Australian Local Government Fossil Fuel Divestment

Last updated

Go Fossil Free attending a City of Sydney council meeting DivestmentActionAtCityOfSydneyCouncilMeeting.jpg
Go Fossil Free attending a City of Sydney council meeting

In Australia, fossil fuel divestment is being led by Universities and Local Councils as part of the global fossil fuel divestment campaign launched by 350.org in 2011. In 2015, the number of Australian councils with divestment commitments increased dramatically from 2 to 17. [1] On 15 September 2016 the status of Australian council divestment was:

Contents

Most Australian councils cannot invest in shares, meaning they have no investments directly in climate-change-contributing fossil fuel companies. However, most councils have exposure to fossil fuels via their term deposit accounts with the big Australian banks whom in turn are financing billions of dollars worth of coal and gas projects across the country. [3] Many councils have been identifying their exposure to 'fossil' banks and have found that the majority of Australian banks (particularly banks other than the 'big four') do not provide finance for the fossil fuel industry.

Research on which banks fund the fossil fuel industry, and those that do not, has been completed and is routinely updated by Market Forces [4] an independent research organisation. Although there have been some public commitments [5] indicating the Australian 'big four' banks will not invest in certain fossil fuel related projects, at 30 June 2016, the 'big four' remain heavily invested in fossil fuel.

Local Council Divestment by State or Territory

Local Councils in Australia are the level of government that is most in touch with wishes and needs of the local community. A growing number of local councils have made commitments to divest their funds from fossil fuel companies and institutions.

Commitments and Documentation
The following tables summarise the divestment actions and commitments of Australian local councils. The table includes references to documents recording council investment & divestment policies and divestment motions that were put before the council, voted on and passed. These documents can be used as a reference point for other councils considering fossil fuel divestment.

Council Amalgamations and Changes
Note in 2016, several NSW local councils were subject to forced amalgamation by the NSW State Government. These councils were put under administration and the democratically elected councillors were sacked. The councils currently continue to operate but it is expected there will be changes resulting from the mergers and enforced state government policy. The motivation and justification for amalgamation appears to be due to objection to the proposed WestConnex motorway by the councils and the community. The Geographical boundaries of councils are also subject to periodic review. The following table refers to Councils as an organisational unit at the time the commitment is made.

Australian Capital Territory

The existence of local government in Australia is an exclusive "power of the states or territories". Due to the relative small size of the ACT, there are no smaller local governments. The ACT government is responsible for the roles that are otherwise performed by a local council.

CouncilDivestment DatePopulationFunds at Time of DivestmentDocumentation
Australian Capital TerritoryAug 2015390,800$4,505,315,000 [6]

New South Wales

CouncilDivestment DatePopulationFunds at Time of DivestmentDocumentation
Marrickville CouncilJan 201583,356$55,000,340 [7]
Leichhardt Municipal CouncilMar 201558,136$79,702,199 [8] [9] [10] [11]
Lismore City CouncilMar 201544,629$50,017,029 [12]
Gloucester Shire CouncilAug 20155,064$6,419,922 [13]
Newcastle City CouncilAug 2015160,021$286,104,501 [14]
Byron Shire CouncilOct 201532,119$75,962,424 [15]
Albury City CouncilNov 201551,082$81,190,223 [16] [17]
Ballina Shire CouncilNov 201541,644$69,289,000 [18]
Randwick City CouncilDec 2015143,776$75,091,000 [19]

Tasmania

CouncilDivestment DatePopulationFunds at Time of DivestmentDocumentation
Hobart City CouncilApr 201550,655$40,962,000 [20]

Victoria

CouncilDivestment DatePopulationFunds at Time of DivestmentDocumentation
Moreland City CouncilOct 2014163,488$39,212,931 [21]
City of MelbourneOct 2015122,207$12,596,569 [22]
Banyule City CouncilNov 2015125,503$93,640,000 [23]
Macedon Ranges Shire CouncilDec 201544,715$5,946,000 [24]
City of WodongaMar 201638,131$16,874,361 [25]
Mt Alexander Shire CouncilApr 201618,102$13,017,000 [26]
City of BallaratJun 2016100,283$76,854,921 [27]
Bass Coast ShireJul 201631,623$17,440,000 [28]

Western Australia

CouncilDivestment DatePopulationFunds at Time of DivestmentDocumentation
City of FremantleAug 201430,883$100,184,940 [29] [30]
Shire of GoomallingFeb 2015991$1,000,000 [31]
City of ArmadaleNov 201577,586$122,248,041 [32] [33]
Town of BassendeanMar 201616,288$8,609,493 [34]
City of StirlingMay 2016227,367$201,318,794 [35]
Town of East FremantleJun 20167,831$5,702,520[ citation needed ]
City of VincentAug 201637,279$19,683,412[ citation needed ]
City of SwanSep 2016130,013$121,813,000[ citation needed ]

Other States

In South Australia, Northern Territory and Queensland, there are no known council fossil fuel divestments at this time.

Community Support and Information Sources

Local community groups around Australia are supporting Australian councils to divest. The results of their work has been compiled by Fossil Free Australia and the source of information comes from publicly available sites and documents found in the Public domain. [36]

See also

Related Research Articles

Green politics, or ecopolitics, is a political ideology that aims to foster an ecologically sustainable society often, but not always, rooted in environmentalism, nonviolence, social justice and grassroots democracy. It began taking shape in the western world in the 1970s; since then green parties have developed and established themselves in many countries around the globe and have achieved some electoral success.

<span class="mw-page-title-main">City of Merri-bek</span> Local government area in Victoria, Australia

The City of Merri-bek is a local government area in metropolitan Melbourne, Australia. It comprises the inner northern suburbs between 4 and 11 kilometres from the Melbourne CBD. The Merri-bek local government area covers 51 km2 (20 sq mi), and in June 2018, it had a population of 181,725.

Local government is the third level of government in Australia, administered with limited autonomy under the states and territories, and in turn beneath the federal government. Local government is not mentioned in the Constitution of Australia, and two referendums in 1974 and 1988 to alter the Constitution relating to local government were unsuccessful. Every state/territory government recognises local government in its own respective constitution. Unlike the two-tier local government system in Canada or the United States, there is only one tier of local government in each Australian state/territory, with no distinction between counties and cities.

<span class="mw-page-title-main">Wyong Shire</span> Former local government area in New South Wales, Australia

Wyong Shire was a local government area located in the Central Coast region of New South Wales, Australia. The incorporation of the Wyong area dates back to 7 March 1906 when the entire area of the Brisbane Water Police District outside of the Town of Gosford was proclaimed as the Erina Shire. From 1 January 1947, local government in the Central Coast region was reorganised, creating Gosford Shire and Wyong Shire, which comprised Erina Shire north and east of Kulnura, Central Mangrove and Lisarow.

<span class="mw-page-title-main">City of Kogarah</span> Former local government area in New South Wales, Australia

The City of Kogarah was a local government area in the St George region of southern Sydney, in the state of New South Wales, Australia. The centre of the city is located 14 kilometres (8.7 mi) south-west of the Sydney central business district and west of Botany Bay.

<span class="mw-page-title-main">City of Hawkesbury</span> Local government area in New South Wales, Australia

The City of Hawkesbury is a local government area of New South Wales, Australia, the City of Hawkesbury is located on the North and North Western edge of the Greater Sydney region and is adjacent to the Sydney metropolitan area, about 50 kilometres (31 mi) north-west of the Sydney central business district. Hawkesbury City is named after the Hawkesbury River.

<span class="mw-page-title-main">City of Unley</span> Local government area in South Australia

The City of Unley is a local government area in the Adelaide metropolitan region. It is located directly south of the Adelaide city centre.

<span class="mw-page-title-main">Cooma-Monaro Shire</span> Former local government area in New South Wales, Australia

Cooma-Monaro Shire was a local government area located in the Monaro region of southern New South Wales, Australia. The area was named after the former Cooma Municipality and the former Monaro Shire, that were amalgamated to create it. The Municipality of Cooma was established in 1879, and the Monaro Shire was one of several shires established in 1906. The Monaro Shire and Cooma Municipal Council amalgamated in 1981. On 11 February 2004, Cooma-Monaro Shire absorbed a small part of the former Yarrowlumla Shire, near Michelago.

<span class="mw-page-title-main">Cabonne Council</span> Local government area in New South Wales, Australia

Cabonne Council is a local government area in the Central West region of New South Wales, Australia. The Shire is located adjacent to the Mitchell Highway and the Broken Hill railway line, partly surrounding the City of Orange. The administrative centre is located at Molong.

<span class="mw-page-title-main">Gundagai Shire</span> Former local government area in New South Wales, Australia

Gundagai Shire was a local government area in the Riverina region of New South Wales, Australia. On 12 May 2016, Gundagai Shire was abolished and merged with the neighbouring Cootamundra Shire to establish Cootamundra-Gundagai Regional Council.

The California State Teachers' Retirement System (CalSTRS) provides retirement, disability and survivor benefits for California's 965,000 prekindergarten through community college educators and their families. CalSTRS was established by law in 1913 and is part of the State of California's Government Operations Agency. As of September 2020, CalSTRS is the largest teachers' retirement fund in the United States. CalSTRS is also currently the eleventh largest public pension fund in the world. As of October 31, 2020, CalSTRS managed a portfolio worth $254.7 billion.

<span class="mw-page-title-main">New Zealand Superannuation Fund</span> Sovereign wealth fund of New Zealand

The New Zealand Superannuation Fund is a sovereign wealth fund in New Zealand. New Zealand currently provides universal superannuation for people over 65 years of age and the purpose of the Fund is to partially pre-fund the future cost of the New Zealand Superannuation pension, which is expected to increase as a result of New Zealand's ageing population. The fund is a member of the International Forum of Sovereign Wealth Funds and is therefore signed up to the Santiago Principles on best practice in managing sovereign wealth funds.

Christopher Gulaptis is an Australian politician who was a member of the New South Wales Legislative Assembly. He represented Clarence for The Nationals from the 2011 by-election until his retirement in March 2023.

<span class="mw-page-title-main">Carbon bubble</span> Hypothesized economic bubble involving fossil-fuel energy producers

The carbon bubble is a hypothesized bubble in the valuation of companies dependent on fossil-fuel-based energy production, resulting from future decreases in value of fossil fuel reserves as they become unusable in order to meet carbon budgets and recognition of negative externalities of carbon fuels which are not yet taken into account in a company's stock market valuation.

<span class="mw-page-title-main">Fossil fuel divestment</span> Removal of investment in companies involved in extracting fossil fuels to reduce climate change

Fossil fuel divestment or fossil fuel divestment and investment in climate solutions is an attempt to reduce climate change by exerting social, political, and economic pressure for the institutional divestment of assets including stocks, bonds, and other financial instruments connected to companies involved in extracting fossil fuels.

DC Divest is an advocacy campaign that seeks to get Washington, D.C., to remove investments in fossil fuel companies from its investment portfolios, to raise awareness of local climate impacts, and support local climate activism. It is one of hundreds of locally focused campaigns worldwide taking part in the fossil fuel divestment movement, which seeks to increase the sense of urgency among elected officials, financial leaders, and the public around the need for political and social action to mitigate the worst effects of climate change.

<span class="mw-page-title-main">Inner West Council</span> Local government area in New South Wales, Australia

Inner West Council is a local government area located in the inner western region of Sydney in the state of New South Wales, Australia. The council makes up the eastern part of this wider region, and was formed on 12 May 2016 from the merger of the former Ashfield, Leichhardt and Marrickville councils.

Carbon Tracker is a London-based not-for-profit think tank researching the impact of climate change on financial markets.

<span class="mw-page-title-main">Carla Denyer</span> Co-Leader of the Green Party of England and Wales

Carla Suzanne Denyer is a British politician who has served as co-leader of the Green Party of England and Wales alongside Adrian Ramsay since 1 October 2021. She has been a city councillor in Bristol since 2015. She is also noted for her lead role in bringing about Bristol City Council's declaration of a climate emergency in 2018, which was the first in Europe.

<span class="mw-page-title-main">Climate emergency declarations in Australia</span>

Climate Emergency is being declared in Australia similarly to many other jurisdictions across the world. One such jurisdiction in Australia, Darebin City Council, was the first one in the world to declare a climate emergency in 2016. This page lists all known climate emergency declarations within Australian jurisdictions across all three levels of government in Australia.

References

  1. ↑ "350.org.au – Local Government Leadership on Fossil Fuel Divestment – Published November 2015" (PDF).
  2. ↑ "Fossil Free Councils – gofossilfree.org.au/fossil-free-councils".
  3. ↑ "Aligning Council Money With Council Values" (PDF). Archived from the original (PDF) on 26 February 2016. Retrieved 19 July 2016.
  4. ↑ "Market Forces: Fossil fuels – where does your bank stand?".
  5. ↑ "Adani and Commonwealth Bank part ways".
  6. ↑ "ACT Government to divest from fossil fuels".
  7. ↑ "Marrickville Council – Council Meeting Minutes – 25 Nov 2014 – page 6".
  8. ↑ "LEICHHARDT COUNCIL VOTES TO DIVEST FROM FOSSIL FUELS – 11 March 2015".
  9. ↑ "Leichhardt Municipal Council – COUNCIL LEADING THE WAY ON FOSSIL FUEL DIVESTMENT – 2016".
  10. ↑ "Leichhardt Municipal Council – Policy Meeting Minutes – 10 March 2015 – Page 12".
  11. ↑ "Leichhardt Municipal Council – FOSSIL FUEL DIVESTMENT: COST/BENEFIT ANALYSIS Policy Meeting Report – 10 March 2015 – Page 36".
  12. ↑ "Lismore City Council – ORDINARY MEETING Minutes – 10 March 2015 – Section 9.2".
  13. ↑ "Gloucester Shire Council – MINUTES OF THE ORDINARY MEETING – 19 August 2015 – Item 146/15". Archived from the original on 20 December 2016. Retrieved 19 July 2016.
  14. ↑ "City of Newcastle – Minutes of Ordinary Council Meeting – 25 August 2015 – Item 64 – Page 23".
  15. ↑ "Byron Shire Council – ORDINARY MEETING Minutes – 8 October 2015 – Motion 9.2".
  16. ↑ "Albury City Council – Investment Policy – November 2015 – Page 3 – Item 5".[ permanent dead link ]
  17. ↑ "Albury City Council – Meeting Minutes – 23 November 2015 – Page 4- Item 7C".[ permanent dead link ]
  18. ↑ "Ballina Shire Council – Item 13.1 – Notice of Motion – Divestment from Fossil Fuel Aligned Financial Institutions – 26 Nov 2015 – Page 122".
  19. ↑ "Randwick City Council – ADMINISTRATION AND FINANCE COMMITTEE MEETING BUSINESS PAPER – 1 December 2015 – Page 15".
  20. ↑ "Hobart City Council – Minutes – 27 April 2015 – Page 35-36, & Attachment" (PDF). Archived from the original (PDF) on 18 March 2016. Retrieved 19 July 2016.
  21. ↑ "Moreland City Council – MINUTES OF THE COUNCIL MEETING – 10 June 2015 – Page 10". Archived from the original on 30 March 2016. Retrieved 20 July 2016.
  22. ↑ "City of Melbourne – Council Meeting Minutes – 27 October 2015 – Page 6" (PDF).
  23. ↑ "Banyule City Council – Ordinary Meeting of Council Minutes – 9 November 2015 – Page 14" (PDF).
  24. ↑ "Macedon Ranges Shire Council – Council Meeting Minutes – 16 December 2015 – Page 29-30". Archived from the original on 19 August 2016. Retrieved 20 July 2016.
  25. ↑ "City of Wodonga – Minutes for the Ordinary meeting of the council – 21 March 2016 – Page 46-52" (PDF).
  26. ↑ "Mt Alexander Shire Council – MINUTES FOR THE ORDINARY MEETING OF COUNCIL – 12 April 2016 – Page 55-58" (PDF).
  27. ↑ "City of Ballarat – Ordinary Council Meeting Minutes – 8 June 2016 – Page 12" (PDF). Archived from the original (PDF) on 19 August 2016. Retrieved 20 July 2016.
  28. ↑ "Bass Coast Shire Council – Agenda for Ordinary Meeting – Wednesday 20 July 2016 – Page 80". Archived from the original on 24 October 2016. Retrieved 24 October 2016.
  29. ↑ "City of Fremantle – Minutes of Ordinary Meeting of Council – 27 August 2014 – Page 101" (PDF).
  30. ↑ "City of Fremantle – Policy SG41 – Investment – 27 August 2014" (PDF).
  31. ↑ "Shire of Goomalling – Minutes of – 4 February 2015 – Page 15 – Item 12.4".
  32. ↑ "City of Armadale – Ordinary Meeting of Council Minutes – 23 November 2015 – Pages 7–8" (PDF).
  33. ↑ "City of Armadale – Policy Manual Procedures and Practices – FIN 4 – 23 November 2015 – Pages 82, 277–279" (PDF).
  34. ↑ "Town of Bassendean – Minutes [of the] Ordinary Council Meeting – Item 10.16 – 22 March 2016". Archived from the original on 13 September 2016. Retrieved 22 July 2016.
  35. ↑ "City of Stirling – Minutes of the Ordinary Meeting – Item 10.16 – 3 May 2016 – Page 323" (PDF).
  36. ↑ "Fossil Free Australia".
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.