Community Discussion paper released on Council Divestment from Fossil Fuels
In conjunction with City of Moreland Council proceeding with a divestment process, Climate Action Moreland and 350.org have also written a joint discussion paper. We hope this provides useful independent information for council officers and Councillors to consider in moving the divestment process forward.
The summary of the paper states:
This report presents research undertaken since October last year by 350.org and Climate Action Moreland after the City of Moreland’s historic decision to commit to divesting from fossil fuels.
The major discussion points covered include:
- Moreland’s action is in line with progressive local governments around Australia and the world.
- For implementing fossil fuel divestment the publicly available research of the Market Forces organisation is sufficiently robust – and does not impose significant risks on the council – when used for the purpose of determining whether a financial institution finances fossil fuel developments.
- There is significant existing opportunity to shift council’s term deposit investments under current risk management guidelines to have a much greater proportion of invested funds held by institutions that do not invest in fossil fuels.
- Moreland council’s current investment policies for term deposits vary from other Victorian councils. As part of developing a fossil fuel divestment strategy they should be examined and justified to ensure they are not unnecessarily blocking fossil fuel divestment.
Download and read the discussion paper: City of Moreland Fossil Fuel Divestment Discussion Paper: 20150212 City of Moreland Divestment Discussion Paper
Many members of the Moreland community are proud that Moreland Council is one of the first municipal councils in Australia to start this divestment process and it accords well with the strong progessive leadership shown tackling greenhouse emissions with the launch of the Zero Carbon Moreland plan, increasing heatwave response, and mitigating urban heat island increased temperatures through increasing the urban tree canopy and other policies.
Global Divestment Day 13-14 February
On Saturday 14 February Melburnians are invited to attend a global divestment day event. Details: Our intrepid reporter John Englart reported the debate live via twitter:
14 Feb – 11:00 AM
Star Lawns, Alexandra Gardens, behind the boat-sheds
A colourful, family friendly celebration of the Australian divestment movement. Come dressed in orange to be part of a GIANT human sign spelling the word ‘divest’. The sign will form part of the phrase ‘fossil fuels=history, renewables= future DIVEST’, being put together by different cities all round the world.Hear from speakers involved in divesting their religious organisations, local councils, health bodies and universities. Chat to local campaigners about divestment happenings in Melbourne whilst nibbling on delicious orange treats. Cap off the day by joining other divestors to move your money out of the Big 4.