In Australia, fossil fuel divestment is being led by Universities and Local Councils as part of the global fossil fuel divestment campaign launched by 350.org in 2011. In 2015, the number of Australian councils with divestment commitments increased dramatically from 2 to 17. On 15 September 2016 the status of Australian council divestment was: Fossil free investment funds held by Australian Local Councils: 6,181,195,620 Number of Local Councils with fossil free divestment commitments: 27

Most Australian councils cannot invest in shares, meaning they have no investments directly in climate-change-contributing fossil fuel companies. However, most councils have exposure to fossil fuels via their term deposit accounts with the big Australian banks whom in turn are financing billions of dollars' worth of coal and gas projects across the country. Many councils have been identifying their exposure to 'fossil' banks and have found that the majority of Australian banks (particularly banks other than the 'big four') do not provide finance for the fossil fuel industry.

Research on which banks fund the fossil fuel industry, and those that do not, has been completed and is routinely updated by Market Forces an independent research organisation. Although there have been some public commitments indicating the Australian 'big four' banks will not invest in certain fossil fuel related projects, at 30 June 2016, the 'big four' remain heavily invested in fossil fuel.

Local Council Divestment by State or Territory Local Councils in Australia are the level of government that is most in touch with wishes and needs of the local community. A growing number of local councils have made commitments to divest their funds from fossil fuel companies and institutions.

Commitments and Documentation The following tables summarise the divestment actions and commitments of Australian local councils. The table includes references to documents recording council investment & divestment policies and divestment motions that were put before the council, voted on and passed. These documents can be used as a reference point for other councils considering fossil fuel divestment.

Council Amalgamations and Changes Note in 2016, several NSW local councils were subject to forced amalgamation by the NSW State Government. These councils were put under administration and the democratically elected councillors were sacked. The councils currently continue to operate but it is expected there will be changes resulting from the mergers and enforced state government policy. The motivation and justification for amalgamation appears to be due to objection to the proposed WestConnex motorway by the councils and the community. The Geographical boundaries of councils are also subject to periodic review. The following table refers to Councils as an organisational unit at the time the commitment is made.

Australian Capital Territory The existence of local government in Australia is an exclusive "power of the states or territories". Due to the relative small size of the ACT, there are no smaller local governments. The ACT government is responsible for the roles that are otherwise performed by a local council.

Council Divestment Date Population Funds at Time of Divestment Documentation Australian Capital Territory Aug 2015 390,800 $4,505,315,000

New South Wales

Council Divestment Date Population Funds at Time of Divestment Documentation Marrickville Council Jan 2015 83,356 $55,000,340 Leichhardt Municipal Council Mar 2015 58,136 $79,702,199 Lismore City Council Mar 2015 44,629 $50,017,029 Gloucester Shire Council Aug 2015 5,064 $6,419,922 Newcastle City Council Aug 2015 160,021 $286,104,501 Byron Shire Council Oct 2015 32,119 $75,962,424 Albury City Council Nov 2015 51,082 $81,190,223 Ballina Shire Council Nov 2015 41,644 $69,289,000 Randwick City Council Dec 2015 143,776 $75,091,000

Tasmania Council Divestment Date Population Funds at Time of Divestment Documentation Hobart City Council Apr 2015 50,655 $40,962,000

Victoria Council Divestment Date Population Funds at Time of Divestment Documentation Moreland City Council Oct 2014 163,488 $39,212,931 City of Melbourne Oct 2015 122,207 $12,596,569 Banyule City Council Nov 2015 125,503 $93,640,000 Macedon Ranges Shire Council Dec 2015 44,715 $5,946,000 City of Wodonga Mar 2016 38,131 $16,874,361 Mt Alexander Shire Council Apr 2016 18,102 $13,017,000 City of Ballarat Jun 2016 100,283 $76,854,921 Bass Coast Shire Jul 2016 31,623 $17,440,000

Western Australia Council Divestment Date Population Funds at Time of Divestment Documentation City of Fremantle Aug 2014 30,883 $100,184,940 Shire of Goomalling Feb 2015 991 $1,000,000 City of Armadale Nov 2015 77,586 $122,248,041 Town of Bassendean Mar 2016 16,288 $8,609,493 City of Stirling May 2016 227,367 $201,318,794 Town of East Fremantle Jun 2016 7,831 $5,702,520 City of Vincent Aug 2016 37,279 $19,683,412 City of Swan Sep 2016 130,013 $121,813,000

Other States In South Australia, Northern Territory and Queensland, there are no known council fossil fuel divestments at this time.

Community Support and Information Sources Local community groups around Australia are supporting Australian councils to divest. The results of their work has been compiled by Fossil Free Australia and the source of information comes from publicly available sites and documents found in the Public domain.

See also Divestment Fossil fuel divestment ANU – Australian National University

References