The City of Fremantle has announced it intends to divest from carbon intensive investments, passing modifications to its investment policy in August that give clear directions not to place council funds into banks or institutions that support fossil fuel industries.
The implications of the policy are now being put into practice, with an assessment being made of various financial institutions using guidelines developed by 350.org.
“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,” City of Fremantle Mayor Dr Brad Pettitt said.
