EMRC adopts new fossil fuel divestment policy

Published: Tuesday, 26 February 2019 at 9:30:54 AM

Up to 15% of the Eastern Regional Metropolitan Council’s investments will be diverted from financial institutions which support fossil fuel industries, following a historic Council decision last week (Thursday, 21 February).

 

The EMRC Council voted unanimously to amend its investment policy in favour of banks and other lenders which have switched their lending policies towards renewable technologies, such as solar and wind power generation, at the expense of investment in fossil fuel industries.

 

EMRC Chairman David McDonnell said: “As members of a responsible local government organisation, we have kept ourselves fully up-to-speed on the potential long-term impact of climate change on the communities served by the EMRC and our six member Councils.

 

“Following a process which began last year, the EMRC undertook a careful assessment of the opportunities now available from lenders and deposit-taking institutions which avoid investment in potentially harmful environmental activities.

 

“The Council’s decision, reached after a thorough investigation of the issues involved and a recommendation from our Investment Committee, underlines our unwavering commitment towards safeguarding the long-term future of our communities and environment.”

 

A range of issues including compliance with risk management policies and securing favourable rates of interest were considered as part of the approval process.

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