100 signatures reached
To: Vallejo City Council
Divest Vallejo from Fossil Fuels
We ask Vallejo to join more than 36 other cities--including Seattle, San Francisco,Santa Monica, Richmond and Eugene--and permanently divest from fossil fuels. The city of Vallejo should immediately freeze any new investments in fossil fuels and divest any tax payer money or city employee retirement funds in the top 200 Carbon emitting companies in the world within 5 years. Specifically, we are asking the City Council to:
1.Order all asset managers of all city funds to immediately stop any new investment in fossil fuel companies;
2. Ensure that within 5 years none of city's directly held or commingled assets include holdings of either public equities or corporate bonds in fossil fuel companies as determined by the Carbon Tracker list (see below); and
3. Release quarterly updates, available to the public, detailing progress made towards full divestment.
Why is this important?
We hold the future of our children and grandchildren in our hands. In the words of Seattle's Mayor McGinn, "We’re the first generation to see the effects of climate change, and the last generation who can do anything about it. To refuse to use every tool at our disposal in this fight – to embrace inaction – is to endorse a trajectory that will lead to suffering, privation, and calamity" The world leaders agreed in the Copenhagen Climate Summit that raising the global temperature more than 2 degrees Celsius would be devastating for civilization. If we continue to burn fossil fuels at current rates we will surpass this target within 12 to 15 years.
Today we are already witnessing the effects of accelerated climate change: increased global temperatures have caused more extreme weather, food and water shortages, resource conflicts, climate refugees, and negative health impacts which have been felt disproportionately by coastal and impoverished communities. This is not a partisan issue, it is an ethical issue. Ethical financing is a statement that we will not support the profits of fossil fuel companies while millions of poor people around the globe bear the brunt of climate change as they experience famine, mass emigration and civil unrest as a result.
The burning of fossil fuels is the major contributor to the greenhouse gas build-up which causes global climate change. To prevent climate chaos, the fossil fuel industries have to keep 80% of their reserves underground. They will not do this willingly. However, as a community, we have the power to convince them by divesting from fossil fuels. Divestment from fossil fuel companies can:
a) drive public awareness of the incalculable damage being done by the fossil fuel industry as it generates huge immediate profits in exchange for an uninhabitable future;
b) build public recognition of the urgent need to drastically and rapidly reduce humanity’s dependence on fossil fuels;
c) call widespread attention to the consequences of continuing a “business as usual” approach to extracting, marketing and burning fossil fuel;
d) lead to inspiring and urgent, accelerated and popular commitment to leave untapped 80% of the known carbon reserves,while developing renewable energy resources capable of meeting humanity’s needs – thus making it possible that life as we have known it might continue on earth.
How it will be delivered
The Petition will be delivered to City Council via email and presented at a City Council Meeting.