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Byron Shire
April 19, 2021

Tweed Council shies away from divestment

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Tweed Shire Council has again rejected a proposal to target its $200 million investment fund away from banking institutions supporting fossil fuels and coal seam gas.

The proposal to adopt an ethical investment screen addressed all previous legal, financial and budgetary objections. Despite the support of a petition of 400 signatures and evidence the proposal might actually increase interest returns, the council voted against an ethical screen.

Conservative councillors joined to reduce the proposal to more reporting without any change to investment policies. It was particularly disappointing that Cr Longland voted against divestment despite his stated position on coal seam gas. If ethics must always be seen as the enemy of business, then business can only blame itself for regulation.

Greg Reid, Murwillumbah

 


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