Melbourne council joins divestment ranks

Around 30 cities and counties internationally have made similar commitments, including Seattle, Dunedin, and Oxford. The announcement also comes hot on the heels of similar divestment commitments made by Local Government Super and the Anglican Diocese of Perth.

The decision affects millions of dollars in council investments – a May report showed the council had cash and investments of 36 million dollars. Moreland’s principal bank is the Commonwealth Bank, which like each of the ‘Big 4’ is a major lender to fossil fuel projects around the country, including controversial coal projects on the east coast.

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