City of Hobart takes lead on fossil fuel divestment
Published on 18 December 2017
As part of a review of the Council’s Investment and Borrowing Policy, the City of Hobart has tonight resolved to completely divest its investments from financial institutions that fund the fossil fuel industry.
Lord Mayor of Hobart, Alderman Sue Hickey said the Council’s decision was a logical and environmentally responsible next step for the Council to take.
“In 2015, we amended our policy to give higher priority to financial institutions not involved in funding carbon intensive industries and following a review of our investment approach last year, we have further revised our policy around a number of matters, including our approach to ethical investments.”
“So, after a period of phasing in divestment, we have now committed 100 per cent to non-fossil fuel investment,” said the Lord Mayor.
In recent years, the Council has received two petitions calling on it to lead the community in responding to the threat of climate change and join cities and municipalities worldwide in divesting from financial institutions that support the fossil fuel industry.
“Hobart is continuously enhancing its reputation as a sustainable city through the Council’s work on resilience to climate change, supporting energy efficiency and reducing carbon emissions. We are getting on with the job of tackling climate change and taking a leadership role in this State,” Ald Hickey said.
Chairman of the Council’s Finance Committee, Alderman Damon Thomas said that the Council would transition to the new policy position over a period of several months.
“As the Council’s investments with financial institutions that support the fossil fuel industry mature, they will be reinvested with other authorised institutions that do not support the industry.
“In moving to divest from fossil fuels, the City of Hobart, while joining the growing number of councils across Australia that are taking the decision to move away from fossil fuels, has gone one step further by being one of only a few that are fully divested,” said Alderman Thomas.