Vote for fossil fuel free investments
AlburyCity has voted to preference investments with financial institutions that do not support the fossil fuel industry.
Council would only preference these investments after taking into account the rate of return and credit rating of the investment compared to other investments available at the time.
The new Mayor of AlburyCity, Cr Mayor Henk van de Ven, said it was a proactive move that reflected a global push to divest from fossil fuels.
"Residents are also thinking more carefully about where their money is invested and what the consequences of that are and this is a reflection of that," Cr van de Ven said.
"These proposed revisions to Council's policy strike a better balance between preserving the capital invested, optimising the rate of return on funds invested and utilising green investment options.
"Several Councils around Australia have made similar decisions and more are looking at divesting from fossil fuel."
The draft revised Investment Policy and Procedure has been released for public comment and residents are encouraged to have their say.
People can view the documents online at alburycity.nsw.gov.au/publicexhibition or at Council's Kiewa St offices.
Residents can have their say before 30 October by writing to PO Box 323, Albury, NSW, 2640, or emailing firstname.lastname@example.org.