Dunedin City Council is to sell its shares in the oil industry worth almost $2 million after voting to divest itself of its investments in fossil fuels.
The council voted on Tuesday to adopt an ethical investment policy which will exclude it from owning shares in the munitions, tobacco, fossil fuel extraction, gambling and pornography industries.
It means the council's $76m investment vehicle the Waipori fund will sell its holding in the oil industry.
The city is the first in New Zealand to adopt the ethical approach and follows similar moves by cities in the United States and five Anglican dioceses in New Zealand who last September opted to divest from the fossil fuels industry.
source: newshub archive