Time for action - Gvt investments
18 Mar 08
ACT Greens MLA Deb Foskey today called for concrete action to follow up on the ACT Governmentâ??s review of government investment.
â??The Greens have been pushing for socially responsible investment for a number of yearsâ?? Dr Foskey said today.
â??After we flushed out ACT Government investments in tobacco, uranium mining and weaponry at the end of 2006, the Stanhope Government agreed to commission a report on options for incorporating environmental, social and governance (ESG) principles into investment procedures.â??
â??Last October the ACT Government announced it was going to adopt â??world-best-practice United Nations principles on ethical investmentâ??.â??
â??In the light of the Australian Conservation Foundation report released today â?? which shows a massive bias in investment in favour of fossil fuel or the nuclear industry rather than renewable energy â?? I am asking for the ACT Government to let the Canberra people know where it is putting its public money now.â??
â??Research indicates that ethical investment yields competitive returns and that the vast majority of Australians would like to see more investment in industries that will help us in the future. And so the furphy that a more ethical approach to investment brings lower returns is both inaccurate and irrelevant.â??
â??There is a lot of profitable and positive ways for government to invest in our society. While the ACT is apparently leading the way in Australia, the Government hasnâ??t yet announced any real tangible results or changes in its investment holdings. I think itâ??s time to find out how we are doing thatâ?? Dr Foskey said.
