Dunedin City Council is currently asking for input on their ethical investment policy. They want to know which industries you think they should screen out as unethical. We think the #1 driver of climate change deserves a spot on that list!
Make a submission on the Dunedin City Council Annual Plan by 5pm, Tuesday, 15 April. Ask them to take Dunedin’s money out of fossil fuels!
How do you make a submission?
1. Follow this link to the council’s online submission form. Fill out the Your Details section, then keep scrolling down to the section on Waipori Fund – Ethical Investing.
- The council should exclude direct and indirect investment in all companies whose main business is the extraction of fossil fuels.
- Globally, oil, coal and gas companies have plans to dig up 5 times the CO2 we can afford to burn in order to give ourselves an 80% chance of keeping global warming to 2 degrees C. Investing in fossil fuel companies means investing in these plans – which is an unethical investment fueling climate change .
- There is a global movement to divest from fossil fuels with universities, churches, banks, pension funds and 24 US cities already divested or committing to divest. More information and resources are available at www.gofossilfree.org/nz.
- Divesting from fossil fuels does not need to mean a financial loss – a number of financial institutions have recently written reports on divestment from fossil fuels and the carbon bubble – you can find a selection of key reports at www.350.org.nz/gofossilfree/resources-for-investment-advisors/
3. Ask your family, friends and colleagues to make a submission as well! Send them this blog post, share the graphic on Facebook or tweet about it.
More info:
Dunedin City Council holds $1.7 million in shares in petroleum companies. This makes up about 5% of the council’s investments through the Waipori Fund. The Waipori fund also invests in trusts, which may hold additional investments in fossil fuels.
It is absolutely possible for the council to exclude fossil fuels from their investment portfolio, it is very common for funds to screen out companies or sectors.
It is a myth that divesting from fossil fuels means taking a large financial loss. Check out this report from UK assest management firm Impax. Or head to www.350.org.nz/gofossilfree/resources-for-investment-advisors for a collection of key financial reports.