and divest in any direct holdings in fossil fuel companies Committee on Finance
RESOLUTION CALLING FOR DIVESTMENT IN FOSSIL FUEL COMPANIES
WHEREAS, the global climate crisis, caused by the burning of fossil fuels, is a serious threat to current and future generations; and
WHEREAS, the United Nations Intergovernmental Panel on Climate Change (IPCC) Fifth Assessment Report finds that: "Annual costs to North America [of global warming] have now reached tens of billions of dollars in damaged property and economic productivity, as well as lives disrupted and lost"; and
WHEREAS, the consequences of climate change stand to make Chicago a less desirable place to live and work, negatively impacting the fiscal and social health of the city; and
WHEREAS, the Chicago Climate Action Plan found that, by the end of the century, under current emissions trends, Chicago could experience: heat waves as strong as the deadly 1995 Chicago heat wave, which caused 739 deaths, several times per summer; an increased ambient and extreme heat which could lead to lOrpercent to 50-percent higher ozone levels, decreasing air quality and increasing respiratory and related illnesses; annual precipitation increases by up to 25 percent in the form of heavier rairijstorms, leading to .increased pollution of Lake Michigan, decreasing water quality, and urban flooding; and increased risk of Lyme Disease and West Nile Virus; and
WHEREAS, the City,of Chicago has a responsibility to protect the lives and livelihoods of its inhabitants from the threat of climate change; and
WHEREAS, the City„of Chicago has a unique opportunity to ensure its investments support a future where citizens can live healthy lives without the negative impacts of global warming, and the City of Chicago, can become a leader in the fight against climate change by divesting city assets from fossil fuel companies; and
WHEREAS, 34 US cities have already divested from fossil fuels companies (often referred to as the 200 publicly-t...
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