500 signatures reached
To: Seattle City Council
Don't Let Seattle's Divestment Falter!
Don't let Seattle's leadership on fossil fuel divestment falter.
We call on the City Council
• to direct the board of SCERS and members of VDCPC to review Seattle’s investment portfolio to identify any holdings that include direct or indirect investments in fossil fuel companies;
• to pass a resolution urging the board of SCERS and VDCPC members to immediately cease any new investments in fossil fuel companies, and urging that if any Seattle investments in commingled funds include fossil fuel companies, the board of SCERS and the VDCPC members shall contact fund managers and request that the fossil fuel companies be removed from the funds;
• to urge the board of SCERS and the VDCPC members to ensure within 5 years that none of their directly held or commingled assets include holdings in fossil fuel public equities and corporate bonds as determined by the Carbon Tracker list;
• to urge the SCERS board and members of VDCPC to release quarterly updates, available to the public, detailing progress made towards full divestment.
Why is this important?
The climate crisis is a profound threat to the Puget Sound region and the world. Fossil fuel companies possess proven reserves that would release approximately 2,795 gigatons of CO2, or five times the amount releasable without exceeding 2°C of warming, which the 2009 Copenhagen Accord indicated would be untenable for life as we know it. Seattle has been a national leader on the environment, and was the first city nationwide to commit to divestment; it's critical that we continue to lead the way.