No more profits from fossil fuels

Article image - No more profits from fossil fuels

Leichhardt Council has announced it will completely divest all of its investments from financial institutions that fund the fossil fuel industry.

Leichhardt Mayor Darcy Byrne said that after successfully phasing in divestment, Council had now committed to a target of a 100 percent non-fossil fuel investment portfolio as soon as possible.

“Our decision to divest our investments from financial institutions that fund the carbon intensive industries is a practical and financially responsible step for us to take.

“All over the globe, organisations are taking funds out of fossil fuel industries and we are determined to act locally.”

Council will now examine expanding the range of its investments with top rated non-fossil fuel aligned financial instruments.

“I’ll be writing to the big four financial institutions explaining why Council is no longer investing with them.”

In moving to divest from fossil fuels, Council has joined the growing number of councils, institutions, global businesses, universities, organisations and faith groups across Australia and the world that are taking the decision to move away from fossil fuels.

These include Stanford, Harvard, Glasgow and now Sydney University; 20 international cities including San Francisco, Seattle and Oxford; the Anglican Church in Australia; the World Council of Churches; Local Government Super and AMP.

Leichhardt Council has already become the second council in New South Wales to become carbon neutral and has previously won the prestigious Local Government Excellence in the Environment Award.

Council’s Investment Policy will be revised to take account of its environmental commitments.

Council officers will report in June on ways to expand Council’s range of investments with respect to top rated non-fossil fuel aligned financial instruments and progress toward the 100 percent target