World's biggest coal port joins fossil fuel divestment push

Newcastle is the seventh council in Australia to announce it will shun fossil fuels, reports the Sydney Morning Herald

Newcastle city council in Australia has voted to exit holdings in the big four banks if they continue to fund fossil fuel projects. About 80% of the Australian city of Newcastle council's $270m investment portfolio is held in the big four banks, mostly through term deposits. Those investments are spread evenly across the big four.

But after the council passed a motion on Tuesday, six votes to five, it will dump holdings in the banks for more "environmentally and socially responsible" institutions when deposits come up for renewal.