Council Joins Global Movement

Council Joins Global Movement

350 Aotearoa congratulates the Dunedin City Council for their vote to divest from fossil fuels yesterday. The divestment comes as part of the Council’s ethical investment policy, that now excludes fossil fuel extraction, as well as tobacco, munitions, gambling and pornography, from their Waipori fund. Dunedin is now the second city in New Zealand to commit to being fossil free, closely following the Christchurch decision earlier this year.

“It’s great to see the DCC sending fossil fuels to take their place as unethical investments, alongside industries like tobacco and munitions. It shows that even if the National government refuses to take the necessary action on climate change, local governments are recognising the threat of business-as-usual with fossil fuels, and are choosing to take a stand,” said Niamh O’Flynn, National Coordinator for 350 Aotearoa.

The divestment movement is growing rapidly all over the globe. In New Zealand, Victoria University, Christchurch City Holdings, the Anglican Church of Aotearoa, New Zealand and Polynesia, and the Tertiary Education Union have all publicly committed to being fossil free. This commitment involves ruling out fossil fuel investments on ethical grounds.

As science shows that we cannot extract and burn 80% of known fossil fuel reserves if global warming is to stay below the runaway 2 degrees celsius, fossil fuel investments will become stranded assets as extraction is forced to come to a halt. Over 70 global investors, managing over $3 trillion of assets, have demanded the oil, gas and coal companies asses the risks that climate change poses to their business plans.

“We’re at a time where you don’t want to be on the wrong side of history. We congratulate the Dunedin City Council for making the smart decision, both ethically, and financially,” said O’Flynn.

350 Aotearoa are continuing their university and banks divestment campaigns throughout the year.

Ends.

© Scoop Media