The City of Melbourne has committed not to invest in fossil fuels, making it the 10th and largest Australian City Council to join the global fossil free movement. The motion, which was put up by Councillor Arron Wood was passed with unanimous support.

It commits Council to:

• not investing in fossil fuel or fossil fuel aligned companies;
• call upon their default superannuation fund – Vision Super – to create a fossil fuel free investment option for its members;
• consider fossil fuel exposure when deciding which banks to award Council’s transactional banking contract when services are next tendered.

Announcing Council’s commitment, Councillor Wood said, ‘To transition to a clean energy future is not only good for the environment, it is a very smart long-term business decision.’

The Notice of Motion can be found here.