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BOSTON - Monday, November
22, 2021 - At her first bill signing, Mayor Michelle Wu today signed an
ordinance requiring the City of Boston to divest from fossil fuel, tobacco,
and private prison industries by the end of 2025. The ordinance,
co-sponsored by then-Councilor Wu, Councilor Edwards and Councilor
O’Malley, was unanimously approved by the Boston City Council last week
with the goal of growing a low-carbon, resource efficient, and socially
inclusive economy. The ordinance also requires a report to track City
investments that includes plans to improve its holdings 120 days after
passage.
Today's signing is
the culmination of Mayor Wu's years of commitment to reducing carbon,
making advancements to shift to renewable energy, and prioritizing the
stability of Boston's future for years to come. In 2014, Mayor Wu and
Councilor O’Malley presided over the City Council hearing that examined the potential effects of
fossil fuel divestment and its relation to Boston’s economy. Mayor Wu also
provided testimony at the state in support of city/state
divestment from fossil fuels.
“In this closing
window of time to act, Boston must lead by taking every possible step for
climate justice. Divesting from harmful industries to invest in sustainable
and healthy jobs is not only the pathway to a green and resilient future;
it’s also the most responsible stewardship of taxpayer dollars,” said Mayor
Michelle Wu. “I’m thankful to the many advocates who fought for this
important win and am so proud to take a big step forward towards a Boston
Green New Deal today. Together, we are putting Boston on a path towards a
healthier, brighter future.”
“The City of Boston
continues to lead on environmental, economic and social justice issues.
With the signing of this ordinance, we are headed another step closer
toward a more resilient city,” said Councilor O’Malley. “Through codifying
our values through this ordinance, we are demonstrating our commitment to
addressing global climate change and its impacts on our city for future
generations to come.”
"I was proud to
partner with Mayor Wu on the council to file this ordinance and I'm even
prouder that it's the first one she's signing as mayor,” said Councilor
Edwards. “I'm also grateful for Councilor O'Malley's partnership and for
all of the advocates that helped push us to take this important step toward
a cleaner, more sustainable future."
“This piece of
legislation sends a strong signal of where Boston stands in our fight
against the climate crisis and the prison industrial complex, and where we
are headed in our shared future,” said Reverend Mariama White-Hammond,
Chief of Environment, Energy and Open Space. “I want to thank Mayor Wu,
Councilor Edwards, Councilor O’Malley, and all of the residents and
activists for taking this major step towards racial justice and a just
transition to the green economy.”
The ordinance
prohibits the use of public funds from being invested in the stocks,
securities, or other obligations of any company which derives more than 15
percent of its revenue from fossil fuels, tobacco products, or carceral
facilities. Fossil fuel investments are defined as any company which
derives more than 15 percent of its revenue from the combustion,
distribution, extraction, manufacture, or sale of fossil fuels, including
coal, oil and gas, or fossil fuel products, and electric distribution
companies with corporate affiliates that derive revenue from fossil fuels.
Full divestment from these industries will be achieved by 2025.
Boston joins a
divestment movement that includes a growing number of municipalities,
universities, and private investment funds worldwide. As a Council member,
Mayor Wu joined students and activists in filing a complaint with the Massachusetts Attorney General
that states Harvard College's investment in fossil fuels goes against the
state's Uniform Prudent Management of Institutional Funds Act. Colleges,
universities, and municipalities across the Commonwealth of Massachusetts,
as well as Maine, New York, and Quebec, have all led successful divestment
campaigns showing that investing in renewable energy can be more profitable
and create more jobs than investing in the fossil fuel industry. The City
of Boston passed a similar divestment ordinance in 1984 as part of the
global anti-apartheid movement.
"Michelle Wu is
clearly intent on becoming a transformative mayor for the climate era, and this
is a powerful first step--breaking with the fossil-fueled (and
money-losing) status quo. Divestment has become a key part of the fight for
a working future, and Boston's action today, coming as it does from a
center of financial and scientific power, sends a signal that will be heard
loud and clear across the country and around the world,” said Bill
McKibben, founder of 350.org and Schumann Distinguished Scholar in
Environmental Studies at Middlebury College.
“Sierra Club
applauds Mayor Wu’s strong and sensible climate leadership. Our new
mayor understands that to build a resilient Boston, the city must divest
from the corporations that are powering the accelerating climate
crisis. The outdated, expensive and dirty 20th century fossil fuel
energy technologies cannot be part of a 21st century sustainable Boston,”
said Michele Brooks, Sierra Club’s Boston Lead Organizer.
This ordinance
builds on Mayor Wu’s work to create an accessible, inclusive green economy
that works for all of Boston’s residents. Last week, on her first full day
in office, Mayor Wu filed an appropriation order with the City Council for
$8 million in federal funds to eliminate fares on the 23, 28 and 29 MBTA bus
routes for a two-year
period. This program builds on the 4-month fare-free 28 bus pilot program
initiated by former Mayor Janey. While overall bus and subway ridership is
at 53% of pre-pandemic weekday ridership, the free 28 bus saw ridership
surge to 92% of pre-pandemic levels, making it the most popular in the
system.
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