Fossil fuel divestment proposal attacked as 'Greens agenda'

Moving its investments out of financial institutions investing in fossil fuels, like coal mining, could improve the council's return on its investments.
Moving its investments out of financial institutions investing in fossil fuels, like coal mining, could improve the council's return on its investments. Robert Rough

A PROPOSAL for Clarence Valley Council to divest itself of fossil fuel interests in its term deposits has been attacked as part of a "Greens agenda".

Cr Arthur Lysaught described the proposal, outlined in a notice of motion from Greens Cr Greg Clancy, as "pure politics, straight out of the Greens handbook".

But Cr Lysaught's views were not shared by other councillors, who were more than happy to explore the opportunities alternative investments offered.

During questions the council's director corporate, Ashley Lindsay, told the councillors moving away from the big four banks, which was a key recommendation of the notice of motion, could result in higher returns.

"There's nothing wrong with it (divesting) if you're prepared for a higher risk," he said.

"There is an increased risk in investing in a lower rated institution, but there is a higher return on your investment for that risk. The greater the risk, the greater the return."

Mr Lindsay also noted, in reply to a question from the Mayor Jim Simmons, that divesting from the major banks could affect the council's capacity to borrow in the future.

"We've got the major part of our debt with the National Australia Bank and they like to have invested funds to offset borrowings.

"Potentially withdrawing from NAB could hurt us if we're going to the market for loans. It might be restrictive.

"But given the council's attitude on debt we're not likely to be be looking to borrow in the short term."

Cr Andrew Baker said divestment could help the council respond to the TCorp report on the council's finances that said council needed to look at different ways of increasing its revenue.

"But it would be prudent for council to analyse this further so we don't compromise our borrowing ability," he said.

Deputy mayor Jason Kingsley moved to amend the notice of motion to defer it to the November council meeting to give staff a chance to explort the impace of divesting from fossil fuel aligned financial institutions.

The councillors voted 7-1 for the amended motion, with Cr Lysaught the lone dissenter.

Topics:  divestment fossil fuels greens greg clancy

A fur go for this local icon

Bright sparks help panicked koala up a power pole

Scammers strike more often than hackers: IT specialist

SCAM ALERT: Australia Post published this fake email on its website on January, 11, 2017, warning people its a scam and not to click or past the link into your internet browser. 'Delete the email immediately'.

"Everything locks up; then a ransom note comes up."

Eight saved in mass rescue at Pippi Beach

Red and yellow beach flag at Mooloolaba Beach. Photo:Warren Lynam / Sunshine Coast Daily

Lifeguards performed "impressive" rescue Tuesday morning

Local Partners

Baird will be 'sorely missed'

Member for Clarence Chris Gulaptis says the Clarence Valley has benefited from Mike Baird's time as Premier.

5 things to do this weekend

Lower Clarence Relay for Life Swim

Looking for something to do this weekend?

Puppetry of the Penis secrets revealed ahead of show

The famed Puppetry of the Penis is coming to the Sunshine Coast for shows in Noosa and Caloundra.

WARNING: This interview contains adult themes and traces of nuts

Artist program to link to gallery theme

VALUABLE STINT: Indigenous artist Karla Dickens at work in Grafton Regional Gallery's studio during her 2010 artist's residency.

Gallery encouraging indigenous artists to take up residency offer

J.K. Rowling writes through severe back pain

An aching back couldn't stop J.K. Rowling catching inspiration

Elsa voice actor's son hates Frozen

Idina Menzel's son "hates" his mother's most famous film 'Frozen'

Chrissy Teigen likes her "soft" stretch marks

Stretch marks are no problem for Chrissy Teigen

Naomie Harris in the dark over Daniel Craig's future as 007

Naomie Harris has no idea if Daniel Craig will be returning as 007

REVIEW: Will Kasey Chambers' Dragonfly take off with fans?

Kasey Chambers’ new album Dragonfly gets 3.5 stars from Cameron Adams.

CHAMBERS is back with her 11th studio album.

Ed Sheeran wants Beyonce collaboration

Ed Sheeran wants to record a duet with Beyoncé.

Thousands of jobs part of $1b retirement village project

THIS YEAR: An artist impression of the new Aveo retirement village in Springfield.

Aveo Springfield unveiled this month, homes ready by July

Rates safe from land value hike

DRIVING GROWTH: The Pacific Highway upgrade has been linked to improved land values.

Figures up in latest valuer-general report

KNIFE-EDGE: The housing tightrope we now face

Even the smallest interest rate rise will be hard for some to handle.

One if five home owners at risk, according to new analysis

Historical home leaves family's hands after 75 years

SALE CONFIRMED: The Gympie Regional   Realty team which sold the Ramsey property are (back) Mel Gastigar, Dorothy Palmer and Margaret Cochrane, with (front) home seller Terri-Jayne Ramsey.

Ramsey family played a huge role in Gympie's growth.

Pat Rafter's $18m Coast home proves hot property

PAT'S PAD: The Sunshine Beach home of tennis ace Pat rafter is on the market for a record price.

"It's a record for our company and for the Sunshine Coast.''

Ready to SELL your property?

Post Your Ad Here!