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Dunedin City Council dumps fossil fuels - reaction

immediate release 13 May 2014

Dunedin City Council dumps fossil fuels - reaction

Coal Action Network today congratulated the Dunedin City Council for dumping its fossil fuel investments because of climate change, warning that investments like Westpac Bank’s loans supporting coal mines in NZ will be coming under increasing scrutiny.

Dunedin City Council joins a growing number of major institutions such as Stanford University, which has made a similar decision this week.

Last month, at least 160 New Zealanders switched away from Westpac Bank because of its $5m in loans supporting Bathurst's Denniston mine on the West Coast.

“As climate change begins to bite, international institutions are warning that fossil fuel investments will become stranded assets. Westpac Bank would be wise to listen up, follow the lead taken today by Dunedin City Council, and dump its investment in dirty coal,” said CANA organising group member Jeanette Fitzsimons.

On 29 April, the FTSE group teamed up with the world’s largest fund manager, Blackrock, to set up a groundbreaking equity global index that will exclude companies linked to exploration, ownership or extraction of carbon-based fossil fuel reserves.

ENDS

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