Boston City Councilors File Hearing Order on Fossil Fuel Divestment

Photos via CityofBoston.gov

Two Boston City Councilors filed a hearing order on Monday regarding fossil fuel divestment for the city’s funds, according to an announcement Tuesday from Wu’s office.

The order, filed by District 6 Councilor Matt O’Malley and At-Large Councilor Michelle Wu, is set to be introduced at the City Council’s meeting on Wednesday, Oct. 8.

The hearing is meant to focus on “the current investment portfolio for Boston’s pension funds, the possibility of the Boston Retirement Board divesting any and all holdings in fossil fuel companies, and the creation of socially responsible investment criteria for City of Boston funds,” according to the announcement.

“Divesting City of Boston funds from fossil fuels is a huge step in the right direction and I am proud to support this measure,” said O’Malley, who serves as the chair of the City Council’s Environment and Parks Committee and whose district includes West Roxbury and Jamaica Plain. “The city has proven that it is serious about reducing greenhouse gas emissions by 2020 with the 2013 passage of the Boston Energy and Disclosure Ordinance and other initiatives. Divestment is another way that the city can demonstrate its commitment to addressing the grave threat of climate change to our city and our planet.”

Said Wu, “The investments made by the City of Boston should reflect the values of our community and our residents. Socially responsible investment will yield positive results for the community for taxpayers and for the planet. Boston can continue to be a leader in the fight against climate change and divesting City of Boston funds from fossil fuels.”

Representatives from the Boston Retirement Board; the Environment, Energy and Open Space Cabinet; the Boston Student Advisory Council; Better Future Project; 350 MA and other interested parties have been invited to testify at the hearing.

The full text of the hearing order can be read below:

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