One of Sydney’s largest local councils, Randwick City Council, has made a unanimous decision to avoid investing its $75 million fund in coal, oil, and gas companies. The divestment motion also means that, where possible, the council will actively avoid investing with banks that fund fossil fuel companies, such as the big four banks.
Randwick houses Sydney’s largest park, Centennial Park, and some of Sydney’s most popular beaches, including Coogee and Maroubra.
“This decision from one of Sydney’s most prominent local governments provides climate leadership when we need it most,” said Jonathan Milford, a Randwick resident who has been spearheading the divestment push.
“Just last week, scientists again confirmed our worst fears – that the world is warming up much faster than ever anticipated. We simply cannot continue to invest in the coal and gas companies that are driving this devastation.
“With the impending collapse of Peabody and other coal companies around the wall we know that coal and gas are bad investments and I am relieved to see my council make the sensible decision to divest.”
“As we head towards a federal election, it’s time our elected representatives in Canberra took their lead from the work of local governments across Australia who are getting on with the job of tackling climate change,” 350.org Australia divestment campaigner, Isaac Astill, said.
In committing to divest, the City of Randwick 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, City of Newcastle, and the Universities of Oxford and Stanford.
This decision makes Randwick the 9th council in New South Wales to join the fossil free movement and the 17th in Australia. They join the NSW councils of: Marrickville, Leichhardt, Lismore, Gloucester, Newcastle, Byron, Albury, Ballina.
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