Huge news out of San Francisco today!
San Francisco Board of Supervisors Unanimously Pass Resolution Urging Fossil Fuel Divestment
Resolution urges the city’s retirement system to divest over $583 million from the fossil fuel industry
SAN FRANCISCO — The San Francisco Board of Supervisors (SFERS) passed a unanimous resolution this afternoon calling on the San Francisco Employee Retirement System to divest over $583 million invested in the 200 corporations that hold the majority of the world’s fossil fuel reserves.
The resolution makes San Francisco the third city in the nation after Ithaca and Seattle to push for fossil fuel divestment. If the SFERS Board agrees to the Supervisors’ request, it will become the largest pension fund in the country to divest from the fossil fuel industry.
“Divestment is an important part of our city response to climate change,” said Supervisor John Avalos, who introduced the resolution.
The San Francisco Employee’s Retirement System (SFERS) is a roughly $16 billion pension fund that serves more than 52,000 active and retired employees of the City and County of San Francisco and their survivors. According to SFERS Executive Director Jay Huish, the fund currently owns $583.7 million of public holdings in 91 of top 200 fossil fuel companies. Some of SFERS’ largest fossil fuel holdings include $112 million in ExxonMobil, $60 million in Chevron, $26 million in Shell Oil, $17 million in Occidental Petroleum, and $11 million in the China National Offshore Oil Corporation. (1)
The movement is moving! This is how we take a moral stand on climate change, rebrand the fossil fuel industry, and build a movement so strong that our politicians have to take notice and take action.
PS: I promise to start blogging about my thoughts and critiques again soon. Finals period is descending quickly, and time is tight. But after that, I’ll be back on it!