Dunedin City Council dumps fossil fuels - reaction
immediate release 13 May 2014
Council dumps fossil fuels - reaction
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.
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
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
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