Two weeks ago, the Perth Diocese announced it would divest its fossil fuel investments, and last week its Canberra counterparts did the same. This week the Melbourne Diocese has followed suit, resolving to take “all reasonable steps” to divest its stake in corporations whose revenues from fossil fuel extraction or production exceed 20 per cent of their total revenue.
At their annual 800 person strong General Synod (akin to an AGM), Professor Kate Rigby, Chair of Monash University’s Environmental & Humanities Department spoke about the changes to the energy paradigm in the present day. “While coal might have been cheaper [than renewable energy], this is only because its environmental impacts have not been factored into costing and because coal and other fossil fuel industries receive massive government subsidies.”
According to Environment Victoria, the Australian Federal Government spends approximately $10 billion per year on handouts (subsidies, tax breaks, infrastructure and cash) to the larger fossil fuel polluters. Continue reading The real cost of fossil fuel subsidies