Australia’s coal city Newcastle backs green future, pulls out of fossil fuels
Australia’s city of Newcastle, New South Wales, which claims the world’s biggest coal export port, said Wednesday it will pull money out of fossil fuel industries as it invests in more sustainable enterprises.
Newcastle City Council, which manages a AU$268 million ( US$191 million) investment fund for Australia’s seventh largest city, voted late Tuesday to progressively move towards “environmentally and socially responsible investments.”
“Coal undoubtedly makes up a really significant portion of our local economy, but we’re also increasingly becoming an energy hub more broadly,” Councillor Declan Clausen told AFP.
“Coal exports are going to continue ... but we’ll also be focusing our investment away from really large, new, environmentally damaging resource projects towards things that are more sustainable in line with the changing expectations of the broader community.”