A motion from Cr Jeff Johnson to be tabled at Ballina Shire Council’s meeting this week will ask the council to live up to its promise to act on the climate emergency, and divest from fossil fuel investments.
Cr Johnson will move:
- That Council resolves to stop investing in financial institutions that support the fossil fuel industry.
- That when existing cash term deposits expire they are to be invested in financial institutions with a secure credit rating that doesn’t support or have investments in the fossil fuel industry.
- That Council informs the financial institution when divesting the reason for changing institutions.
Cr Johnson originally moved a similar motion in November 2015, which was supported by a majority of councillors. At that time 57% of council’s investments were with institutions that were considered to be fossil fuel aligned.
Going backwards
Cr Johnson said that council’s investments in dirty energy had actually increased five years later, in November 2020, to 64%, despite the divestment strategy being council policy.
‘I see this as a clear failure particularly given that Ballina Council supported my motion to join at least 71 other local councils in declaring a Climate Emergency in November 2019,’ said Cr Johnson.
‘I understand that Council needs to invest ratepayers money in secure financial institutions and aim for the highest interest rate possible. I also feel that it is long overdue that one of the big four banks divested itself from supporting the fossil fuel industry,’ he said.
‘I’m sure if one of the big banks did this, then they would see a flood of money being injected into them by local councils (worth billions of dollars), large investors and superannuation funds.’
Jeff Johnson noted that Ballina, like all coastal communities, would be significantly impacted by sea level rises and predicted increases in the severity of storms and tidal surge as the climate emergency worsened.
Money talks and money can walk
Cr Johnson said it was alarming to see the expansion of the coal seam gas industry across the country despite widespread opposition from local communities.
‘Money talks and money can walk,’ said Cr Johnson.
‘It’s time that the local government sector played a bigger role in ending the finance for new fossil fuel ventures and did its bit to help Australia become carbon neutral by 2050 or earlier.’
Advance comments on the motion from Ballina Council staff have focused on the difficulties of increasing the percentage invested with non-fossil fuel aligned institutions, ‘primarily due to the fossil fuel aligned institutions being the major banks, who have the superior credit and risk ratings.’
Staff have also noted that council will need to substantially amend the risk parameters in the current Investments Policy to achieve the target of 100% of the investment portfolio being invested in non-fossil fuel aligned institutions.
The divestment issue will be debated at council’s meeting this Thursday.
More stories about Ballina Shire Council:
Ballina Council makes decision on Ross Lane
With the absence of all four of its progressive councillors for various reasons, Ballina Council pushed ahead with its agenda at yesterday's monthly meeting, including a decision which is likely to close Ross Lane for months while the road is upgraded.
Connecting community in Ballina
Want to connect with your local community groups? Ballina Council is inviting everyone to come along to the Ballina Shire Community Connections Expo on Saturday 29 August 2026, from 9am to 12pm at the Lennox Head Cultural Centre.
Another setback for biodiversity in Ballina
At its last meeting, Ballina Council decided not to finalise its biodiversity and habitat management plans, instead resolving to send the draft Development Control Plan back for another round of public consultation. Although the audio for this part of the...
Ballina Council wrap for July
Marred by technical difficulties and conflict across the chamber, Ballina Shire Council's July meeting still managed to get through a large agenda.
Ballina Council meeting tomorrow
This month Ballina Shire Council is set to debate clearing of wildlife habitat on Ross Lane, near Lennox Head, and parking arrangements near Alstonville Pool, among other issues.
For four decades The Echo has printed the stories some people loved, some people hated, and some pretended not to read. If you want us to keep telling the truth, the real truth, not the sugar-coated version. We’ll need your support to keep the presses rolling. 
