Irresponsible investment

You’d be hard-pressed these days to find a government body in Australia, from the Federal Government down to Woop Woop Council, that doesn’t claim to be leading the way on climate change. But a new Australian Conservation Foundation study [] shows how few are putting their money where their mouths are. The study reveals Australian government funds invest almost fifty times more ($6billion) in coal and uranium than in renewable energy ($126million), while only 1.5 per cent of funds are ethically screened.

Even states such as NSW and Victoria, which have policies banning uranium mining, still invest about five times more in uranium mining companies than in renewable energy.

It’s another reminder that sustainability hasn’t yet penetrated beyond the office partitions of the “environment department”  into the everyday culture and thinking of all areas of government.

And on the subject of government spending … the cost of Australia’s involvement in Iraq has now passed the $2 billion mark. 


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