Two years to sell DCC investments

Going ethical means the Dunedin City Council will have to cull up to $2.668 million of investments, but saying no to pornography will require no change.

This comes as the council's decision to go with an ethical investment policy for the Waipori Fund split Otago Daily Times readers who responded to a Teletopics survey, with 43% against the move and 57% supporting it.

Those who responded by email had strong views, with one opponent saying the decision to ''lump'' fossil fuels with tobacco and pornography was ''simplistic nonsense'', while a supporter compared the move to abolishing slavery.

The council yesterday revealed going with the policy meant it would have two years to get rid of up to $2.668 million of investments from the $76.943 million fund.

As of last month it had $1.965 million invested in petroleum companies, up from $1.7 million at the start of this year,

$703,000 in Sky City shares (gambling) and no investments in pornography, tobacco or arms companies.

It had $332,000 worth of direct investments in alcohol companies, but these would not be affected as councillors decided against including alcohol in the policy.

Council group chief financial officer Grant McKenzie said the next step was for a ''Socially Responsible Investment Policy'' to be prepared.

''Once the council has approved the policy, Dunedin City Treasury Ltd will have two years to sell Waipori Fund assets which are in the categories the council has decided to exclude from direct investment: tobacco, armaments, gambling and fossil fuel extraction.''

It was important to note petroleum companies were ''not necessarily'' the same as ''fossil fuel extraction companies''.


They said it
- This decision is the only responsible one to make in the face of our current knowledge about the damage the burning of fossil fuels is doing to a liveable future climate (Rosemary Penwarden - Waitati)
- To lump all fossil fuels as a single category and then to further bracket this category with tobacco and pornography is simplistic nonsense (David Keen - Port Chalmers)
- At last, a NZ Council making a sensible, ethical, change for good. Well done and the pressure will now be on to spread this throughout all of New Zealand Leonie Johnsen
DCC councillors are elected to run the City of Dunedin on behalf of ratepayers in the most efficient manner, using legal means. They are in no way mandated to make investments of public funds selectively, on the basis of their particular morality (John Alliott - Halfway Bush)
Congratulations to the DCC on divesting from companies that result in death and destruction (Pat Scott - Mosgiel)
If these councillors truly believe, they would immediately stop using anything derived from fossil fuel or produced using it (Lindsay McLeod)


A pack of circus clowns ,

A pack of circus clowns, keep the investments if giving a good return and also promote mining and drilling; and divert some of royalties, etc  into charging stations and r&d in alternatives, pack of reactionaries with no long term plan.

Keep fiddling while Rome burns

Keep fiddling DCC while the city slides further into the mire, if this stupid idea is top of council's agenda then there is no hope, there are more serious issues that need addressing -or are the real issues just too hard to face up to.


Is this simply designed to deflect attention from the council funneling more cash to DVML? It worked!

Well done DCC

Congratulations to the DCC for the decision not to invest in fossil fuels, let's invest in sustainable energy instead and think about putting our environment and future generations as a top priority.

Well how about promoting

Well how about promoting alternatives energy sources  as other cities do by allowing free electrical car charging ?

or is that too hard..


Get rid of the dead wood

When common sense has been overtaken by hypocrisy, it's time to get rid of the dead wood.

The councillors need reminding that they serve the people and the city and not their self-ideological interests, especially when they don't live up to those ideals that they espouse.

Shooting own foot again

Our council is shooting themselves on the foot again. On one hand, they are welcoming oil companies to set up operations here, and now the joke on them of lumping fossil fuel with gambling, pornography, tobacco and arms companies together.

We (including every council member) require fossil fuel for the next 10/20 years, until a time where cheap green alternatives are available. 

Given a choice, nobody like to use fossil fuel, but as of now, let's be practical. Let's recognise that billions and billions of dollars are spent every year searching for cheap green alternatives globally.

But to date, the cost of adoption of such green alternatives is still pretty high for the average household.

So please, don't stand on high moral grounds due to pressure and shoot yourself on the foot. We need the jobs here. If that is our council policy, oil companies will get the signal and move elsewhere. 

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