SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
In 'Bold' Act of Leadership, Nation's Capital Divests $6.4 Billion Fund from All Fossil Fuels
'The decision to divest from fossil fuels is an incredible act of leadership that came just in time'
Jun 06, 2016
The largest pension fund in Washington, D.C. has divested its $6.4 billion from 200 of "the world's most polluting fossil fuel companies."
"In doing so, Washington, D.C. has taken a critical step toward addressing climate change, joining the more than 500 cities, philanthropic organizations, faith groups, universities, and other organizations that have divested funds worth a collective $3.4 trillion," wrote grassroots advocacy group DC Divest, which celebrated the hard-won victory that came after three years of campaigning.
"If we're going to take real action on climate change, we must take a hard stance against the fossil fuel industry."
--Matt Grason, DC Divest
"Climate change is a life or death issue here in the District of Columbia, and it disproportionately harms low income families and communities of color," said Rev. Lennox Yearwood, president and CEO of the Hip Hop Caucus. "We can't afford to wait any longer. The decision to divest from fossil fuels is an incredible act of leadership that came just in time."
The District of Columbia Retirement Board (DCRB), which runs the pension fund, announced the decision on Monday. On Tuesday, the D.C. city council is set to vote on a ceremonial resolution lauding the DCRB on its decision to divest from fossil fuels.
"The decision to divest shows that D.C. takes seriously its responsibility to protect pensioners from risky fossil fuel investments," said Jesse White, a District of Columbia Public Schools teacher and DCRB beneficiary. "As the U.S. continues to transition to a clean energy economy, our investments must follow suit."
Prominent environmentalist Bill McKibben celebrated the decision on social media:
Mike Tidwell, director of the local green group Chesapeake Climate Action Network (CCAN), also praised the decision:
The District of Columbia Retirement Board deserves our applause for taking bold and decisive action to divest from fossil fuel companies. Global warming is already causing record flooding, heat and storms in D.C. and across our region, threatening our health, economy and future. We must take immediate action, and the District is taking a big step forward by cutting financial ties with oil, gas and coal companies that are responsible for creating this crisis and blocking our path to solutions.
Campaigners took note of the symbolic impact of the nation's capital divesting its pension fund from fossil fuels, and called on Congress to use the momentum to pass critical legislation to combat climate change.
"Time is up for the powers that be to act on climate change. If we're going to take real action on climate change, we must take a hard stance against the fossil fuel industry," said DC Divest spokesperson Matt Grason. "By divesting from fossil fuels, the nation's capital has taken a critical step in creating the political will for climate action. Now it's time for Congress to take note and pass comprehensive legislation to limit the carbon pollution driving climate change."
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission has always been simple: To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It's never been this bad out there. And it's never been this hard to keep us going. At the very moment Common Dreams is most needed, the threats we face are intensifying. We need your support now more than ever. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Will you donate now to make sure Common Dreams not only survives but thrives? —Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
The largest pension fund in Washington, D.C. has divested its $6.4 billion from 200 of "the world's most polluting fossil fuel companies."
"In doing so, Washington, D.C. has taken a critical step toward addressing climate change, joining the more than 500 cities, philanthropic organizations, faith groups, universities, and other organizations that have divested funds worth a collective $3.4 trillion," wrote grassroots advocacy group DC Divest, which celebrated the hard-won victory that came after three years of campaigning.
"If we're going to take real action on climate change, we must take a hard stance against the fossil fuel industry."
--Matt Grason, DC Divest
"Climate change is a life or death issue here in the District of Columbia, and it disproportionately harms low income families and communities of color," said Rev. Lennox Yearwood, president and CEO of the Hip Hop Caucus. "We can't afford to wait any longer. The decision to divest from fossil fuels is an incredible act of leadership that came just in time."
The District of Columbia Retirement Board (DCRB), which runs the pension fund, announced the decision on Monday. On Tuesday, the D.C. city council is set to vote on a ceremonial resolution lauding the DCRB on its decision to divest from fossil fuels.
"The decision to divest shows that D.C. takes seriously its responsibility to protect pensioners from risky fossil fuel investments," said Jesse White, a District of Columbia Public Schools teacher and DCRB beneficiary. "As the U.S. continues to transition to a clean energy economy, our investments must follow suit."
Prominent environmentalist Bill McKibben celebrated the decision on social media:
Mike Tidwell, director of the local green group Chesapeake Climate Action Network (CCAN), also praised the decision:
The District of Columbia Retirement Board deserves our applause for taking bold and decisive action to divest from fossil fuel companies. Global warming is already causing record flooding, heat and storms in D.C. and across our region, threatening our health, economy and future. We must take immediate action, and the District is taking a big step forward by cutting financial ties with oil, gas and coal companies that are responsible for creating this crisis and blocking our path to solutions.
Campaigners took note of the symbolic impact of the nation's capital divesting its pension fund from fossil fuels, and called on Congress to use the momentum to pass critical legislation to combat climate change.
"Time is up for the powers that be to act on climate change. If we're going to take real action on climate change, we must take a hard stance against the fossil fuel industry," said DC Divest spokesperson Matt Grason. "By divesting from fossil fuels, the nation's capital has taken a critical step in creating the political will for climate action. Now it's time for Congress to take note and pass comprehensive legislation to limit the carbon pollution driving climate change."
The largest pension fund in Washington, D.C. has divested its $6.4 billion from 200 of "the world's most polluting fossil fuel companies."
"In doing so, Washington, D.C. has taken a critical step toward addressing climate change, joining the more than 500 cities, philanthropic organizations, faith groups, universities, and other organizations that have divested funds worth a collective $3.4 trillion," wrote grassroots advocacy group DC Divest, which celebrated the hard-won victory that came after three years of campaigning.
"If we're going to take real action on climate change, we must take a hard stance against the fossil fuel industry."
--Matt Grason, DC Divest
"Climate change is a life or death issue here in the District of Columbia, and it disproportionately harms low income families and communities of color," said Rev. Lennox Yearwood, president and CEO of the Hip Hop Caucus. "We can't afford to wait any longer. The decision to divest from fossil fuels is an incredible act of leadership that came just in time."
The District of Columbia Retirement Board (DCRB), which runs the pension fund, announced the decision on Monday. On Tuesday, the D.C. city council is set to vote on a ceremonial resolution lauding the DCRB on its decision to divest from fossil fuels.
"The decision to divest shows that D.C. takes seriously its responsibility to protect pensioners from risky fossil fuel investments," said Jesse White, a District of Columbia Public Schools teacher and DCRB beneficiary. "As the U.S. continues to transition to a clean energy economy, our investments must follow suit."
Prominent environmentalist Bill McKibben celebrated the decision on social media:
Mike Tidwell, director of the local green group Chesapeake Climate Action Network (CCAN), also praised the decision:
The District of Columbia Retirement Board deserves our applause for taking bold and decisive action to divest from fossil fuel companies. Global warming is already causing record flooding, heat and storms in D.C. and across our region, threatening our health, economy and future. We must take immediate action, and the District is taking a big step forward by cutting financial ties with oil, gas and coal companies that are responsible for creating this crisis and blocking our path to solutions.
Campaigners took note of the symbolic impact of the nation's capital divesting its pension fund from fossil fuels, and called on Congress to use the momentum to pass critical legislation to combat climate change.
"Time is up for the powers that be to act on climate change. If we're going to take real action on climate change, we must take a hard stance against the fossil fuel industry," said DC Divest spokesperson Matt Grason. "By divesting from fossil fuels, the nation's capital has taken a critical step in creating the political will for climate action. Now it's time for Congress to take note and pass comprehensive legislation to limit the carbon pollution driving climate change."
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.