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.Harvard University in September announced that it would stop investing in fossil fuels.
Last year, the mayors of 12 cities across the globe promised to divest from fossil fuels. Those U.S. cities include New York City, Los Angeles, Pittsburgh and New Orleans.
After the Boston ordinance passed last week, City Councilor Lydia Edwards tweeted, “The climate crisis requires us to take immediate steps toward a cleaner future. The @BOSCityCouncil just approved the proposal I filed w/ @MattOMalley & @wutrain to divest city funds from fossil fuels! I’m grateful for their partnership on this important issue.”
Herald wire services were used in this report.
Read More: Boston is divesting from fossil fuels, Michelle Wu to sign ordinance Monday