The City of Moreland will be the first council in Victoria to rule out direct investments in fossil fuels.
Moreland joins dozens of cities and counties around the world that have made similar commitments.
“The leadership shown by Moreland will be an example to spread to other local councils in Australia, showing that fossil fuel divestment empowers local communities in the fight against climate change,” said Michael Stanley from 350.org Melbourne and Climate Action Moreland.
350.org states Moreland’s principal bank is a major lender to fossil fuel projects throughout Australia, including controversial coal mining projects on the east coast.
This divestment isn’t City of Moreland’s only efforts towards the climate change battle. Moreland Council was the second Victorian local government and the third in Australia to be certified carbon neutral for its corporate operations. In 2014-15, more than 150 kW of solar panels will be installed on Council buildings.
Moreland Council also supports Positive Charge; a free service assisting Moreland residents and businesses save energy, money and carbon emissions. More on City of Moreland’s climate change related efforts can be viewed here.
While Prime Minister Abbott may be continuing to sing the praises of coal, an increasing number of investors are moving away from it due to environmental reasons and/or fears of being saddled with stranded assets should any serious international agreement to limit carbon emissions eventuate.
Earlier this year, the Institute for Energy Economics and Financial Analysis (IEEFA) also warned major coal projects in Australia posed a huge financial risk.
Among other notable organisations shifting away from fossil fuels is superannuation giant HESTA; which is progressively implementing a restriction on investments in thermal coal. A foundation run by the Rockefeller family recently announced it would divest more than $56 billion of fossil fuel investments to reinvest in clean energy alternatives such as solar power.
Australian National University has also joined a global divestment campaign, announcing it would dump mining stocks with an estimated value of $16 million.
