Tuesday, June 07, 2016

Another Giant Pension Fund Divested from Oil, Coal, and Gas Companies

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D.C.’s $6.4 billion city government pension fund has divested from fossil fuels.

In September, the District of Columbia pledged to curb its greenhouse gas emissions by 80 percent by 2050. Consistent with that aim, D.C’s Retirement Board has scrubbed its $6.4 billion pension fund of investments in the 200 largest publicly traded coal, oil and gas companies.

“I applaud the D.C. Retirement Board for doing right by all Washingtonians,” said D.C. Council member Charles Allen.  “In the past, divestment has proven to be an incredibly powerful tool for effecting positive change.  By divesting from fossil fuels D.C. has helped pave the way for a brighter, better future.”

On Tuesday, the D.C. council will vote on a resolution commending the Retirement Board for divesting from fossil fuels.

The move comes amidst worries about the long-term viability of fossil fuel investments.  Last year, California’s public pension funds lost $5 billion on fossil fuel investments thanks to declining oil and coal prices.  The state government subsequently mandated California’s two largest public pension funds to divest from coal.  The District of Columbia faces similar concerns.

Read more at Another Giant Pension Fund Divested from Oil, Coal, and Gas Companies

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