Invest ratepayer money with banks that don’t support the fossil fuel industry

Invest ratepayer money with banks that don’t support the fossil fuel industry

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350 Perth started this petition to City of Joondalup

The City of Joondalup is currently investing 64% of its $167M reserves in banks that support fossil fuel projects. However over February and March 2019 Council will be considering a report examining options for the City to place a greater percentage of invested funds into fossil fuel free banks.

We are 350 Perth volunteers who live in the City of Joondalup and who don’t want to see our ratepayer money being invested in banks that fund fossil fuel projects. Please sign if you agree. We have developed an approach that we believe will work for the City of Joondalup and still continue to meet their duty of care to invest ratepayer money wisely and safely. We have been talking to City councillors but we need your help to convince them that lots of residents feel the same way. Please sign the petition to show your support.

Local Governments rightly maintain high levels of reserves to ensure funding for future service delivery. While these are not directly invested in fossil fuel companies due to restrictions on investing in shares, Local Governments are indirectly exposed through placement of deposits with the four major Australian Banks which, since 2008, have funded an estimated $57.7 billion dollars’ of worth of coal and gas projects across the country (see www.marketforces.org.au/info/compare-bank-table/

Across Australia, a number of Local Governments have already committed to stop investing in fossil fuels including 14 Councils in Western Australia. This movement has also been supported by the WA Local Government Association (WALGA) which has also divested from fossil fuels and provided a report into the opportunities for local governments to divest. City of Joondalup has a climate action strategy but continues to negate all of its actions in that strategy by maintaining investments with banks that fund fossil fuel projects.

The 2018 IPCC report into climate change recommended setting an aspirational target of no more than 1.5°C of warming to avoid catastrophic impacts of climate change. At our current rate of burning fossil fuels that gives us only 3-10 years before we hit that point. But fossil fuel companies are currently banking on these targets not being met so are extracting these reserves and selling them – and are actively prospecting for more. In doing so they are setting the human race on a route to irreversible climate change that will cause rising seas, flooding, droughts, rising disease, increased conflicts and refugee crises. We are currently on a trajectory that will see over 3°C of warming by 2100.

Concerned governments at all levels must do their part to help deliver on this urgently needed move away from fossil fuels and prevent catastrophic climate change. Please help us to convince the City of Joondalup to join almost 1000 other institutional authorities around the world, including the Cities of London and New York and the country of Ireland to commence divesting from fossil fuels.

(Additional sources: https://www.arabellaadvisors.com/wp-content/uploads/2018/09/Global-Divestment-Report-2018.pdf
https://api.joondalup.wa.gov.au/files/councilmeetings/2018/CJ181211_MIN.pdf

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