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Adelaide City Council has voted against becoming the first council in South Australia to divest from the fossil fuel industry after some councillors warned the policy was too broad and potentially costly.
Local
Adelaide City Council will vote on whether to extend its borrowing repayment timeframe to 20 years following its purchase of the $34 million old Le Cornu site last year.
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Adelaide City councillors and heritage experts have warned a loophole in the city development plan could encourage property owners to allow local heritage-listed buildings to run to ruin.
Adelaide City Council administration has given the green light for the council to preference banks that do not invest in the fossil fuel industry.
City councillor Phil Martin has criticised a Local Government Finance Authority recommendation for its members to vote against divesting from fossil fuels.
EXCLUSIVE | The group widely referred to as “Team Adelaide” was formed to help Lord Mayor Martin Haese’s favoured candidates secure election to the next Adelaide City Council, a member of the group has told InDaily.
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