Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

Seattle Mayor Orders City to Divest from Fossil Fuels

Climate
Seattle Mayor Orders City to Divest from Fossil Fuels

350.org

By Jamie Henn

More than 2,000 people joined 350.org in Seattle on Nov. 7 to kick-off the “Do the Math” tour and nationwide divestment campaign.

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.

Visit EcoWatch’s CLIMATE CHANGE and ENERGY pages for more related news on this topic.

——–

Click here to tell Congress to Expedite Renewable Energy.

 

 

54% of parents with school-age children expressed concern that their children could fall behind academically, according to a poll conducted over the summer of 2020. Maria Symchych-Navrotska / Getty Images

By Pamela Davis-Kean

With in-person instruction becoming the exception rather than the norm, 54% of parents with school-age children expressed concern that their children could fall behind academically, according to a poll conducted over the summer of 2020. Initial projections from the Northwest Evaluation Association, which conducts research and creates commonly used standardized tests, suggest that these fears are well-grounded, especially for children from low-income families.

Read More Show Less

EcoWatch Daily Newsletter

A teenager reads a school English assignment at home after her school shut down because of the COVID-19 pandemic on March 22, 2020 in Brooklyn, New York. Andrew Lichtenstein / Corbis via Getty Images

The pandemic has affected everyone, but mental health experts warn that youth and teens are suffering disproportionately and that depression and suicide rates are increasing.

Read More Show Less

Trending

In an ad released by Republican Voters Against Trump, former coronavirus task force member Olivia Troye roasted the president for his response. Republican Voters Against Trump / YouTube

Yet another former Trump administration staffer has come out with an endorsement for former Vice President Joe Biden, this time in response to President Donald Trump's handling of the coronavirus pandemic.

Read More Show Less
Climate Group

Every September for the past 11 years, non-profit the Climate Group has hosted Climate Week NYC, a chance for business, government, activist and community leaders to come together and discuss solutions to the climate crisis.

Read More Show Less
A field of sunflowers near the Mehrum coal-fired power station, wind turbines and high-voltage lines in the Peine district of Germany on Aug. 3, 2020. Julian Stratenschulte / picture alliance via Getty Images

By Elliot Douglas

The coronavirus pandemic has altered economic priorities for governments around the world. But as wildfires tear up the west coast of the United States and Europe reels after one of its hottest summers on record, tackling climate change remains at the forefront of economic policy.

Read More Show Less

Support Ecowatch