Citizens Climate Campaign - Take Action Now - Tax Dollars Support Fossil Fuel

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Citizens Climate Campaign	Take Action Now
Tax Dollars Support Fossil Fuel	Walk Against Warming - Sydney, 2007

Australian Government investment funds are putting nearly 50 times more money into the fossil fuel and uranium industries than into renewable energy, the report Responsible Public Investment in Australia commissioned by the Australian Conservation Foundation (ACF) has revealed.

Large Government-owned investors, including the Federal Government's Future Fund and state bodies such as the Workcover Authority, are investing in direct conflict with their governments' plans to reduce greenhouse emissions.

A spokeswoman for climate sceptic NSW Treasurer, Michael Costa, justified the choice of investment, saying "The primary objective for major government-run funds is to maximise returns from their investment portfolios"(Sydney Morning Herald 18.3.08).

"Government-controlled funds are still investing $47 in fossil fuels and uranium for every $1 they invest in renewable energy" said Don Henry, executive director of ACF (SMH 18.3.08).

In addition to this funding through investment, the fossil fuel
industry receives taxpayer subsidies of $9 billion annually.

This is over $800 per person and about 28 times the
amount given in subsidies to the renewable industry.

For example, $308 million is given to coal companies
as a rebate on their diesel fuel usage.

(Greenpeace is conducting a petition to stop this rebate.
Check it out at www.stop-fueling-climate-change.org )

What will be the long-term environmental return from this massive investment of public money in the coal industry?

George Monbiot, noted British journalist on climate change, says that -

'Clean coal' (carbon capture and storage) will come too late to prevent runaway climate change. The idea of clean coal "creates a marvellous amount of confusion in the public mind, which gives the government the chance to excuse the inexcusable".

(The Guardian 18.3.08)

To create a prepared email to the Treasurer, the Hon. Wayne Swan, click here.

A copy of the email is shown below.

Including comments of your own would show your personal concern about this issue, and would make it look different from the hundreds of others we hope will be sent.

You may also wish to send a message to the Minister for Climate Change Penny Wong, however you cannot email her, you will need to go to her website and fill out a form.

Click here to go to Senator Wong's website. Then fill-out the form and cut-and-paste the message below.

It would be good if you could also send the message to your State Premier and Treasurer - their email addresses can be found on our helpful links webpage.

The report, Responsible Public Investment in Australia, commissioned by the Australian Conservation Foundation, states that many of Australia's large government-run funds are making investment decisions in direct conflict with your government's plans to reduce greenhouse emissions and tackle climate change.

How can your government expect to meet its emission reduction targets while investing 47 times more public money in fossil fuel and uranium industries than in companies developing renewable energy and energy efficiency?

What will be the long-term environmental return from this massive investment of public money in the coal industry?

It is particularly ironic that the biggest federal fund of all, the Future Fund, worth $59.6 billion, has apparently not made any commitment to environmental and social principles in its investment decision-making.

Is it true that, in addition to this funding through investment, $28 of taxpayers' money is spent on subsidies to fossil fuels, for every $1 to renewable energy and energy efficiency?

Will your government conduct an inquiry into the tax subsidies given to the fossil fuel industry?

(your name)

Regards from the Citizens Climate Campaign Committee