In a world’s first, major bank CEOs visit Tiwi Islands to hear concerns over Santos’ Barossa gas project
Traditional owners of the Tiwi Islands in northern Australia invited the CEOs of the big four banks to hear their concerns first-hand over the planned Santos Barossa gas project and other gas expansion projects and their impact on the local ocean and land environment. In what is believed to be a world-first, Tiwi islanders succeeded in getting three* of the four Australian Big Four bank CEOs to agree to visit the remote region to start personal dialogue about the impacts of their financing of the planned large-scale gas project.
Santos has increased a $US250 million debt facility to $US850 million for the Barossa project, which would mature in January 2030. Climate finance group Market Forces, who monitor bank lending to the energy sector, has linked Westpac, NAB and ANZ to that facility.
ANZ Bank CEO Shayne Elliott and Westpac CEO Peter King travelled to Tiwi in October to meet the Tiwi island community who oppose the project. NAB CEO Andrew Irvine, who initially declined the invitation, has now committed to visit in the near future.
The *Commonwealth Bank announced in August that it will no longer provide finance to oil and gas producing companies that don’t have a Paris-aligned transition plan. Happily, CommBank did not join the bank consortium that facilitated a recent loan of $1.2 billion to Santos, which included ANZ, Westpac and NAB. In that context, it is a big step for their respective CEOs to meet the Traditional Owners on-country.
Departing Westpac CEO Peter King, who spent two days with the Tiwi community told media, “It’s been a really productive trip and a good opportunity to listen and spend a couple of days on country in the Tiwi Islands. I particularly thank the elders for hosting me.”
Antonia Burke, a human rights advocate who has been leading the Indigenous groups against the Barossa project, attended the visit that included Westpac’s national general manager of Indigenous banking, Bronwyn Dodd.
A joint statement issued by Tiwi elders and leaders from the Pirlangimpi Community thanked Mr King for his visit saying, “It was great to sit on the beach and educate each other for a good outcome. The Tiwi Islands is under immediate threat from offshore fossil fuel industrialisation and both the federal and Northern Territory governments need to do the right thing and protect our home to benefit the local economy that relies on a healthy coastline.”
A group of Tiwi islanders supported by Market Forces recently travelled to Japan to meet with banks and potential investors to deliver their concerns about what the project is likely to do to the environment they depend on for their food and livelihoods.
