We call on the City of Vancouver 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 Vancouver 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 global climate crisis is harming individuals, families and communities around the world -- and that includes Vancouver. The crisis was created by, and is perpetuated by, the extraction of carbon deposits and their use as fossil fuels. The fossil fuel industry is literally destroying our planet. And it is wrong for civic institutions to profit from this destruction. Vancouver has long been a leader in municipal climate action, but the Greenest City needs to include our investments too.
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