Press release – 19 November, 2014Thursday 20 November: Greenpeace is today launching a public advertising campaign calling on Sydney University to divest from Whitehaven Coal – as the controversial company’s share price dive-bombs.“We are ramping up our call for Sydney University to divest from environmental vandal, Whitehaven Coal,” said Greenpeace Climate Campaigner, Nikola Casule. “Right now, this company is gearing up to continue bulldozing endangered forest and Indigenous heritage sites in the Leard State Forest for its Maules Creek coal mine. It has no place in the portfolio of a leading institution.”
When fully operational, Whitehaven Coal’s Maules Creek coal mine will accelerate dangerous climate change by contributing around 30 million tons of CO 2 per year. But faced with a global shift toward action to cut carbon pollution, Whitehaven’s share price is down about 30% since 1 September 2014. This has resulted in approximately $650m of shareholder wealth lost.
In the last four years, Whitehaven Coal is down 80% to $1.33 per share, meaning A$5.8bn of shareholder wealth has been destroyed. This is consistent with Peabody Energy, Arch Coal, or Cockatoo Coal, or almost any major listed western coal company. ASX-listed Queensland coal company Bandanna Energy has even entered into voluntary administration.
“Coal investments have become a major wealth hazard,” said Casule. “Smart investors are increasingly aware that the thermal seaborne coal market is in structural decline and are pulling their cash out fast. The fact is, investing in Whitehaven, or any other coal company, is as bad for your bank balance as it is for your reputation. The University of Sydney needs to divest from this destructive coal company before it’s too late.”
The University of Sydney announced
a review
into its fossil fuel investments in August after
Greenpeace revealed
the University held $1 million in shares in Whitehaven Coal.
View
PIX of the launch
– username: photos. Password: green
For more information contact Greenpeace Climate and Energy Campaigner Nikola Casule on 0428 769 307 or Communications Manager James Lorenz on 0400 376 021