Original article by Amanda Saunders, Ben Potter
The Australian Financial Review – Page: 1 : 27-Aug-15
The Minerals Council of Australia has called the City of Newcastle’s decision to dump its holdings in banks that finance fossil fuel projects a "pointless sham" and urged it to support the local economy. The New South Wales city is home to the world’s biggest coal port. Mining’s direct spend in Newcastle is about $A1.8 billion a year, rising to $A5.9 billion when the greater Hunter region is taken into account. The divestment decision was supported by Australian Labor Party and Australian Greens councillors.
NEWCASTLE CITY COUNCIL, MINERALS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, NEW SOUTH WALES MINERALS COUNCIL, AUSTRALIAN BANKERS’ ASSOCIATION, RESPONSIBLE INVESTMENT ASSOCIATION AUSTRALASIA, ME BANK