SYDNEY, Thursday November 30, 2017: 350.org Australia congratulates the City of Ryde, which voted on Tuesday night to move its term investment portfolio, worth $200 million into financial institutions that support clean energy.
Across Australia, 33 local government authorities have now divested from fossil fuels, removing $7.15 billion dollars under management away from fossil fuel projects that damage the climate.
“It’s great to see the City of Ryde acting to protect the people in its community, and beyond, by removing funds from destructive fossil fuel projects. The councillors have shown true leadership on climate change action with this decision,” said Glen Klatovsky, 350.org Australia deputy CEO.
“While our federal and state governments give the coal industry ridiculous subsidies and royalty holidays, local government such as Ryde are stepping up to deliver real action on climate change.”
350.org is part of an international campaign supporting councils, universities and financial institutions to shift their money away from the coal, oil, and gas companies driving the dangerous climate change.
“Local government and other organisations are increasingly recognising that fossil fuels are a risky investment, not only for the climate, but financially,” said Klatovsky.
“In committing to divest, Ryde joins over 808 institutions worldwide, representing AUD$7.36 trillion. They include the Rockefeller Brothers Fund, the Norwegian Sovereign Wealth Fund, the Australian Capital Territory, and the Universities of Monash, Oxford and Stanford.”
Glen Klatovsky on 0410 482 243
Lou Fraser 0438 993 068