The City of Vincent, located only 3kms away from Perth CBD, made the unanimous decision to shift their investments away from coal, oil and gas.
This move to dump more than $19,683,412 in fossil fuel investments makes them the seventh West Australian council to do so and the 26th in Australia.
Councillor Murphy of the City of Vincent said the decision to divest was the logical next step in the council taking real action on climate change.
“It feels great to just get on with it and make meaningful changes, with $450k already moved from fossil fuel industry access into more environmentally friendly hands, this policy change is already paying dividends for both the planet and ratepayers,” Cr Murphy said.
350.org has run a national campaign working with councils to shift their money away from industries that are directly contributing to climate change.
“The moral case against fossil fuels is getting stronger and stronger,” said 350.org Perth campaigner, Michael Fab. “I’m pleased and proud to see the City of Vincent commit to turn their back on this destructive industry.”
“The councillors have shown true leadership on climate change with this decision, and also a prudent financial one on behalf of their 37,000 residents.
“Local government and other organisations are increasingly seeing fossil fuels as a risky investment. The price of coal has plummeted and key importers of Australian coal, such as China and India are increasingly turning to renewables for their energy needs.
“The pressure is now building on the City of Perth to step up and divest their money from fossil fuels. We will be working hard with residents and councillors to make this happen.”
In committing to divest, the City of Vincent joins over 500 institutions worldwide, representing US$3.4 trillion. They include the Rockefeller Brothers Fund, the Norwegian Sovereign Wealth Fund, the Australian Capital Territory, and the Universities of Monash, Oxford and Stanford.
You can see the full City of Vincent divestment motion here.
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