March 24, 2016

Wodonga Council says goodbye to fossil fuel investments

Wodonga Council has made the decision to move their $17 million in investments away from coal, oil, and gas.

This divestment decision means they join Albury Council and a swath of other local government organisations in actively avoiding investing with banks that fund fossil fuel companies, such as the big four banks.

“The moral and financial arguments are stacking up against investing in fossil fuel companies and I am pleased to see the City of Wodonga make this sensible decision,” local Wodonga business owner (Jappo Donks), Julie Klose, said.

“It seems as though every year we break more temperature records. Here in Wodonga we’ve just experienced one of the hottest summers ever and we simply can’t continue to invest in the coal and gas companies that are driving this.”

“As a local business person, I am not comfortable with my rates being invested in projects that are damaging the future of the planet. Not only that, as evidenced by a number of coal mining companies recently going under, fossil fuel investments are becoming increasingly risky.”

Wodonga is the 18th council in Australia to move their investments away from fossil fuels.

“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,” Australia divestment campaigner, Isaac Astill, said.

In committing to divest, the Wodonga Council 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.

Wodonga’s full divestment motion is here.

Media contact:
Cam Klose, 0490 436 948,