November 24, 2015

Albury and Armadale City Councils divest from fossil fuels

Coast-to-coast, local governments are dumping coal, oil, and gas investments

(SYDNEY)– Australia congratulates the City Councils of Armadale and Albury for divesting their respective $122 million and $81 million funds from fossil fuels. Albury, located on the Victorian border in NSW and Armadale, which covers the south-eastern suburbs of Perth, prove that the fossil fuel divestment movement is taking hold in local communities across Australia, with 14 councils nationwide making the move from coal, oil, and gas investments.

“From the banks of the Murray River to the Swan Coastal Plain, local councillors are demonstrating leadership in securing safe investments for their cities and our climate,” said Isaac Astill, a divestment campaigner with Australia. “This week alone, councils have committed to divest over $200 million from fossil fuels. It’s announcements like these that prove we all have a role to play in ensuring fossil fuel companies can no longer profit from cooking the planet.”

“These proposed revisions to Council’s policy strike a better balance between preserving the capital invested, optimising the rate of return on funds invested and utilising green investment options,” said Cr Mayor Henk van de Ven, Mayor of Albury City. “Several Councils around Australia have made similar decisions and more are looking at divesting from fossil fuels.”

“The City of Armadale in Western Australia has demonstrated strong commitment to leadership within the community and the local government sector by voting in a new Investment Policy that gives preference to those financial institutions that have publicly stated they do NOT invest in fossil fuels.” said Armadale Mayor Henry Zones.

In committing to divest, Albury and Armadale join 12 other Australian local governments, including the Australian Capital Territory, Newcastle City Council, home to the world’s largest coal port, and the City of Melbourne. Globally, 480 institutions have committed to move their money out of fossil fuels, including the Rockefeller Brothers Fund, Oxford University, and the Australian Academy of Science.

Contact: Krista Collard, 0424 712 034

Links to the full Council Divestment Motions are as follows: