10 April2017

Auckland Council to vote on funding Exxon Mobil and Anadarko

Tomorrow Auckland Council will vote on whether or not they will pull their investments from coal, oil and gas companies.

The Council has been under heavy scrutiny from the public, environmental groups, and councillors about its estimated $15 million of investments in fossil fuel companies like Exxon Mobil and Anadarko.

“As a major city in the South Pacific, it is essential that Auckland Council show leadership on the issue of climate change,” said Sam Vincent spokesperson for 350 Aotearoa. “This region of the world is already seeing the consequences of fossil fuel burning. Auckland is not a sustainable city until it stops funding climate-polluting coal, oil and gas.”

Dunedin City Council divested from oil, coal and gas in 2015, and other cities around the world have divested as well - including Sydney, Melbourne, Copenhagen, Berlin, San Francisco, and the entire government of Ireland. Other New Zealand institutions that have divested include Victoria University of Wellington and Otago University.

Auckland Council has joined the C40 Initiative of cities around the world pledging to reduce greenhouse gas emissions, and even has its own Low Carbon Auckland Action Plan. Vincent questioned how the council could make such strong commitments to climate health if they keep investing in the source of climate change.

“If the council is to be consistent with Auckland’s values, they will make the right decision and stop funding climate chaos,” Vincent said.

“This issue is already being taken seriously. Councillors like Penny Hulse and Chris Darby have made public statements in favour of divestment. Now we need the rest of the council to act.”

The Finance and Performance Committee will meet at 9:30am on Tuesday 11 April, to decide whether they will update their responsible investment policy to exclude companies that produce and extract fossil fuels.

ENDS.

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