The Lismore City Council will decide next week whether to stop investing its funds in financial institutions that back fossil fuels.
Councilor Simon Clough has lodged a notice of motion that calls on the council to give preference to institutions that do not invest in or finance fossil fuels.
Cr Clough said it ‘makes sense’ to go fossil fuel free.
‘Councilors are aware of the strong stand that this council took against unconventional gas drilling and associated activities in this local government area,’ Cr Clough said.
‘Lismore council has been at the forefront of the recycling and recovery field and through its Renewable Energy Master Plan has committed to partnering with the community to become independent of the electricity grid over the next eight years.’
He said as long as the investment was compliant with the council’s investment policy, and the investment rate of interest was favourable, the council should maximize its investment in fossil fuel free investment products.
‘Should council decide to pass this motion, Lismore will be the fourth council in Australia to move towards fossil fuel free investments,’ he said.
‘Council will also be confirming its leadership position in renewable energy and the replacement of fossil fuels.’
Cr Clough’s motion follows the council’s push towards using renewable energy in its offices and facilities.
The Renewable Energy goal was a direct response to the ‘Imagine Lismore’ community consultation process, where the community envisaged ‘Lismore being a model of sustainability’.
In support of the community’s vision, the council set the challenge to become 100 per cent self-sufficient in electricity from renewable resources by 2023.
The goal was adopted by the council in the 10 year Imagine Lismore plan.
The Lismore City Council will meet on Tuesday at 6pm.