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Seattle Mayor Orders City to Divest from Fossil Fuels

Jamie Henn
EcoWatch / News Report
Published: Wednesday 26 December 2012
Along with encouraging the pension funds to divest, Mayor Mike McGinn also committed to making sure that city funds stay out of the fossil fuel industry, writing, “The City’s cash pool is not currently invested in fossil fuel companies, and I already directed that we refrain from doing so in the future.”
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Seattle Mayor Mike McGinn sent a letter to the city’s two chief pension funds last week, formally requesting that they “refrain from future investments in fossil fuel companies and begin the process of divesting our pension portfolio from those companies.”

“Climate change is one of the most important challenges we currently face as a city and as a society,” wrote Mayor McGinn in a letter to the Seattle City Employees’ Retirement System (SCERS) Board and the City of Seattle Voluntary Deferred Compensation Plan Committee. “I believe that Seattle ought to discourage these companies from extracting that fossil fuel, and divesting the pension fund from these companies is one way we can do that.”

Along with encouraging the pension funds to divest, Mayor McGinn also committed to making sure that city funds stay out of the fossil fuel industry, writing, “The City’s cash pool is not currently invested in fossil fuel companies, and I already directed that we refrain from doing so in the future.”

Valued at $1.9 billion, SCERS is also the largest investment portfolio yet to consider fossil fuel divestment. While the full value of SCERS fossil fuel investments is still unknown, according to the city’s finance director, the system currently has $17.6 million invested in ExxonMobil and Chevron, which represents roughly 0.9 percent of the system’s assets.



Divesting from stock is the

Divesting from stock is the easy part - and someone else will buy the stock and get all the dividends.
The hard part is divesting from use of fossil fuels - and thereby, through lessened demand, inherently driving down the value of the stocks - not to mention that it's THIS kind of divestment which is needed in order to get to the real goal: helping planet earth and our climate, by dumping less CO2 into the air.

hope the employees cheer him

hope the employees cheer him when he cuts their pensions

Seattle Mayor Mike McGinn may

Seattle Mayor Mike McGinn may incur the wrath of the Kochroaches, Big Oil, frackers, and "Clean" Coal for disrespecting fossil fuels.

Glad to have him on board.

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