Share to Facebook Share to Twitter Bookmark and Share
Record #: R2016-977   
Type: Resolution Status: Failed to Pass
Intro date: 12/14/2016 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Call for Chicago's pension funds to cease new investments and divest any direct holdings in fossil fuel companies
Sponsors: Arena, John, Sadlowski Garza, Susan, Foulkes, Toni, Munoz, Ricardo, Zalewski, Michael R., Moore, David H., Curtis, Derrick G., Scott, Jr. Michael, Cappleman, James, Sposato, Nicholas, Osterman, Harry, Waguespack, Scott, Moore, Joseph, Santiago, Milagros, Ramirez-Rosa, Carlos, Solis, Daniel, Mell, Deborah, Dowell, Pat, Taliaferro, Chris, Hopkins, Brian , King, Sophia D., Napolitano, Anthony V., Reboyras, Ariel, O'Shea, Matthew J., Sawyer, Roderick T., Cardenas, George A., Hairston, Leslie A., Moreno, Proco Joe, Villegas, Gilbert, Beale, Anthony, Thompson, Patrick D., Mitts, Emma, Lopez, Raymond A., Pawar, Ameya, Tunney, Thomas, Quinn, Marty, Smith, Michele, O'Connor, Patrick, Maldonado, Roberto
Topic: CITY COUNCIL - Miscellaneous
Attachments: 1. R2016-977.pdf
Related files: R2019-362
and divest in any direct holdings in fossil fuel companies Committee on Finance

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...

Click here for full text