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Record #: O2022-672   
Type: Ordinance Status: Passed
Intro date: 2/23/2022 Current Controlling Legislative Body: Joint Committee: Finance; Environmental Protection and Energy
Final action: 3/23/2022
Title: Amendment of Municipal Code Section 2-32-515 regarding City investments in coal-, oil- and gas reserve-owning companies
Sponsors: Lightfoot, Lori E. , La Spata, Daniel , Cardenas, George A., Hadden, Maria E. , Waguespack, Scott, Martin, Matthew J. , Hopkins, Brian
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance
Attachments: 1. O2022-672.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

February 23, 2022










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe City Treasurer, I transmit an ordinance amending Section 2-32-515 oflhe Code regarding the City's Investment Policy.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours,

ORDINANCE

WHEREAS, The global climate crisis caused by the burning of fossil fuels is an existential threat to current and future generations; and

WHEREAS, The United Nations Intergovernmental Panel on Climate Change (IPCC) report from October 2018 found "that limiting global warming to 1.5°C would require 'rapid and far-reaching' transitions in land, energy, industry, buildings, transport, and cities. Global net human-caused emissions of carbon dioxide (C02) would need to fall by about 45% from 2010 levels by 2030, reaching 'net zero' around 2050. This means that any remaining emissions would need to be balanced by removing C02 from the air"; and

WHEREAS, The City of Chicago has declared a state of Climate Emergency; and

WHEREAS, The consequences of climate change stand to make Chicago a less desirable place to live and work, negatively affecting the fiscal and social health of the City; and

WHEREAS, The 2008 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 10% to 50% higher ozone levels, decreasing air quality and increasing respiratory and related illnesses; annual precipitation increases by up to 25% in the form of heavier rain storms, leading to increased pollution of Lake Michigan, decreasing water quality, and causing urban flooding; and increased risk of Lyme Disease and West Nile Virus; and
WHEREAS, The City of Chicago...

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