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Byron Shire
January 18, 2022

Who’s funding fossil fuel growth?

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Tweed CAN (Tweed Climate Action Now) has learned from public documents that coal seam gas (CSG) exploration companies in the northern rivers are linked to ERM Power, a major fossil fuel energy company trading in electricity produced from coal and gas.

ERM is financed by banks and institutional investors. Through subsidiaries, banks such as the Commonwealth Bank have directed superannuation funds, including funds of employees, into millions of ERM shares.

The CSG companies in this area are waiting for favourable regulations, but they also have a relationship with ERM and the funding it can leverage from major banks.

The northern rivers area is strongly opposed CSG mining with many areas declared ‘gas free’ by over 90 per cent of residents.

Australia has huge gas reserves but consumers here still have to pay world parity prices so there is very little economic benefit.

Companies today are structured to maximise profits and minimise responsibility.

Will ERM guarantee to repair any air or water table pollution? Will the Commonwealth Bank pay for climate damage?

Tweed CAN and the Northern Rivers Guardians (NRG) are organising a divestment information night at the Imperial Hotel in Murwillumbah on March 10 from 7pm-8.30pm.

We are giving people the information to switch their accounts into banks or credit unions that have ethical investment policies that do not encourage expansion of fossil fuel use.

Companies may want to exploit coal seam gas but that does not mean they can use our money to do it.

Notes: Companies with Petroleum and Gas exploration applications in the northern rivers area include Metgasco (PEL 13,16), Summerland Way Energy (PELA 135) and Clarence Morton Resources ( PSAPP 48). ERM power is a major shareholder in Metgasco and a joint venture partner with the other two companies. ERM is also a major shareholder in Red Sky Energy.

Greg Reid, tweedcan.org.au


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2 COMMENTS

  1. Great to read about this Tweed event. Here’s more info, available as livestreaming from Sydney event at
    19:00-20:30, Thursday 27th of March: watch this on your home internet media. Or you can go up to Brisbane: 18:00-19:30, April 3rd, C Block Auditorium CI411, Southbank TAFE, South Brisbane

    What’s the connection between your bank account, superannuation and fossil fuels?

    As the world acts to cut emissions, Australia plans to invest over AUD 100 billion in new coal projects over the next 15 years. This includes nine mega-mines in Queensland’s Galilee Basin, export ports along the Great Barrier Reef and Whitehaven Coal’s Maules Creek mine in the Leard State Forest.

    Whether we like it or not, these projects and the companies behind them, are receiving loans from our big banks and investment from our super funds.

    But as major economies like China act to reduce their dependence on fossil fuels, these projects will face increasing risks – risks our savings will be forced to foot.

    Come and hear Ben Caldecott, founder of Oxford University’s Stranded Assets Programme and author of the groundbreaking report Stranded Down Under?, sheds light on the ramifications of Australia’s fossil fuel addiction and what we can do to kick Australia’s dirtiest habit.

    http://thegenerator.com.au/announcing-stranded-down-under-tour-350-org/

  2. Why just about all of our pollies. Not with money but by their physical presence. They’re all fossils aren’t they?

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