Divestment is a financial management practice that is increasingly being adopted by the Australian local government sector. Generally, it involves moving money away from financial institutions that fund fossil fuel industries. To date, thirty councils have adopted formal policies to divest from fossil fuels to ensure that their financial management practices are not at odds with their objectives and commitments to take action on climate change.
The purpose of this research report is to share insights from councils who have implemented divestment strategies. It is based on desktop research and direct consultation with finance officers in six councils across the country. The findings and recommendations are intended to provide practical guidance to Victorian councils seeking to divest.