Process of fossil fuel divestment continues for Moreland Council
The Report and recommendations were a result of an in principle decision by Council on divestment at the October 2014 meeting, the culmination of a year long grassroots campaign by Climate Action Moreland and 350.org Australia.
Councillor Bolton moved an amendment to include both positive and negative filters and for a draft of the policy to be issued for community consultation. The Amendment was defeated.
The recommendations were then put to the meeting and overwhelmingly passed.
The motion read:
Council resolves to:
- Note that Council has no direct investments in companies that invest in fossil fuel projects, which is a key point of difference with the other organisations that have recently committed to a divestment strategy.
- Adopt a positive screening approach for Council’s investment with financial institutions:
- Actively invest with fossil free financial institutions within the Moreland City Council Investment Policy parameters;
- Advocate for fossil free financial institutions to improve their credit rating and financial rate of return;
- Work with large banks to improve their CSR and fossil free performance.
- Develop a Fossil Fuel Divestment Strategy based on the positive screening approach by June 2015 that will include the following:
- A summary of Council’s investments, financial services arrangements and loans.
- Strategies, actions, parameters and timelines of the best options to move Council’s investments to financial institutions that do not finance fossil fuel projects.
- A framework to maintain ongoing reporting and review of council’s banking to minimise indirect financing of fossil fuel projects and maintain public confidence that council is keeping its commitments.
You can read the full report as extracted from Moreland Council agenda for 11 February 2015: 20150211-DCS715-Fossil-Fuel-Divestment-options report and recommendation.
Our intrepid reporter John Englart reported the debate live via twitter: