Councillors vote for green future investments

COUNCILLOR Tegan Swan intended to move the motion that the Coffs Harbour City Council divest investments in fossil fuel supporting financial institutions.

GOING GREEN: Coffs councillors vote to divest in financial companies which fund fossil fuel enterprises. Picture: Contributed

COUNCILLOR Tegan Swan intended to move the motion that the Coffs Harbour City Council divest investments in fossil fuel supporting financial institutions.

However she recently had a baby so was absent from Thursday's council meeting, along with Cr Paul Amos and Cr John Arkan.

Coffs Harbour Mayor Denise Knight instead moved the motion and was supported by Cr Sally Townley.

In Cr Swan's rationale, she wrote the council could still meet its obligations under its current investment policy guidelines while addressing community concerns over the impacts of climate change.

Cr Swan wrote the motion would be a practical way to align the council's finances to its "commitment to addressing climate change” by preferencing institutions that do not fund the fossil fuel industry.

According to the council's business paper, there are currently 30 councils country-wide which represent more than $6billion in investment that have divestment motions.

As of April 30, 2017 Coffs Harbour City Council had a total of $175,536,511.01 invested in 29 different financial institutions.

Of those institutions, seven are currently funding fossil fuel enterprises and include: National Australia Bank, ING Bank Australia, AMP Bank, Westpac Bank, Commonwealth Bank, ANZ Bank, and Macquarie Bank.

A sub total of 24.24% of the council's investments are currently with institutions that fund such fossil fuel enterprises.

Although the majority of the council's investments, which amount to a sub total of 66.58% of investments, are currently with 18 institutions that have track records against funding fossil fuel operations.

Cr Townley said it was an important way to move forward and the motion showed the council was taking social responsibility.

The motion was voted for 4-2, with Cr Keith Rhoades and Cr Michael Adendorff voting against it.