We call on Lord Mayor Clover Moore, Deputy Lord Mayor Robyn Kemmis, and the City of Sydney Council to:
1. Immediately freeze any new investments in fossil fuels.
2. Divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds with 5 years.
3. Begin to invest in renewable energy.
Why is this important?
As one of Australia's largest and often self proclaimed 'greenest' cities, the Councilors of Sydney must lead by example and make Sydney the first city in Australia to declare itself Fossil Fuel Free.
Profiting from the extraction, manufacturing, and burning of fossil fuels is both economically unviable and morally wrong. By divesting from hydrocarbon businesses, City of Sydney can instead invest in clean energy, contributing to a safer climate and investing in a more sustainable industry.
The worlds carbon budget for stopping more then 2 degrees of warming is set at 565 gigatonnes. Meaning 80% of the known fossil fuel reserves MUST stay in the ground. It is unacceptable for the City o Sydney to continue investing in the fossil fuel industry.
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