November 19, 2015

Banyule City Council – commits to divest fossil fuels from $94 million fund

(MELBOURNE)– Australia applauds the Banyule City Council’s unanimous decision to avoid investing its $94 million fund in coal, oil, and gas companies and vowing to invest in only “fossil free” financial institutions.

“Climate change is real. Climate change is happening and climate change is going to have a massive impact on us,” said Cr Melican. “I think it’s appropriate we show leadership and make sure any money invested is done so wisely and reflects the social responsibility I think councils should have.”

Banyule, in northeast Melbourne, includes suburbs known for fostering a creative and socially conscious way of life–including Ivanhoe, where actress and theatre director Cate Blanchett grew up and Eaglemont, where painter Arthur Streeton and architect Walter Burley Griffin once lived.

The Banyule City Council resolution also “reaffirms its commitment to clean energy through its investments.”

In committing to divest, Banyule joins 11 other Australian local governments, including the Australian Capital Territory, Newcastle, 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.

You can read the full Banyule divestment motion on page 14 here.