November 23, 2021 Read More →

Boston becomes latest U.S. city to divest from fossil fuel industry

Boston Globe:

Mayor Michelle Wu of Boston signed a measure to divest city funds from the fossil fuel industry on Monday, adding Boston to the small number of major US cities that have taken the step to combat the climate crisis.

After running on a Green New Deal for Boston — and advocating for divestment during her time as city councilor — it is perhaps fitting that this law is the first that Wu has signed since being sworn in as mayor last week.

The ordinance prohibits the use of public investments in any company that derives more than 15 percent of its revenue from fossil fuels, including coal, oil, and natural gas, or fossil fuel products. In Boston, that adds up to roughly $65 million in city investments of the $2 billion portfolio that is overseen by the city treasurer’s office. The ordinance includes a 2025 deadline for full divestment.

Increasingly, activists are targeting the financing of fossil fuels in an effort to avoid the worst effects of climate change.

A small number of other major US cities — including New York, New Orleans, Los Angeles, and Seattle — have announced similar steps. Some states, including Maine and New York, have passed divestment legislation as well. Earlier this year, after nearly a decade of resistance, Harvard announced that it would divest its $41 billion endowment from fossil fuels.

[Sabrina Shankman]

More: With first official ordinance, Mayor Wu divests Boston from fossil fuels

Comments are closed.