THE City of Fremantle has decided it will no longer use banks or financial institutions that support fossil-fuel industries.
The City will become the first local government in Australia to do so.
Fremantle Mayor Brad Pettitt said council funds would not be placed into these institutions unless there was no other option available to the City.
‘Climate crisis is a serious threat to current and future generations locally, nationally and internationally and most world governments have agreed through the 2009 Copenhagen Accord that any warming above a 2C rise would be unsafe, and that future carbon emissions release should be significantly limited,’ he said.
‘It’s therefore the responsibility of our banks, superannuation funds and governments that have custody of our money to use this money to protect, and not damage, our environment.
‘The City has already committed to carbon neutrality and more recently became the joint first One Planet council in Australia, so divesting funds away from financial instruments that might increase the overall investment in fossil-fuel industries was a logical next step to take.’