Newcastle City Council Investment Policies

The majority voted against a motion introduced by NSW Senator Lee Rhiannon (Greens), which means it failed.

Motion text

That the Senate—

(a) notes that:

(i) Newcastle City Council recently passed an update to its investment policies that notes the Council's preference for environmentally and socially responsible investment, and notes reports that this policy will see the Council shift its investments away from coal and fossil fuels,

(ii) the decision has been heavily criticised by the Minister for Industry and Science (Mr Macfarlane), despite warnings from scientists that Australia must act to stave off catastrophic climate change, and

(iii) an opinion poll conducted after the Council's decision found that only one in four Newcastle residents think investing in coal is financially safe; and

(b) congratulates the Newcastle City Council on updating its investment policy and joining councils across New South Wales, such as Lake Macquarie City Council, Willoughby Council, the City of Sydney, Marrickville Council, Leichhardt Council and Lismore City Council, in adopting policies regarding environmentally and socially responsible investment.