Clough calls for the end to Fossil Fuel Investments

LISMORE City Councillor Simon Clough has called for council to stop investing in organisations that invest in fossil fuels.

LISMORE City Councillor Simon Clough has called for council to stop investing in organisations that invest in fossil fuels.

"Lismore City Council would be only the second Council in NSW to commit to phasing out investment in organisations that finance or invest in corporations that exploit fossil fuels," Cr Clough said.

"There are a number of compelling reasons for divestment from fossil fuels."  

"Council has taken a strong stand against unconventional gas drilling in this local government area.  Council has been at the forefront of the recycling and recovery field and through its Renewable Energy Master Plan has committed to partnering with the community to become independent of the electricity grid over the next 8 years."

"Not only do these activities save Council significant amounts of money, but they also take thousands of tons of greenhouse gases out of the atmosphere."  

"It would be contradictory for Council to on the one hand seek to reduce greenhouse gases through all these actions and on the other invest in their production with its investment policy."

"My proposal is quite conservative. It simply says that Council is to give preference to financial institutions that do not invest in or finance the fossil fuel industry provided that the investment is compliant with Council's investment policy and the investment rate of interest is favourable to Council relative to other similar investments that may be on offer to Council at the time.

"On this basis divestment will not cost Council or expose it to added financial risk."

"Financial risk is another reason to divest from fossil fuels."