We urge the City of Seattle to lead the fight against climate change by joining the fossil fuel divestment movement.
Watch this short introduction to fossil fuel divestment.
Last year we worked hard to push the Gates Foundation to divest from fossil fuels. They responded by selling all $187 million of their BP stock and reducing their fossil fuel investments by over a third. This year we are asking the City of Seattle pension fund to join the $5.44 trillion that has already committed to divesting from fossil fuels.
Not only is the City of Seattle still invested in companies like Energy Transfer Partners and Exxon-Mobil, but they are losing tens of millions of dollars because of these investments. A recent financial analysis by the former UBS North American Director of equity trading found that Seattle's fossil fuel investments have lost $65 million in the last ten years — and $53 million on the last 3 years alone. You can download the full financial report here.
If the City of Seattle's pension board votes to join institutions such as the Californian state pension board, Stanford University and the entire nation of Ireland and divest from fossil fuels, they would be the first pension board of a major city in the United States to do so, setting an important precedent that could set in motion a huge ripple effect across the country.
As we have seen with the City's divestment from Wells Fargo, what happens in Seattle rarely stays in Seattle: since the Wells Fargo divestment, three cities and two tribes have followed in Seattle's footsteps and divested from the banks invested in DAPL - removing additional billions from the DAPL-funding banks. By voting to divest from all fossil fuels, the City of Seattle could be part of helping to ensure that billions of dollars are removed from the fossil fuel sector and re-invested in clean energy.
To read more about the moral argument for divesting from fossil fuels please click here.
And to read much more on why it is also a financially prudent move to divest from fossil fuels please click here.
MAYOR MURRAY AND FOSSIL FUEL DIVESTMENT
Mayor Murray has two members of staff on the pension board and we are calling on Mayor Murray to issue a public statement expressing support for fossil fuel divestment and to instruct his two staff on the board to vote in favor of divestment
You can read the full article here: Mayor Murray Should Support Fossil Fuel Divestment
And you can ask the Mayor to support fossil fuel divestment by clicking here