The ACT government has divested most of its shares in major fossil fuel companies, following a seven-year process to rid the government's coffers of coal and oil companies.
An analysis of the ACT government's directly-owned shares by climate action group 350 Canberra showed the territory had divested shares from the top 200 coal and oil reserve owners in the world.
350.org started lobbying the ACT government to divest from fossil fuel investments in 2014. The government pledged to divest in 2015, when it divested nearly half of its interests in major fossil fuel companies.
350 Canberra's analysis showed that in early-2015 the territory government was investing in 18 of the world's largest coal companies and 50 of the world's largest oil companies.
There was a modest level of investment in oil and gas companies until the end of 2021.
"In our view the ACT's investment in fossil fuels could no longer be justified because of the dire consequences of continuing to burn these fuels," 350 Canberra campaign coordinator Warwick Cathro said.
"This is a major milestone in the ACT government's divestment process, something well worth celebrating.
"I want to acknowledge the cross-party support from the ACT Legislative Assembly over the years. It has been a key factor in the divestment campaign."
The ACT government still has shares in companies that are on the list, which are First Energy Corporation and Sumitomo Corporation, but the investments fall below 1-gigatonne on the carbon measure, 350 Canberra's analysis said.
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Greens crossbencher Jo Clay asked for an update on the ACT government's fossil fuel investments in a question on notice in December. She asked when the ACT government plans to divest from 11 companies.
Chief Minister Andrew Barr confirmed the territory government had ceased to have investment exposure to eight of the companies as of December 1.
The government continued to have shares in three companies identified in Ms Clay's question, these were: First Energy Corporation, Rio Tinto and Wesfarmers. The justifications for those investments were that the companies were not identified with the exploration and production of fossil fuels.
Ms Clay, who is the Greens' circular economy spokeswoman, said it was an important milestone.
"Here in the ACT we are now powered by 100 per cent renewable electricity. We also have great policies to get off gas and switch to zero emissions transport," she said.
"But if our ACT government still invests in major fossil fuel companies, it means we as a city continue to support those industries."
