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 Team Behind Trump's Throne

Forget the Putin factor. Daily, the team of charlatans, bigots and stunningly ignorant crackpots that Trump is appointing to head key federal agencies is just as alarming. These are positions with vast power and budgetary discretion over policies that stand to affect tens of millions of vulnerable Americans. Sad! More>>

 

Gordon Campbell: On Bill English, Abroad

If David Cameron was the closest thing John Key had to a political mentor, their successors also share a whole lot in common. Theresa May and Bill English were both propelled into the top jobs as the result of unexpected resignations, and without much in the way of credible competition from their colleagues... More>>

ALSO:

Pike River: Labour Bill To Override Safety Act For Mine Entry

“Bill English has been hiding behind the legal excuse that any attempt to re-enter the mine to recover the bodies might place the mine’s owner, Solid Energy Limited, and its directors in breach of the Health and Safety at Work Act 2015." More>>

ALSO:

Gordon Campbell: On Populism And Labour 2017

For many people on the centre-left, populism is a dirty word, and a shorthand for the politics of bigotry. In this country, it has tended to be equated with the angry legions of New Zealand First. Who knew they were not just a reactionary spasm, but the wave of the future? More>>

Oxfam: 30% Of NZ Owns Less Wealth Than Our Two Richest Men

The research also reveals that the richest one per cent have 20 per cent of the wealth in New Zealand, while 90 per cent of the population owns less than half of the nation’s wealth. The research forms part of a global report released to coincide with this week’s annual meeting of political and business leaders at the World Economic Forum in Davos, Switzerland. More>>

ALSO:

Hospitals: Resident Doctors Set To Strike Again

Despite discussions between the DHBs and NZRDA over safer hours for resident doctors progressing during the last week, the strike planned for next week appears set to proceed. More>>

ALSO:

Not So Super Fund: More Burning Ethical Questions For Steven Joyce

Greens: Radio New Zealand reported this morning that the New Zealand Superfund has $77 million invested in 47 coal companies that the Norwegian Government’s Pension Fund – the largest sovereign fund in the world – has blacklisted. More>>

Activism: Greenpeace Intercepts World’s Biggest Seismic Oil Ship

Greenpeace crew have made contact with the world’s biggest seismic oil ship after travelling 50 nautical miles on two rigid-hulled inflatables off the coast of Wairarapa... Greenpeace radioed the master of the Amazon Warrior to deliver an open letter of protest signed by over 60,000 New Zealanders. More>>

ALSO:

Gordon Campbell: Why Tax Cuts In 2017 Would Be A (Proven) Bad Idea

Ever since the world fell prey to the mullahs of the free market in the 1980s, no amount of real world evidence has managed dispel one key tenet of their economic faith. Namely, the idea that if you cut income taxes and taxes on small business, a wave of individual enterprise and entrepreneurial energy will thus be unleashed, profits will rise and – hey bingo! – the tax cuts will soon be paying for themselves ... More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news