Oil Free Otago Press Release 28 April 2015

Dunedin Divests

A proud day for Dunedin; a win for the planet – and for the ratepayers

Oil Free Otago is proud the Dunedin City Council has voted to divest from fossil fuel extraction, along with tobacco, arms, gambling and pornography, in their Waipori Fund.

“This is a proud day for our city” said Oil Free Otago spokesperson Annabeth Cohen. “Our councillors have made a sound ethical and economic decision. Cities, universities and organisations worldwide are divesting from fossil fuel extraction companies because they are stranded assets. There are more fossil fuels in known reserves than we can afford to burn. In financial terms, as climate change increases and hard-to-reach fuel reserves become more costly to extract, fossil fuels will become high risk investments that will likely earn poor returns.”

“Today’s decision by the DCC shows long term thinking and makes us proud. It’s a win for the planet and a win for ratepayers. Thanks DCC!”