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 What John Key Should Be Asking Joe Biden

No doubt, US Vice-President Joe Biden will be updating Prime Minister John Key on the chances of a TPP vote taking place in the ‘ lame duck’ session of Congress that’s held between the November’s election and the inauguration of a new President in January. More>>

ALSO:

Make NZ Make Again: Greens Will Establish A Minister For Manufacturing

The Green Party announced today that it will establish a Minister for Manufacturing in Cabinet, to better represent the interests of manufacturers and ensure they thrive. The Minister will be inside Cabinet and have responsibility for the long-term interests of the manufacturing sector. More>>

ALSO:

Cannabis Party: Treasury Figures On Cost Of Criminalisation

Figures released by Treasury prove the economic viability of The Cannabis Party's policy, while destroying the credibility of police claims about cannabis harms. More>>

ALSO:

Green Party: Investigation Into Mental Health Facilities Shows Disarray

The Health Minister must urgently launch an inquiry into mental health services, after serious issues with the standard of care at mental health and disability facilities around the country were revealed today, the Green Party said. More>>

ALSO:

Apparently He Means 'Years 0-8': Seymour Announces 4th Partnership Schools Application Round

“The continuing growth of this policy reflects the achievement of the eight existing Partnership Schools, and the strong levels of interest educators and community leaders are showing in the Partnership Schools model and what it offers students and their families,” Mr Seymour says. More>>

ALSO:

Trust Directors: Urban Māori Win Case Against Te Ohu Kai Moana

The National Urban Māori Authority (NUMA) and Te Waipareira Trust have succeeded in their claim over a $20 million trust set up for the benefit of urban Māori, meaning all directors of the trust must represent Māori who are not affiliated with an iwi. More>>

New Model: Carbon Tax Could Lower Emissions And Boost Economy

A carbon tax targeting emissions-intensive industries, along with a revamped Emissions Trading Scheme (ETS), could boost economic growth, with the extra tax generated used to cut GST from 15 percent to 12.5 percent. More>>

ALSO:

Budget Docs Release: ACC Sought $158mn In Budget 2016, Got $26.4mn

The Accident Compensation Commission requested an extra $158 million in funding for 2016/17 from the government ahead of Budget 2016, but Treasury instead recommended an interim payment of just $26.4 million be funded to tackle demographic changes, papers published by the government show. More>>

ALSO:

Submissions Sought: Māori Party Joins Opposition Housing Inquiry

People who are homeless, those who were once homeless, those working with the homeless and concerned New Zealanders are being asked to share their experiences and solutions to this growing issue with the Cross-Party Homelessness Inquiry. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news