SYDNEY, 22nd of October, 2015: 350.org Australia congratulates NSW’s Byron Shire Council for their decision to prohibit investments in fossil fuels from their $74 million investment portfolio. In addition to fossil fuels, Byron Bay will also avoid investments in nuclear power, gambling, weapons, tobacco, and products that are associated with abuses of human rights and exploitation.
Byron Bay’s decision to divest makes it the ninth council in Australia to divest, including other councils such as Newcastle – home to the world’s biggest coal port.
Announcing the motion to divest, Byron Bay Deputy Mayor Paul Spooner said:
“If we as a community don’t want to own bits of tobacco companies, or coal companies, or detention centre operators, or coal seam gas companies, or uranium mines, or nuclear weapons then we as a council should not be investing ratepayers’ money into those companies.”