Follow us on Twitter Follow us on Facebook View our linked in profile View our RSS feeds
Your daily source for sustainable business & sustainable investor news.

(view sample issue)

This is an archived story. The information and any links may no longer be accurate.

12/28/2012 12:29 PM     print story email story  

Seattle Divests From Fossil Fuel Investments News

The city of Seattle is divesting from fossil fuel investments as a result of's nationwide campaign to unhook America from the grip of the industry.

"Together we'll mount an unprecedented campaign to cut off the industry's financial and political support by divesting our schools, churches and government from fossil fuels," said Bill McKibben, when he started the "Do the Math" cross-country tour.


By Jamie Henn,

Seattle Mayor Mike McGinn sent a letter to the city's two chief pension funds last week, formally requesting that they "refrain from future investments in fossil fuel companies and begin the process of divesting our pension portfolio from those companies."

"Climate change is one of the most important challenges we currently face as a city and as a society," wrote Mayor McGinn in a letter to the Seattle City Employees' Retirement System (SCERS) Board and the City of Seattle Voluntary Deferred Compensation Plan Committee. "I believe that Seattle ought to discourage these companies from extracting that fossil fuel, and divesting the pension fund from these companies is one way we can do that."

Along with encouraging the pension funds to divest, Mayor McGinn also committed to making sure that city funds stay out of the fossil fuel industry, writing, "The City's cash pool is not currently invested in fossil fuel companies, and I already directed that we refrain from doing so in the future."

Valued at $1.9 billion, SCERS is also the largest investment portfolio yet to consider fossil fuel divestment. While the full value of SCERS fossil fuel investments is still unknown, according to the city's finance director, the system currently has $17.6 million invested in ExxonMobil and Chevron, which represents roughly 0.9 percent of the system's assets.

Reader Comments (3)


Date Posted:
12/30/12 01:41 AM

This is a huge win for 350 and our environment. Let's hope Seattle is first in a very long line of cities, states and universities.

Report this post


Date Posted:
01/02/13 06:49 PM

Wow. This is indeed positive news. But I wonder how the giants will react when they start seeing their revenue streams drying up. . .

Report this post


Date Posted:
03/01/15 04:12 PM

thank you. great following your post.

????????? ???????????? ?????????? ?????????. ??????? ??????????? ?????? ??????????????? ?????? ??????? ????? ???????. ????????? ????????? ?????? ????. ?????? ????????? ?????????????????? ???? . ???? ??????? ????? ?????? ???? ????? ????? ??????? ????? .

Report this post

Add Your Comment

(Use any name, your real name is not required)
Type the characters you see in the picture below.

home |about us |contact us |advertise |feeds |privacy policy |disclosure

Compare Green Cars   |   Find Alternative Fueling Stations