Chicago would be the second largest city behind New York City in the country to divest city funds from fossil fuels.
February 24, 2022
Chicago City Treasurer Melissa Conyears-Ervin, in partnership with Alderpeople George Cardenas, Scott Waguespack, Maria Hadden (Ward 49) and Daniel La Spata , introduced an ordinance in the Chicago City Council to mandate the divestment of city funds from fossil fuel companies.
“As City Treasurer, it is my responsibility to ensure that our city’s funds are managed sensibly and in a way that creates a stable fiscal future for Chicago and its residents,” said Treasurer Melissa Conyears-Ervin. “It is also my responsibility to ensure that our investments are reflective of our values, and that’s why I’m proud to introduce an ordinance that will mandate city funds be divested from fossil fuel companies.”
Thirty-eight cities across the United States have already divested from fossil fuel companies. Chicago would be the second largest city behind New York City in the country to divest city funds from fossil fuels.
Upon taking office, Treasurer Conyears-Ervin chose to divest Chicago’s monetary assets from fossil fuel companies. The Treasurer’s office has already developed a list of 225 companies that are coal, oil, and gas reserve owners that are excluded from city investment. In the last 18 months, $70 million in bonds previously held on the exclusion list by the City have been removed from the portfolio through maturities or sales.
“Divesting our direct holdings from fossil fuels sends a message to the energy industry that Chicago is committed to a clean energy transition. This policy is the latest action to address the climate emergency and bring us closer to our renewable energy and de-carbonization goals,” said Alderman George Cardenas.
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