It feels good putting your money where your mouth is.
After attending the Do The Maths tour back in June, I decided to make sure that I was not funding the fossil fuel industry indirectly. I really wanted to make sure that I was not part of the problem.
Well, so far these are the actions that I have taken;
Superannuation Fund (similar to 401k) – My investments are in cash and cautious schemes which are interest bearing cash and bonds, and I checked that none of the investments are in the fossil fuel industry. There is a small percentage invested in commercial property, but that is it. Looking good so far.
Shares – Sold all of my shares that were invested in financiers of the fossil fuel industry. Had to wait until the new tax year (1 July) to ensure that I didn’t get stung with a big capital gains tax bill. The money that I made from the sale is going straight onto the mortgage. Win, win, both ways.
Mortgage – Not with any of the major banks and the company does not loan to fossil fuel projects (RHG Home Loans).
Banks – Still looking at my options here. I believe that there has been some good research done by Market Forces, so if you are looking for a financial institution that does not support the fossil fuel industry then check out their reviews. There is a great comparison chart on their site.
Anyway, that is what I have done so far.
Have any of you taken steps towards divesting from the fossil fuel industry?
Thank you so much for this information, Gavin.
We are about to change our bank from Bank Sa to Bendigo Bank after reading the link you have provided.
We have also written to our super fund asking for more details. We have spoken to other about this, including neighbours, family and friends.
We are working towards launching a divestment campaign at Flinders university SA and at The Australian Nursing federation (biggest union membership in the country).
We need to move fast and hard on this issue!
Gavin Webber says
No problems Anon. I agree, we must act quickly on this issue before the people loose interest, and put it into the too hard basket.