City of Hobart to divest from fossil fuel investors
The City of Hobart has voted to amend its investment and borrowing policy and completely divest its investments from financial institutions that fund the fossil fuel industry. .
The move follows a decision in 2015 to give higher priority to those financial institutions that are not involved with the fossil fuel industry.
The latest decision follows active petitioning from citizens to take stronger action on climate change. It will mean that Hobart City Council will not use the four major banks - ANZ, NAB, Westpac and the Commonwealth Bank — or their subsidiaries for term deposits.
Lord Mayor of Hobart,Sue Hickey said the Council’s decision was a logical and environmentally responsible next step for the Council to take.
“Hobart is continuously enhancing its reputation as a sustainable city through the Council’s work on resilience to climate change, supporting energy efficiency and reducing carbon emissions. We are getting on with the job of tackling climate change and taking a leadership role in this State,” Alderman Hickey said.
Chairman of the Council’s Finance Committee, Alderman Damon Thomas said that the Council would transition to the new policy position over a period of several months.
“As the Council’s investments with financial institutions that support the fossil fuel industry mature, they will be reinvested with other authorised institutions that do not support the industry.
“In moving to divest from fossil fuels, the City of Hobart, while joining the growing number of councils across Australia that are taking the decision to move away from fossil fuels, has gone one step further by being one of only a few that are fully divested,” said Alderman Thomas.