We call on the City of Victoria to use their current investment review to implement a policy to immediately freeze any new investment in fossil fuel companies, and to divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds within 5 years. Additionally we call on Victoria to take this position to the British Columbia Investment Management Corporation and request that they implement a freeze and divestment on fossil fuel companies for the Municipal Pension Fund on the same timeline.
Why is this important?
The clean energy revolution is waiting to sweep across Canada.
However climate change is accelerating and we are witnessing the increasing impacts of a warming planet more and more consistently. The Tar Sands is one of largest industrial projects on the planet and experts agree that global warming caused by humans burning fossil fuels will continue to accelerate and intensify these tragic climate disasters. The scientific consensus is clear and overwhelming; we cannot safely burn even half of global fossil-fuel reserves without dangerously warming the planet for several thousand years.
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