Council adopts investment divestment strategy

Eurobodalla Shire Council will give preference to investing with financial institutions that do not support the fossil fuel industry.

It comes after a notice of motion put forward by Councillor Patrick McGinlay at the ordinary meeting of Council last week.

The decision aims to achieve a ratio of two-thirds of Council investments lodged with financial institutions that have a stated intent, and/or track record of, non-investment in the fossil fuel industry by the end of the 2016-17 financial year.

The interest rate must be equivalent to others on offer to Council at the time of investment to ensure no loss of investment income.

Mayor Liz Innes congratulated Cr McGinlay on putting the motion forward.

“Our community has been clear with us that environmental protection is a priority,” she said.

“Eurobodalla will join nine other local governments in NSW – 18 Australia-wide – that have similar divestment strategies in place.”

Cr McGinlay said the motion intended to support environmental protection by taking action to combat climate change.

“Carbon emissions through the use of fossil fuels are, according to overwhelming scientific evidence, one of the key contributors to global warming and climate change,” he said.

“Once the strategy is proven to be working smoothly, Council could consider further incremental increases in divestment.”

A briefing will be provided to councillors at the end of the 2016-17 financial year to assess the results of the strategy. Media Release

Above: Councillor Patrick McGinlay

#Council #LocalStateFederal #latest

COMMENTS : You can use a pen name or better yet use your real name, you must provide a valid email address (that does not get published) and your comment will be moderated prior to approval (or rejection if that is the determination of the moderator). Refer to our Terms and Conditions if you have any questions) 

Please note that from time to time comments are archived. If you are looking for a previous comment no longer visible please contact us. Last Archived 7th July 2019