Nearly half of all Australians would consider switching banks, due to climate change concern

Switching banks: nearly half of all Australians would consider move over climate change
Poll findings released as prominent Australians call on big four to withdraw backing for fossil fuel industry, Guardian, Michael Slezak, 14 Sept 16, About half of all Australians would be likely to switch banks if they found out their bank was lending money to projects that contribute to climate change, according to polling commissioned by the financial activist group Market Forces.

The findings came as more than 100 prominent Australian individuals and organisations signed a letter demanding that the big four banks stop supporting projects that expand the fossil fuel industry. Among the signatories are JM Coetzee, Charlotte Wood, James Bradley, Missy Higgins, Peter Singer and Jack Mundey, as well as unions, religious orders and conservation groups.

Asked how important it was that their bank invest in companies and projects that don’t harm the environment and contribute to climate change, 74% of the poll’s respondents who were with the big four banks said it was at least “somewhat important”, according to the Essential Research poll of 1,017 people.

Forty-eight per cent of respondents said they would be more likely to switch banks if they learned their bank was lending to projects that harmed the environment or contributed to climate change.

When the researchers drilled down into specific types of projects, respondents appeared very concerned. Forty-seven per cent said they were likely to switch banks if they found out their bank was lending to coal and gas export projects in the Great Barrier Reef world heritage area. And 48% said they were likely to switch if they found out theirs was lending to coal seam gas projects near agricultural communities.

Respondents also overwhelmingly supported the big four banks’ decisions to support the goal to limit warming to “well below” 2C. But 65% of people agreed that given their support of that goal, the banks should no longer lend to projects that expand the fossil fuel industry.

In August Market Forces conducted research that found the big four banks had lent $5.6bn to fossil fuel projects and companies since they expressed support for the target.

In the open letter, released at the same time as the poll findings, the signatoreis outline a number of actions that the banks must commit to in light of their support for the Paris agreement goal……..https://www.theguardian.com/environment/2016/sep/15/switching-banks-nearly-half-of-all-australians-would-consider-move-over-climate-change