Australian arts organisations are being asked to pull their money out of financial institutions with links to the fossil-fuel industry.
A dozen arts bodies have already signed up to a new initiative called A Climate for Art (ACFA), ahead of its official launch later in June.
"We're asking them to redirect the power they're already putting into an institution, into another one that has more of a community focus," ACFA co-founder Lana Nguyen told AAP.
ACFA is asking arts organisations to divest from banks, superannuation companies and power corporations with fossil-fuel links.
Those on board so far include Next Wave, West Space, Theatre Network Australia and Footscray Community Arts.
Nguyen acknowledges her organisation is starting at the small end - community arts organisations aren't known for having vast amounts of cash - and says ACFA is on its way to shifting $2 million towards more ethical investments.
While it's not a figure that would concern any major financial institution, she intends to target bigger arts organisations with bigger budgets in future.
"It's a little bit more difficult with them because they ... have particular government contracts, so we're hoping that a groundswell of small to medium organisations is going to allow a bigger conversation," she said.
For Footscray Community Arts, divestment means putting their money where their art is.
"Cultural institutions play a key role in setting the cultural agenda nationally – so it's vital that we act on climate change not only through the art we present but how we present it," the organisation's Daniel Santangeli said.
On Wednesday, advocacy group the Climate Council launched a separate code for sports clubs and arts institutions to give up direct funding from the fossil-fuel industry.
It has asked for pledges to cease current contracts at the end of their term and to not enter into new arrangements with fossil-fuel companies.
Fossil-fuel sponsorship has been a well-publicised problem for events like the Darwin Festival, which nixed its sponsorship deal with Santos in late 2022, and the Perth Festival which has announced it would part ways with US fossil-fuel giant Chevron.
Divestment is an easier ask than ditching sponsorships, according to Nguyen: "We're not asking anyone to not take money."
When asked about the risk of poor returns from ethical funds in the current economic climate, she argued the risks posed by climate change are far greater.
ACFA aims to have 30 arts organisations on board by the end of 2023, and 250 by the end of 2027.
