Energy News Today

Boston is divesting from fossil fuels, Michelle Wu to sign ordinance Monday

The city will officially be divesting from fossil fuels as Mayor Michelle Wu on Monday signs an ordinance that bans the investment of city funds in fossil fuel industries.

The City Council passed the ordinance last week, citing climate change and the importance of urgently addressing this “existential threat.”

“Mayor Michelle Wu will sign an ordinance prohibiting use of public funds from being invested in the stocks, securities, or other obligations of any company which derives more than 15 percent of its revenue from fossil fuels, tobacco products, or carceral facilities,” the city wrote about Monday’s signing of the ordinance.

“This ordinance unanimously passed the City Council, and builds on the Mayor’s commitment to growing a low-carbon, resource efficient and socially inclusive economy in Boston,” the city added.

Read More: Boston is divesting from fossil fuels, Michelle Wu to sign ordinance Monday

2021-11-21 18:42:32

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