Greens turn up the heat on ACT fossil fuel investment

Share Canberra's trusted news:

rainbow over the assembly

THE ACT Greens General Meeting last night supported a motion calling on the ACT Government to responsibly divest from fossil fuels over the next three years, and to place an immediate freeze on any new investments in fossil fuel companies.

“The ACT is a progressive, future-thinking city,” said Convenor Sophie Trevitt.

“Last night the ACT Greens called on the ACT Government to show leadership and divest from fossil fuels, in line with our 40% climate change target for the Territory.

“If we believe in a pollution-free, clean and sustainable future for our city then it makes no sense to continue to hold investments in outdated and dangerous fossil fuel companies.

“The motion also calls on the ACT Government to make public the quantity of the ACT Government holdings in fossil fuel companies, as well as any assessment of the financial risk associated with these holdings.

“Global warming is one of the greatest issue we face at a global, national and local level. This was reflected by the ACT Greens members last night who unanimously supported the motion calling on the ACT Government to divest. Our MLA Shane Rattenbury has already raised this issue with the Chief Minister and Treasurer Andrew Barr.

“Divesting from fossil fuels isn’t only an integral part of taking strong action on global warming, it also makes sense for the ACT to ensure it doesn’t get caught with risky investments in fossil fuels that cannot be burned if the world is to meet its pollution reduction targets.

“We’ve seen the Bank of England express concern about significant risks of stranded assets in fossil fuel investments in March this year, and a similar warning came from HSBC, the multinational banking company, in April.

“In passing this motion last night, the ACT Greens are pleased to support the Global Divest-Invest campaign which involves over 650 individuals and 180 institutions to divest more than $56 billion over the next 5 years.

“If the ACT Government shows leadership and divests, we could become the first capital city in Australia to divest from fossil fuels.”

Who Can You Trust?

In a world beleaguered by spin and confused messages, there's never been more need for diverse, trustworthy, independent journalism in Canberra.

Who can you trust? Well, for more than 25 years, "CityNews" has proudly been an independent, free, family-owned news magazine, serving the national capital with quality, integrity and authority. Through our weekly magazine and daily through our digital platforms, we constantly and reliably deliver high-quality and diverse opinion, news, arts, socials and lifestyle columns.

If you trust our work online and believe in the power of independent voices, I encourage you to make a small contribution.

Every dollar of support will be invested back into our journalism so we can continue to provide a valuably different view of what's happening around you and keep citynews.com.au free.

Click here to make your donation and you will be supporting the future of journalism and media diversity in the ACT.

Thank you,

Ian Meikle, editor

Previous articleGas leak evacuation in Civic
Next articleBowen Park paths to be upgraded

Leave a Reply