Hobart could lead the nation in fossil fuel divestment

Hobart City Council could be one of the first in Australia to divest from fossil fuel investments, Australian Greens Leader Christine Milne said today in Hobart

Standing with Greens candidates for Hobart City Council mayor, Helen Burnett and Philip Cocker, and the Greens candidate for deputy mayor, Bill Harvey, Senator Milne threw her support behind their push to move up to $20 million in short-term cash deposits from banks that invest in fossil fuels.

“We’ve already seen major universities, churches and superannuation funds in Australia divest from fossil fuels so it’s just a matter of time before councils follow suit,” Senator Milne said.

“The latest is Local Government Super which manages $8 billion in assets. It’s selling $25 million in shares in companies that make more than 1/3 of their revenue from coal mining or coal-fired electricity generation.

“By investing in fossil fuels organisations are risking financial loss when these coal mines become ‘stranded assets’. Financial consultants are warning against investments in coal infrastructure as coal prices face permanent decline and investment will be subject to high carbon regulatory risk.

“I congratulate the Greens candidates for pledging to move the council’s money from fossil fuel investments and on the gains they’ve already made in reducing greenhouse gas emissions and energy costs through a focus on energy efficiency.

“Local councils often bear the brunt of the effects of climate change so it makes ethical and economic sense for them to do what they can to reduce greenhouse gas emissions,” Senator Milne said.

Hobart, like cities all around the country, is marking Divestment Day of Action this Friday 10 October at 12.30 on the corner of Elizabeth and Liverpool Streets.
Australian Greens Leader Christine Milne