On the Blogs: D.C. Pension Fund Is Latest to Divest From Fossil Fuels

first_img FacebookTwitterLinkedInEmailPrint分享Zahra Hirji for InsideClimate News:The District of Columbia Retirement Board (DCRB) spent the last few years quietly selling off $6.5 million in oil, natural gas and coal investments, amounting to a mere one-tenth of 1 percent of the organization’s total holdings, but made the public announcement at a press conference on Monday.While other American cities including San Francisco have pledged to clear their pension funds of fossil fuels, Washington D.C. may be the largest fund in the nation to complete this step, though the amount divested was small. The DCRB joins more than 500 cities, philanthropies, universities and other organizations worldwide with assets totaling more than $3.4 trillion that have divested from at least some fossil fuels or pledged to do so.“This is a decision that is morally and ethically the right thing” from a climate perspective, said D.C. council member Charles Allen at a recent press conference. “It is also financially the right thing,” he added.Some of the companies culled from the D.C. pension fund include Peabody Energy and Arch Coal, which both filed for bankruptcy this year, as well as ExxonMobil Inc., an oil giant being investigated by several attorneys general for possibly misleading the public and shareholders on the business risks associated with climate change.Washington D.C. Pension Fund Announces Full Fossil Fuel Divestment On the Blogs: D.C. Pension Fund Is Latest to Divest From Fossil Fuelslast_img read more