Council Minutes - Section C: Notice of Motion - 16 February 2016
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Notice of Motion tabled at the Ordinary Meeting of Council on 16 February 2016 which was held at the Council Conference and Reception Centre in City Hall, Little Malop Street, Geelong.
Fossil fuel divestment is the removal of investment assets including stocks, bonds, and investment funds from companies involved in extracting fossil fuels in an attempt to reduce climate change.
Stranded assets occur when the reserves of fossil fuel companies are deemed environmentally unsustainable and so unusable and so must be written off. Currently the price of fossil fuels companies' shares is calculated under the assumption that all of the companies' fossil fuel reserves will be consumed, and so the true costs of carbon dioxide in intensifying global warming is not taken into account in a company's stock market valuation.
Recently, several residents have approached council in regard to these issues, and seeking council to take a position on them.
Cr Richards moved, Cr Macdonald seconded - That Council officers prepare a report for Council on all issues surrounding fossil fuel divestment and stranded assets.
Carried.
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