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Fossil fuel divestment: Difference between revisions

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* [[Ann Arbor, Michigan]]&nbsp;– in October 2013, after several rounds of consideration, the city council voted 9-2 to approve a nonbinding resolution requesting that the City of Ann Arbor Employees' Retirement System board cease new investments in the top 100 coal and top 100 gas and oil extraction companies and divest current such investments within five years.<ref>[http://annarborchronicle.com/2013/10/22/ann-arbor-oks-fossil-fuel-divestment/index.html Ann Arbor OKs Fossil Fuel Divestment], ''Ann Arbor Chronicle'' (22 October 2013).</ref>
* [[Berkeley, California]]&nbsp;– in 2013, the City Council voted to adopt an official policy of divesting from city funds from direct ownership of publicly traded fossil-fuel companies; the city aims to complete the divestment process within the next five years.<ref>Andrew Dickey, [http://www.dailycal.org/2013/07/07/berkeley-city-council-votes-to-divest-from-fossil-fuel-companies/ Berkeley City Council votes to divest from fossil fuel companies], ''Daily Californian'' (8 July 2013).</ref>
* [[Burlington, Vermont]]&nbsp;– in December 2014, the Burlington City Council unanimously approved conducting the study of possible diverstmentdivestment from major fossil-fuel companies. A task force of city councilors, retirement board members, public employee representatives and others was appointed to research the proposal and make recommendations for the city's retirement board within one year.<ref>Associated Press, [http://www.wcax.com/story/27525965/burlington-to-study-fossil-fuel-divestment Burlington to study fossil fuel divestment] (4 December 2014).</ref>
* [[Eugene, Oregon]]&nbsp;– the City Council unanimously voted in January 2014 to take up the fossil-fuel issue at a future meeting.<ref>Jes Burns, [http://klcc.org/post/eugene-take-closer-look-fossil-fuel-divestment-options Eugene to Take Closer Look at Fossil Fuel Divestment Options], KLCC (13 January 2014).</ref>
* [[Ithaca, New York]]&nbsp;– in 2013, Mayor [[Svante Myrick]] stated that the city did not have any investments in fossil fuels and would not make any such investment for as long as he was mayor. Myrick also encouraged the pension funds of the New York State and Local Retirement System, overseen by the [[New York State Comptroller|Office of the New York State Comptroller]], to divest.<ref>Erica Augenstein, [http://cornellsun.com/blog/2013/04/23/mayor-svante-myrick-09-city-of-ithaca-to-join-movement-for-divestment/ Mayor Svante Myrick '09: City of Ithaca to Join Movement for Divestment], ''Cornell Daily Sun'' (23 April 2013).</ref>
* [[Madison, Wisconsin]]&nbsp;– in July 2013, the city adopted a resolution declaring that it is the policy of the City of Madison not to invest in fossil-fuel companies. The resolution does not apply to the [[Madison Metropolitan School District]] (whose cash balances the city invests) or two municipal mutual insurance corporations of which the city is part-owner. Mayor [[Paul Soglin]] and the majority of city council members introduced the resolution.<ref name="Glaze">Jeff Glaze, [http://host.madison.com/news/local/govt-and-politics/paul-soglin-joins-other-mayors-in-push-to-divest-fossil/article_a3dbec89-e915-55c6-a654-4ec01d3d54ef.html Soglin joins other mayors in push to divest fossil fuel holdings], ''Wisconsin State Journal'' (25 April 2013).</ref><ref>[https://madison.legistar.com/LegislationDetail.aspx?ID=1427821&GUID=2C7A0154-BC10-414C-AD17-7BB9E1DEDC2D&FullText=1 City of Madison Resolution: Divestment of Fossil Fuels by City of Madison] (enacted 7/3/2013)</ref>
* [[New York City]] – in January 2018, New York City announced it will divest {{US$|5 billion}} from fossil fuels interests over the next 5{{nbsp}}years. In addition, the city is filing law suitessuits against [[BP]], [[ExxonMobil]], [[Chevron Corporation|Chevron]], [[ConocoPhillips]], and [[Royal Dutch Shell|Shell]] for costs the city faces in relation to climate change.<ref name="milman-2018">
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* [[Providence, Rhode Island]]&nbsp;– in June 2013, the City Council voted 11-1 to enact a resolution directing the city's board of investment commissioners to divest from the world's largest coal, oil and gas companies within five years, and to not make any new investments in such firms.<ref>Alex Kuffner, [http://www.providencejournal.com/breaking-news/content/20130621-providence-city-council-votes-to-divest-from-fossil-fuel-companies.ece Providence City Council votes to divest from fossil-fuel companies], ''Providence Journal'' (21 June 2013).</ref>
* [[San Francisco, California]]&nbsp;– in 2013, the [[San Francisco Board of Supervisors|Board of Supervisors]] unanimously passed nonbinding resolution urging managers of San Francisco Employees' Retirement System to divest from fossil fuels; in March 2015, the board of the retirement system voted to begin "level-two engagement,", a step toward divestment.<ref>Aaron Sankin, [http://www.huffingtonpost.com/2013/04/25/san-francisco-fossil-fuel-divestment_n_3158012.html San Francisco Fossil Fuel Divestment Movement Takes Its First Steps Against Big Oil], ''Huffington Post'' (25 April 2013).</ref><ref>Emily Green, [http://www.sfgate.com/bayarea/article/SF-pension-board-takes-step-toward-ditching-6128813.php S.F. pension board takes step toward ditching fossil fuel funds], ''San Francisco Chronicle'' (11 March 2015).</ref>
* [[Santa Monica, California]]&nbsp;– committed to divestment in 2013 and completed its divestment (of about $700,000) within one year.<ref>Rebecca Beitsch, [http://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2015/5/12/state-lawmakers-push-pensions-to-divest-fossil-fuel-holdings State Lawmakers Push Pensions to Divest Fossil Fuel Holdings], Pew Charitable Trusts (12 May 2015).</ref>
* [[Seattle, Washington]]&nbsp;– Mayor pledged to divest in 2012, but city and pension fund have not completed process.<ref>Jared Howe, [http://www.theurbanist.org/2014/03/05/is-seattle-really-committed-to-fossil-fuel-divestment/ Is Seattle Really Committed to Fossil Fuel Divestment?], ''The Urbanist'' (5 March 2014).</ref><ref name="Goldenberg">Suzanne Goldenberg, [https://www.theguardian.com/environment/2013/apr/25/us-cities-climate-divestment-fossil-fuels San Francisco and Seattle lead US cities pulling funds from fossil fuel firms], ''Guardian'' (25 April 2013).</ref>
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Colleges and universities which have partially or completely divested, or which have taken steps toward divestment, include (listed alphabetically):
 
* [[Brevard College]] ([[Brevard, North Carolina]], USA)&nbsp;– in February 2015, the college's board of trustees approved a resolution to divest the college's $25 million endowment from fossil fuels by 2018. At the time the decision was made, about $600,000 (4%) of the college's portfolio was invested in fossil fuels. The college became the first institution of higher education in the [[Southeastern United States]] to divest from fossil fuel.<ref>Tonya Maxwell, [http://www.citizen-times.com/story/news/local/2015/02/20/brevard-college-divests-coal-first-southeast/23760715/ Brevard College divests from coal; first in Southeast], ''Asheville Citizen-Times'' (20 February 2015).</ref><ref>Jeremiah Reed, [http://www.transylvaniatimes.com/story/2015/02/23/news/brevard-college-to-no-longer-invest-in-fossil-fuels-brevard-nc/21688.html Brevard College to No Longer Invest in Fossil Fuels], ''Transylvania Times'' (23 February 2015).</ref>
* [[California Institute of the Arts]] ([[Valencia, California]], USA)&nbsp;– in December 2014, CalArts announced that itsit would immediately reducingreduce the Institute's investments in fossil-fuel stocks by 25% (reallocating about $3.6 million in its portfolio) and would continue to not make direct investments in fossil fuel. The Institute also announced that it would "actively monitor the Institute's remaining carbon exposure and consider strategies that will continue to reduce the Institute's investments in fossil fuel companies, including seeking to eliminate exposure to the most carbon-intensive companies such as coal producers over the next five years."<ref>[http://blog.calarts.edu/2014/12/23/calarts-moves-to-divest-from-fossil-fuels/ CalArts Moves to Divest From Fossil Fuels] (press release), California Institute of the Arts (23 December 2014).</ref>
* [[California State University, Chico]] ([[Chico, California]], USA)&nbsp;– in December 2014, the board of governors of the Chico State University Foundation, which manages the university's endowment, voted to change its investment policy and divest of holdings in fossil fuel companies. At the time the policy was adopted, the foundation had" "no direct holdings in fossil-fuel companies and just under 2 percent of its portfolio in managed funds that include fossil fuel investments." The vote calls for excluding any direct investment in the top 200 fossil fuel companies and liquidating, within four years, all holdings in managed funds that include investments in fossil fuel companies.<ref>[http://www.csuchico.edu/news/current-news/12-12-14-divestment.shtml University Foundation Board Approves Divestment of Fossil Fuel Holdings] {{webarchive|url=https://web.archive.org/web/20150518094136/http://www.csuchico.edu/news/current-news/12-12-14-divestment.shtml |date=18 May 2015 }} (press release), California State University, Chico (12 December 2014).</ref><ref>Laura Matthews, [http://www.foundationendowment.com/Article/3411358/Chico-State-Foundation-Approves-Fossil-Fuel-Divestment.html Chico State Foundation Approves Fosil Fuel Divestment], ''Foundation & Endowment Intelligence'' (17 December 2014).</ref>
* [[College of the Atlantic]] ([[Bar Harbor, Maine]], USA)&nbsp;– in March 2013, the college's board of trustees voted to divest from fossil-fuel companies. About $1 million of the college's $30 million endowment was invested in such companies.<ref>Associated Press, [http://www.wcsh6.com/story/news/local/2014/03/15/2094768/ College of the Atlantic sells its fossil fuel investments] (13 March 2013).</ref>
* [[College of the Marshall Islands]] ([[Marshall Islands]])&nbsp;– in December 2014 and January 2015, the college announced that its board of regents would be adopting a policy statement divising its small endowment (about $1 million) from fossil fuels.<ref>Giff Johnson, [http://pacificpolicy.org/2015/01/do-pacific-islands-need-to-walk-the-talk-on-climate/ Do Pacific islands need to 'walk the talk' on climate?], [[Pacific Institute of Public Policy]] (29 January 2015).</ref><ref>[http://www.samoanews.com/content/en/first-college-pacific-islands-divests-fossil-fuels First college in the Pacific Islands divests from fossil fuels], ''Samoa News'' (20 December 2014).</ref>
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* [[Goddard College]] ([[Plainfield, Vermont]], USA)&nbsp;– in January 2015, the college announced that it had completed its divestment, moving all of its endowment funds into fossil fuel-free accounts, becoming the third college in Vermont to do so.<ref>[http://www.goddard.edu/2015/01/goddard-college-divests/ Goddard College Divests] (press release), Goddard College (14 January 2015).</ref><ref>John Herrick, [http://vtdigger.org/2015/01/19/goddard-college-divests-fossil-fuels/ Goddard College divests from fossil fuels], ''VTDigger'' (19 January 2015).</ref>
* [[Green Mountain College]] ([[Poultney, Vermont]], USA)&nbsp;– in May 2013, the college's board of trustees approved immediate divestment from the top 200 publicly traded fossil-fuel companies. Such investments made up about 1% of the college's $3.1 million endowment.<ref>[http://www.greenmtn.edu/news_events/new_releases/green-mountain-college-board-approves-divestment-of-fossil-fuel-holdings.aspx Green Mountain College Board Approves Divestment of Fossil Fuel Holdings] {{webarchive|url=https://web.archive.org/web/20150518101557/http://www.greenmtn.edu/news_events/new_releases/green-mountain-college-board-approves-divestment-of-fossil-fuel-holdings.aspx |date=18 May 2015 }} (press release), Green Mountain College (14 May 2013).</ref><ref>Peter Rothberg, [http://www.thenation.com/blog/174394/green-mountain-college-divest-fossil-fuels Green Mountain College to Divest From Fossil Fuels], ''The Nation'' (16 May 2013).</ref>
* [[Hampshire College]] ([[Amherst, Massachusetts]], USA)&nbsp;– in December 2011, in the college's board of trustees approved a new environmental, social, and governance investing policy which called for "negligible fossil fuel holdings in our portfolio." The college announced in October 2012 that it nearhad completionnearly ofcompleted the implementation of thethis policy.<ref>[https://www.hampshire.edu/news/2012/10/19/hampshire%C2%92s-policy-on-environmental-social-and-governance-investing Hampshire's Policy on Environmental, Social and Governance Investing] (press release), Hampshire College (19 October 2012).</ref><ref>Justin Gillisdec, [https://www.nytimes.com/2012/12/05/business/energy-environment/to-fight-climate-change-college-students-take-aim-at-the-endowment-portfolio.html To Stop Climate Change, Students Aim at College Portfolios], ''New York Times'' (4 December 2012).</ref>
* [[Humboldt State University]] ([[Arcata, California]], USA)&nbsp;– since at least 2004, the university has had no direct investments in fossil fuel-related industries.<ref name="Humboldt">[http://now.humboldt.edu/news/humboldt-state-university-targets-fossil-fuels-and-more/ Humboldt State University Targets Fossil Fuels and More] (press release), Humboldt State University (30 April 2014).</ref> In April 2014, the Humboldt State University Advancement Foundation, which oversees the university's endowment, unanimously adopted a new "environmentally responsible offset and mitigation policy" and "Humboldt Investment Pledge" to strictly limit its holdings in a variety of industries, including companies directly or indirectly involved in fossil fuels."<ref name="Humboldt"/><ref name="HumboldtNov">[http://now.humboldt.edu/news/humboldt-state-university-helps-lead-push-for-fossil-free-greener-investing/ Humboldt State University Helps Lead Push for Fossil-Free, Greener Investing] (press release), Humboldt State University (26 November 2014).</ref> In October 2014, the foundation's board voted to shift 10% of its overall portfolio to "green funds" (funds with no holdings in fossil fuels or similar sectors) over the next year, reiterated its policy against direct investments in fossil fuels, and committed to creating a new fund invested entirely free of fossil fuels, with the distributions from the fund earmarked for campus-based sustainability projects.<ref name="HumboldtNov"/>
* [[Johns Hopkins University]] ([[Baltimore, Maryland]], USA) &nbsp; - in December 2017 the Board of trustees votes to eliminate investments in companies that produce coal for electric power as a major part of their business.<ref>[https://hub.jhu.edu/2017/12/12/thermal-coal-divestment-board-vote/ Johns Hopkins University to divest holdings in major coal producers ], ''JHU Press Release'' (13 December 2017).</ref>
* [[Pacific School of Religion]] ([[Berkeley, California]], USA)&nbsp;– in February 2015, the seminary's board of trustees voted unanimously to divest the institution from the 200 largest fossil-fuel companies (those listed on the Carbon Tracker Initiative (CT200)).<ref>[http://www.psr.edu/news/pacific-school-religion-first-seminary-california-divest-fossil-fuels Pacific School of Religion First Seminary in California to Divest in Fossil Fuels] {{webarchive|url=https://web.archive.org/web/20150308200315/http://www.psr.edu/news/pacific-school-religion-first-seminary-california-divest-fossil-fuels |date=8 March 2015 }} (press release), Pacific School of Religion (25 February 2015).</ref>
* [[San Francisco State University]] ([[San Francisco, California]], USA)&nbsp;– in 2014, the San Francisco State University Foundation, which oversees the university's $51.2 million endowment, voted to make no new investments that would involve "direct ownership of companies with significant exposure to production or use of coal and [[tar sand]]s." The foundation also voted to look into future divestment from all fossil-fuel companies.<ref>Associated Press, [http://www.mercurynews.com/ci_23443908/san-francsico-state-university-votes-divest-investment-coal San Francisco State University votes to divest investment in coal, tar sands] (12 June 2014).</ref><ref>Laura Dudnick, [http://www.sfexaminer.com/sanfrancisco/sf-state-joins-campaign-to-divest-money-from-fossil-fuels/Content?oid=2757805 SF State joins campaign to divest money from fossil fuels], ''San Francisco Examiner'' (8 April 2014).</ref>