Antinuclear

Australian news, and some related international items

Does Australia have any ethical banks?

ethics

 Market Forces, an Australian ethical banking advocacy group, says the company [Westpac]  has invested in fossil fuels. Market Forces reckons between them, the big four, “ANZ, Commonwealth, NAB and Westpac have loaned almost $20 billion to fossil fuel projects in Australia.”…….The advocacy group, Market Forces, is suggesting that Australians concerned the ethics of their current bank, particularly those funding the fossil fuel industry, should consider moving their hard earned dollars to a institution more in line with their personal values. Their campaign is known as Divestment Day. On October 18, they’re asking Australians to consider the ethics of their bank and switch, if necessary.

On the money when it comes to ethical investing   WARREN MCLAREN, ABC, 6 OCT 14 “………….Does Australia have any ethical banks?

Ethisphere thinks so. In its global register of what it labels as the World’s Most Ethical (WME) companies, the 2014 compilation included five banks. Impressively three of those were Australian. This was Westpac’s seventh consecutive year, on the eight-year-old list. NAB nabbed a fourth year, and Teachers Mutual was a first timer.

The Global Alliance for Banking on Values is an international organisation whose member banks have combined assets of approximately $100 billion in 25 countries. Earlier this year it held its annual conference in Melbourne, even though it has but only one Australian member: bankmecu.

Formed from an amalgam of over 50 credit unions bankmecu was Australia’s first customer owned bank, and is currently its largest. Not surprising for a customer owned bank, their customer approval rating have been greater than 90 per cent for more than a decade.

That’s not to suggest that bankmecu has the market all to their lonesome. The Australian Customer Owned Banking Association includes 96 such member institutions.

Still, one organisation’s criteria of what makes an ethical bank is necessarily aligned with other organisations scrutinising the financial sector.

Take, for example, BankTrack, an international network of non-governmental organisations who focus on banks they believe “pose a risk to the environment, society or human rights”. They researched 93 banks who were financing coal mining and coal fired electricity. In their Bankrolling Climate Change report of 2011 (pdf) they ranked the Commonwealth Bank at 38 out of 93 banks globally, ANZ came in next at 49, with NAB close behind on 50, and Westpac a more distant 62.

Even the best performing of Australia’s so called ‘big four’ banks came away with criticism……….

Market Forces, an Australian ethical banking advocacy group, says the company [Westpac]  has invested in fossil fuels. Market Forces reckons between them, the big four, “ANZ, Commonwealth, NAB and Westpac have loaned almost $20 billion to fossil fuel projects in Australia.”…….The advocacy group, Market Forces, is suggesting that Australians concerned the ethics of their current bank, particularly those funding the fossil fuel industry, should consider moving their hard earned dollars to a institution more in line with their personal values. Their campaign is known as Divestment Day. On October 18, they’re asking Australians to consider the ethics of their bank and switch, if necessary.

Just as you choose who benefits from your charitable donations you can also choose benefits from your banked wages and investments.

In the words of John Ruskin: “A little thought and a little kindness are often worth more than a great deal of money.” http://www.abc.net.au/environment/articles/2014/10/06/4090467.htm

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October 8, 2014 - Posted by | AUSTRALIA - NATIONAL, business, religion and ethics

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