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No More Dirty Money: Seattle Pledges Fossil Fuel Divestment

No More Dirty Money: Seattle Pledges Fossil Fuel Divestment

Politicians and Big Oil, Gas and Coal have been in bed so long, they’re almost indistinguishable. Grassroots efforts to get fossil fuel money out of our national energy policy haven’t been very effective. Although it has support from President Obama, a 2012 attempt to end massive fossil fuel subsidies was shot down by a dirty energy-loving Congress. So people — students, activists, and local leaders — are taking action on their own.

The City of Seattle recently joined an effort to divest public funds from the fossil fuel industry. Seattle announced that it will not invest its cash balances in fossil fuel companies and is taking additional steps to divest employee-deferred compensation funds and pressure its pension fund system to pull money from Chevron and ExxonMobil, two of the system’s top 10 investments.

“The City oversees three sets of investments: 1) $1.4 billion in cash balances for daily operations – essentially the City’s checkbook balances; 2) $700 million of our employees’ investments from the City’s deferred compensation plan; and 3) our pension system, with holdings valued at $1.9 billion, reports Seattle Mayor Mike McGinn on his official website. “The first category is the only one I control directly. City staff report that none of that money is currently invested in fossil fuel companies. I have directed the City’s Finance Director, Glen Lee, that the City will not invest in those cash balances in fossil fuel companies in the future.”

McGinn says he was inspired by Bill McKibben and 350.org’s recent “Do The Math” tour, an effort to connect the dots between extreme weather, climate change and the fossil fuel industry. The 21-city tour kicked off on November 7 in Seattle and sold out every venue it’s visited.

From big state schools like the University of Michigan to small liberal arts colleges like Amherst, students have taken up the cause. At a number of schools, such as Swarthmore, students have already met with their boards of trustees to discuss proposals; at others, like the University of New Hampshire, activists have gathered thousands of petition signatures calling for action. Earlier this month, an official Harvard student resolution supporting divestment passed with 72% of the vote.

Although we’ve seen cities pledge to take their money out of big banks, this is the first time an entire city has gone on record as being opposed to the fossil fuel industry on all fronts — and taken action to hit them where it hurts. We hope Big Oil, Gas and Coal are paying attention. If Seattle’s divestment is successful, there are many other cities primed to follow suit. They may be able to ignore public protest and petitions, but three, four, ten billion dollars in funding? That just might get their attention.

Related Reading:

Top 3 Dirty Energy Battles To Watch in 2013

How We Can Finally Get A Worldwide Climate Solution

Join The Fight To End Unnecessary Fossil Fuel Subsidies

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8:35AM PST on Jan 18, 2013

Good

9:55AM PST on Jan 17, 2013

good for them.

12:50PM PST on Jan 14, 2013

We should subsidize fossil fuel firms to turn themselves into renewable energy firms--INSTEAD of subsidizing to remain fossil fuel firms. We also need to tax greenhouse emissions to force consumers to try harder to conserve energy by making do with less energy.

4:58AM PST on Jan 14, 2013

ty

4:57AM PST on Jan 14, 2013

good news

9:51PM PST on Jan 13, 2013

Thank you for the infomation Beth..great job Seattle !!!!

6:17PM PST on Jan 13, 2013

ty for the info.

3:51PM PST on Jan 13, 2013

thnx for this - both to Seattle for divesting, and to Care2 for giving the rest of us an idea

1:42PM PST on Jan 13, 2013

yeah....now if we would all divest.....

12:09PM PST on Jan 13, 2013

Yet another reason for me to love Seattle. I hope that other citites and states will decide to follow in their footsteps.

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