffrey Sachs, Instructor in the Climate Change Science and Negotiation Course, “This is NOT going to be easy”. I’ve been inspired by the wonderful, dedicated 350.org volunteers I’ve met over the past two months, and buoyed by all the positive news about divestment that comes across my Twitter feed. Yesterday, we got some great free publicity for 350.org and many potential new people taking action on climate change. However, the Jacaranda Festival reminded me there is still a huge amount of work to be done!
Stylidium Amoenum – this delicate and beautiful flower emerges, on a long stem, seamingly from nowhere, in the forests of South Western Australia
I received a response from my superannuation fund GESB to my letter of 11 October in which I asked the following questions:
Do you accept the notion of “unburnable carbon” – that 4/5 of the world’s owned fossil fuel reserves must remain in the ground if the world is to have a 50% chance of avoiding 2 degrees of warming?
How much money do you have invested in companies exposed to the fossil fuel sector?
Do you have any plans to divest from the fossil fuel sector in order to protect the environment as well as my retirement savings?
Unfortunately GESB did not answer these questions. Instead, the response provided general statements, including: As institutional investors, we have a fiduciary duty to act in the best interests of our members. In this role, we believe that it is appropriate to consider the impact of environmental, social, and corporate governance (ESG) issues on the long term performance of investment portfolios.We have appointed 17 investment managers at GESB that are signatories to the UNPRI. This ensures ESG issues are considered by GESB’s investment managers and raised with companies directly through their respective investment processes. As a signatory to the UNPRI, investment managers are required to prove that they have taken into account ESG issues on an annual basis.GESB has implemented an active ownership approach to investing through the proxy voting policy which enables our investment managers to vote on all company resolutions on behalf of GESB members. It is the proxy voting system that allows GESB through its investment managers to make use of the rights of ownership in order to exert influence on company policies. This can provide a tool for active engagement with companies on ESG issues.We hope that our explanation of our funds administration … highlights our support for the consideration of ESG issues. Whilst the response did not answer my questions, and left me questioning the commitment of GESB to fully understand the impacts for the planet of investment in fossil fuels, it did lead me on a path of investigating what is happening with the United Nations Principles for Responsible Investment (UNPRI). What I discovered gave me cause for optimism – for the world, if not for my superannuation funds. Check out this site: http://www.unpri.org/ Of particular interest to me was that the PRI is inviting all investors to endorse the Montreal Pledge which commits them to measuring and publicly disclosing – on an annual basis – the carbon footprint of their equity portfolios. This would be a good start. A bit more fossicking I ended up at the UN Environment Program (UNEP) website.http://www.unep.org/climatechange/ I read with interest that in the lead up to the UN Climate Change Summit on 23 September the UN Secretary General Ban Ki-moon invited leaders from government, finance, business and civil society to bring bold announcements and actions on climate change to the Summit. In response, a group of leading institutional investors – including two of the largest asset managers and pension funds in Europe – have joined forces with the United Nations Environment Programme and its Finance Initiative (UNEP FI), to substantially reduce the carbon footprint of US$100 billion of institutional investment worldwide. Read about the Decarbonization Portfolio Coalition here: http://www.unepfi.org/fileadmin/documents/PortfolioDecarbonizationCoalition.pdf It certainly feels to me that the Divestment movement is far bigger and more powerful than I’d previously imagined possible. Whilst the response from GESB was underwhelming at best, it did lead me to a better understanding of the change that is already happening in the world of global finance. As Paul Kelly and Kev Carmody reminded us so beautifully on Tuesday at Gough’s funeral – from little thing big things grow. I’ll keep at it! Another letter to GESB is in the mail.
The Fremantle Festival Parade on 9 November will be the first public outing for 350 Fremantle group. Come and join us to spread the word about 350.org and the importance of divesting from fossil fuels.
We’ll be carrying these great solar panels and some wind turbines (both light and easy to carry) and have leaflets to distribute to interested people.
Meet at 3:00pm at the 350.org bay at the Roundhouse Car Park 19.
Chatting about a potential 350 Fremantle hub with Peta and Jaime from 350 Perth
I’ve always liked the concept, “Think globally, act locally” which according to Wikipedia was first promulgated by Town Planner and social activist, Patrick Geddes in Scotland in 1903. The term was widely used in the late 60s and 70s, particularly in an environment context. I first came across the idea through my involvement with Community Aid Abroad (now Oxfam Australia) in the early 80s, before the birth of my first baby. That baby is soon to turn 30.
Back then, I understood the linkages between poverty and our privileged western lifestyle, but the reality of “poverty” was something that really didn’t impact on me in any immediate way. My desire to “do something positive” was driven essentially by altruism.
Over 30 years later, in many ways the world is more complex and the problems more challenging that I imagined back when I was in my 20’s. But now, it seems even more important to think globally and act locally.
At the Climate Change rally on 21 September I realized its time I got more involved in this issue. I wondered how I’d feel when 30 years from now my grandchildren asked me what if anything I’d done about climate change. I wouldn’t feel satisfied if I could only respond that I’d composted, used public transport, signed petitions and gone to rallies.
I was pleased to read the Market Forces information (collected from the 350 stall at the rally) about divesting from my Bank, as a way of giving a clear message to the corporate world, that investing in fossil fuels is financially and ethically wrong. This was something important I could do. Creating this blog was a way I could lend more weight to the action of divesting. My blog is a record of one person’s actions, and might help someone else through the process of divesting.
Luckily, I met up with 350 members Peta and Dick who live in my suburb. We all thought it would be great to be able to engage more with our local community on the climate change issue.
The thing that appeals to me about 350.org is that it is building a global climate movement. It does this through online campaigns, grassroots organizing, and mass public actions coordinated by a global network active in over 188 countries.
I really want to throw my energy into a climate movement that brings together and builds on the work of the many organisations that are working on climate change. I also want to promote divestment as a tangible, powerful action for ordinary people who are concerned about climate change, but feel powerless to do anything substantial to make a difference.
Being part of a 350 Fremantle hub ticks all the boxes.
This morning I joined a group of people at the Perth Cultural Centre to make a public statement of support for divesting from fossil fuels. Cutting up my Commonwealth Bank Key Card was a potent symbol of cutting my ties with fossil fuel investments. A small action, but part of a much bigger international movement for change.
Yesterday, I wrote a letter to the Mr Ian Narav, the Chief Executive Officer of the Commonwealth Bank to tell him why I’m closing my accounts with the Commonwealth. I wonder if I’ll ever get a response.
I also delivered a copy to my local branch manager, explaining to him why I’m closing my accounts. The response from the Branch Manager was underwhelming, to say the least. He didn’t appear to care, in fact he seemed to be barely listening. It seemed an odd response from a Bank I’ve been with for over ten years. No “Sorry you’re leaving us…” just a rather blank gaze and a few nods.
He closed our accounts… I’ve cut up my Card…
I think we both know this small action is part of an upsurge of change that is building across the world. It feels good to be part of it!
Cutting my ties with the Commonwealth Bank and fossil fuel investments
I can’t stay with a bank that invests in fossil fuels
Still no response from the Commonwealth Bank to my question about their investment in fossil fuels, so I’ve opened an account with a bank that does not invest in the fossil fuel industry.
So far, the process has been very smooth.
Next step is to write to the Commonwealth Bank and tell them why I’m leaving. That’s tomorrows task!
maureenfromfreo 