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 of the City Treasurer, 1 transmit an ordinance amending Section 2-32-515 of the Code regarding the City's Investment Policy.
Your favorable consideration of this ordinance will be appreciated.
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 has a responsibility to protect the liv...
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