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Is it true Bankwest is now owned by Commonwealth Bank who are investing in the Adani Coal Mine?

Posted by Rowdon Rowdon
Message 1 of 3 170 Views

I have been a pround customer with Bankwest for over 30 years, and was particularly impressed by their "consevation" visa card which supported endangeed species programs in WA. I have been told that Bankwest are now owned by Commonwealth Bank who are now the only bank backing this destructive and dirty project set to damage our great barrier reef ecology, feed the polluting fossil fuel industry damaging the planet and then ship its profits overseas. I feel tainted by the association I have as a customer of Bankwest. How do we as customers encourage Bankwest to tell their parent company to consider our ethics and our country and pull out of the Adani project altogether?

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Re: Is it true Bankwest is now owned by Commonwealth Bank who are investing in the Adani Coal Mine?

Posted by DanaeC DanaeC
Message 2 of 3 164 Views

Hi @Rowdon, thanks for your enquiry. I can confirm that Bankwest are now owned by Commonwealth Bank (CBA). I would like to advise that strict environmental, social and governance standards are incorporated into the CBA Group's business lending decisions and it will only fund projects that meet these standards. The CBA Group is committed to the renewable energy sector and to financing commercially viable renewable energy projects around the world. The CBA Group has been lending to renewable energy projects since 2004, and as at December 2016 its current lending was $2.3 billion. This is five times the amount of lending to coal-fired power generation and an increase on the $1.7 billion in lending a year earlier. Thank you.

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Re: Is it true Bankwest is now owned by Commonwealth Bank who are investing in the Adani Coal Mine?

Posted by Rowdon Rowdon
Message 3 of 3 143 Views

Hi Danae, thank you for your response to my concern. The investment in Adani is not an easy issue to defend. I was not aware of the support that CBA offered to the renewable energy sector and I thank you for the update. However, I am at a loss to understand how in any set of environmental, social or governance standards the investment in the coal mining industry could be sanctioned. Not only is it in direct contradiction to the good investment decisions in renewable energy for its inevitable prosperous future but for the sake of preserving the current environmental conditions on the planet that support life as we know it. It looks a bit like deciding to leave the tap on while investing in a new watertank. I am an environmental scientist and have learned from historical records and current climate and biological scientific understandings that current conditions on this planet are by no means stable and guaranteed. Adani is accused of having a dreadful environmental record and via it's Carmichael megamine Adani is intent on direct ecological damage to the vulnerable ecosystems of Great Barrier Reef along with indirect contribuition to cataclysmic ecological change on a planetary scale through increased atmospheric carbon dioxide levels via fossil fuel combustion. CBA is therefore not only directly facilitating this destrution but are profiting from it and I, as a customer of Bankwest, now feel tainted by it. What do I tell my environmentally aware children?

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