City of Fremantle to divest from carbon intensive investments

In light of the recent China and the US announcement of a negotiated deal to reduce their carbon emissions, it is timely that the City of Fremantle  put out a media release highlighting a further policy by the City to make sure we put our money where are values are in terms of investments and fossil fuels.

13 November 2014              

City of Fremantle to divest from carbon intensive investments

In August this year Fremantle Council adopted modifications to its investment policy that gives clear directions not to place council funds into banks or financial institutions that support fossil fuel industries, unless there is no alternative.

This move was in response to the work done by 350.org, which has seen a groundswell of institutions across the globe start to divest from carbon. The resolution by council saw Fremantle as the first local government in Australia to divest for this reason, with the policy modifications consistent with the City’s commitment to One Planet guidelines.

“Climate crisis is a serious threat to current and future generations locally, nationally and internationally and most world governments have agreed through the 2009 Copenhagen Accord that any warming above a 2°C rise would be unsafe, and that future carbon emissions release should be significantly limited,” said Fremantle Mayor Dr Brad Pettitt.

“It’s therefore the responsibility of our banks, superannuation funds and governments that have custody of our money to use this money to protect, and not damage, our environment.”

A 2013 Climate Commission report (The Critical Decade 2013 –  Climate change science, risks and responses) has warned that 80% of global fossil fuel reserves will have to stay in the ground if the planet is to avoid dangerous climate change.

“The City has already committed to carbon neutrality and more recently became the joint first One Planet council in Australia, so divesting funds away from financial instruments that might increase the overall investment in fossil fuel industries was a logical next step to take,” Dr Pettitt said.

As part of its new policy, the City will maintain a register on the level of investment in financial institutions actively seeking to reduce the level of exposure to carbon intensive industries.

 

 

one planet

 

 

About Mayor of Fremantle Brad Pettitt's blog
City of Fremantle Mayor

2 Responses to City of Fremantle to divest from carbon intensive investments

  1. Great news! Congratulations to the Mayor and Councillors on this ethically and financially responsible decision.

  2. cathyhall2 says:

    Respect Fremantle!! First Australian City to join the growing international powerhouse divesting from old fossils and leading investing in a worldwide renewable future!

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