Wonderful news !!! (and MiT & our mates at 350.org helped make it happen). There’s been lots to celebrate this week and this one is just the icing on the cake. Changes to the Investment Policy (that will facilitate fossil fuel divestment) were approved at the Council Meeting last night. Here’s the media statement:
“A change to the Investment Policy, including fossil fuel divestment, is on the agenda at an ordinary council meeting at Shire of Mundaring on Tuesday 12 September.
Eleven councils in WA have already divested, including the Cities of Bayswater and Swan. WA’s biggest council, City of Stirling, formally endorsed divestment in May 2016 after a decade of successfully investing 70% of its funds in fossil fuel free banks.
Community group Mundaring in Transition, in conjunction with 350.org, has been working with councillors and staff to achieve this change at the shire.
Local resident and member Jenny Currell said fossil fuel divestment takes the fossil fuel industry to task for its role in the climate crisis. “Divestment sends a strong message that councils are committed to the health and security of current and future ratepayers and residents,” she said.
If Shire of Mundaring passes the new Investment Policy – by divesting – it will be among more than 500 institutions globally, representing funds of US$5.2 trillion, who are committed to making sure money is not invested in fossil fuels.
Jenny said the matter was also about environmental and financial sustainability. “Not only will it cost the council nothing, we hope that the fossil fuel divestment movement can help break the hold that the fossil fuel industry has on our economy and government.”
Last year was the hottest year on record globally. Prior to that, the hottest year was 2015. The bushfire season has increased by 20% in the last 35 years.
Michael Fabiankovits, a 350.org volunteer, said securing a safe climate means that 80% of all existing fossil fuel reserves must remain in the ground, yet many institutions continue to invest in these reserves.
“Although there are major environmental impacts it is also an ethical issue due the lasting effects of a warming climate on future generations, people in other parts of the world and other species,” Michael said.
For more information, contact Jenny Currell at Mundaring in Transition on 0418 899 391 or Michael Fabiankovits (350.org volunteer) 0414 802 998.”