Stirling votes to support fossil fuel-free investments

CITY of Stirling has voted to support fossil fuel-free investments in an effort to combat climate change and improve transparency.

On Tuesday, Councillors unanimously supported an Approved Borrowers clause that aims to give preference to financial institutions and products that do not finance the fossil fuel industry.

Michael Fabiankovits, Perth co-ordinator of climate action group 350, said the City had taken a step in the right direction at a time when temperature records were being “smashed” due to climate change.

“As the biggest WA council with a very successful track record of financial due diligence they are a shining example to other councils of balancing moral and ethical investing with financial success and security,” he said.

“By committing to policy a preference for banks that do not invest in fossil fuels they have shown a commitment to the welfare of current and future ratepayers and residents.

The Dianella resident said the City should be commended for having 70 per cent of funds in fossil fuel-free banks for the past 10 years.

The council report said the clause would “improve transparency and encourage responsible investment choices”.