I read with great disbelief Ted Nettle’s letter of 14 February 2018. He claims the Greens motion “requires that funds only be divested from fossil fuels when the return from renewables is the same or better than that from coal.”
Let me remind him that this very argument he is using to justify the decision was not even in the original motion! In fact, Council staff were required to advise the Deputy Mayor during the debate to amend his motion in order
to ensure the funds would at least continue to attract an equal return.
It just shows how little Labor and the Greens understand about economics. This decision also goes to the principal of why Council invests.
It is not to make a feelgood political statement about so-called global warming. Leave that to mobs like Get-Up.
It is to achieve the best possible rate of return for ratepayers at the lowest possible risk.
Are any of the Councillors that voted for this even qualified to make financial decisions? I also wonder what industry they will attack next once they’ve totally annihilated our coal sector.
Maybe our local cafes for selling sugary sweets?
It is madness, and not what the voting public asked for last September.
PS: Your funny bumper sticker from last week may need to be amended Mr Booth – women won’t live longer than men now that they too can have a wife!