WHEREAS the climate crisis is a profound threat to current and future generations here in Puget Sound Region and around the world; whereas fossil fuel companies possess proven fossil fuel reserves that would release approximately 2,795 gigatons of CO2, or five times the amount releasable without exceeding 2°C of warming, which the 2009 Copenhagen Accord indicated would be untenable for life as we know it; and whereas the City of Seattle believes that its investments should support a future where all citizens can live healthy lives without the profound impacts of climate disruption;
THEREFORE, we call on the City Council
• to direct the board of SCERS and members of VDCPC and the Mayor’s cash pool investment mangers to review Seattle’s investment portfolio to identify any holdings that include direct or indirect investments in fossil fuel companies; and
• to pass an ordinance urging the board of SCERS and VDCPC members to immediately cease any new investments in fossil fuel companies, and urging that if any Seattle investments in commingled funds include fossil fuel companies, the board of SCERS and the VDCPC members shall contact fund managers and request that the fossil fuel companies be removed from the funds; and
• to urge the board of SCERS and the VDCPC members to ensure within 5 years that none of their directly held or commingled assets include holdings in fossil fuel public equities and corporate bonds as determined by the Carbon Tracker list; and
• to urge the board of SCERS, VDCPC members, and managers of the cash pool to prepare a report on ways to strengthen the positive impacts of the City funds by seeking out investment opportunities in conservation, clean and renewable energy, and the support of sustainable businesses and communities. We urge that policies be put in place that support local projects and local jobs, and request a timeline of no more than two years for the start of the implementation of the findings of said report in a manner consistent with the bodies’ fiduciary duties; and to urge the SCERS board and members of VDCPC to release quarterly updates, available to the public, detailing progress made towards full divestment.