Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

Dunedin becomes first NZ city to divest from fossil fuels

Dunedin becomes first city in New Zealand to divest from fossil fuels


Dunedin City Council has become the first council in New Zealand to divest itself of fossil fuel investments to highlight their impact on climate change.

The Council voted on Tuesday to remove existing fossil fuel extraction investments of close to $2 million and prevent future investments in fossil fuels by its $75 million Waripori fund. The move sees Dunedin City join 23 US cities and a Dutch town in divesting from fossil fuels, including oil, gas and coal, for ethical and climate change reasons.

These municipalities are part of a burgeoning divestment movement that include global investors, fund managers, religious institutions and academic institutions that are divesting from fossil fuels, buoyed on by climate change campaigning organisation, 350.org.

“The Dunedin City Council has just demonstrated it is a world leader in addressing climate change. Its vote to end investments in fossil fuel extraction has put New Zealand at the forefront of the divestment movement. Even though New Zealand is a small place, others around the world will take note of this” said 350.org founder and US author, Bill McKibben.

Last week, Stanford University announced plans to divest its US $18 billion endowment fund from coal investments. Two weeks earlier, the world's largest fund manager, BlackRock, announced plans to create a fund that will exclude fossil fuels. Last September, five New Zealand based Anglican Dioceses voted to divest.

In recent months, Westpac has also come under pressure to take steps to divest. Climate campaigning groups 350 Aotearoa - the New Zealand arm of 350.org - and Coal Action Network Aotearoa, are specifically calling on Westpac to halt its funding of Bathhurst Resources, whose planned coal mining project on the Denniston Plateau and surrounds would be one of the largest new contributors to CO2 emissions from New Zealand.

“It’s time for Westpac to front up and take responsibility for the impacts of their financing, like Dunedin has today. Financing oil, coal and gas companies is playing a major role in determining whether these companies go ahead with plans that would push us well past safe CO2 levels, or whether we start to get serious about the transition to clean energy." said 350 Aotearoa National Coordinator Ashlee Gross.

The Dunedin City Council ethical investment policy will formally exclude the munitions, tobacco, fossil fuel extraction, gambling and pornography industries from its investment portfolio.

--ends—

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Fallout From The Barclay Tape

This is hardly a case of cleaning out your desk and being turfed out onto the pavement.

As others have pointed out, the disgraced Clutha-Southland MP will remain on the public payroll for three months until the election, and for three months afterwards. More>>

 

Ombudsman: Canterbury Schools Reorganisation Mishandled

An investigation into the Canterbury schools reorganisation after the February 2011 earthquakes has found significant gaps and flaws in the Ministry’s engagement and communications with schools and communities. More>>

ALSO:

Law Commission: Contempt Report "Protects Right To Fair Trial"

The proposed Act limits what news media representatives and bloggers can report on court proceedings, but it also makes clearer than the current law where the line is between contempt and freedom of expression. More>>

ALSO:

Gordon Campbell: On Our Refugee Intake (And Uber’s Woes)

On figures released this week, there are currently 65.6 million people worldwide who have been displaced from their homes by war, famine or other external causes… More>>

ALSO:

IGIS Report: GCSB Support For Groser WTO Bid Not Illegal

“The inquiry has found that the GCSB did not act unlawfully or improperly in providing assistance to the New Zealand government campaign”, Ms Gwyn said. More>>

ALSO:

PM's Press Conference: Pike And Houses

There were questions on Pike River mine re-entry after new video from inside the drift was released over the weekend. English maintained a human effort would not be feasible irrespective of any future coalition demands from NZ First. He said the government would continue to work with families on non-manned re-entry. More>>

ALSO:

Flogging A Dead Horse: NZ First Seeks New s59 Referendum

10 years on from the so called “anti-smacking” law - NZ First calls for a binding referendum. NZ First MP Tracey Martin told TVNZ’s Q+A programme that the law change has had a “chilling effect” on NZ parents including herself. More>>

ALSO:

Always Interesting: Internet Party Has New Leader

The Internet Party has a new leader: Suzie Dawson... She currently resides in Moscow, Russia, where she has applied for temporary asylum due to severe persecution she reports being subjected to by those whose corruption she worked to expose.More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog