Ryde becomes 33rd council to divest from fossil fuels

Ryde City Council has voted to move its term investment portfolio, worth $200 million, into financial institutions that support clean energy.

It has joined 32 other councils that have divested from fossil fuels, removing $7.15 billion dollars under management away from fossil fuel projects.

The investment performance of councils is monitored by Fossil Free, a project of 350.org, an international activist group that aims to end the use of fossil fuels by building a global movement.

350.org supports councils, universities and financial institutions to shift their money away from the coal, oil, and gas companies that are driving dangerous climate change.

Glen Klatovsky, deputy CEO of 350.org Australia, said Ryde councillors had shown true leadership on climate change with their decision.

“While our federal and state governments give the coal industry ridiculous subsidies and royalty holidays, local government such as Ryde are stepping up to deliver real action on climate change.”

“Local government and other organisations are increasingly recognising that fossil fuels are a risky investment, not only for the climate, but financially.”

“In committing to divest, Ryde joins over 808 institutions worldwide, representing AUD$7.36 trillion. They include the Rockefeller Brothers Fund, the Norwegian Sovereign Wealth Fund, the Australian Capital Territory, and the Universities of Monash, Oxford and Stanford.”

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