THE City of Swan has committed to making more ethical financial investments where possible, with the introduction of a non-fossil fuel investment clause.
A week after the Town of Vincent voted to shift its investments away from coal, oil and gas last week, City of Swan councillors have voted unanimously to follow suit.
Swan Mayor Mick Wainwright said the clause was added to the City’s Investment of Surplus Funds policy. “The clause states that the City will ensure its financial investments consider investing with non-fossil fuel banks,” he said.
“We have a responsibility to our rate payers and our environment and this needed to be reflected in our investment portfolio policy.”
The withdrawal will see the City of Swan move $122 million in investments away from fossil fuels, joining 550 other institutions worldwide that have committed to consider divestment.
Swan Valley and Gidgegannup Ward Councillor Darryl Trease said the City was always looking at ways to improve its standing as a green organisation.
“The City is already committed to being both sustainable and environmentally conscious through a number of green initiatives,” he said.
“These initiatives include holding sustainable living workshops and programs and supporting green energy billing options and carbon offsets, so the City is proud to add this clause to the list.”
Eight councils in WA and 27 countries nationally have divested from fossil fuels so far.