Aus­tralia’s coal city New­cas­tle backs green fu­ture, pulls out of fos­sil fu­els

The China Post - - WORLD BUSINESS -

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.”

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