For Immediate Release
City of Denver, Colorado Divests From Oil and Gas Companies
The City of Denver sold its oil and gas bonds last month, is reviewing renewable energy reinvestment options
WASHINGTON - Denver Mayor Michael Hancock announced that the City of Denver is divesting its $6bn General Funds’ portfolio from fossil fuel investments. The city said it was able to move quickly through the process as fossil fuels were already a small percentage of the overall portfolio. The announcement came at the 2019 Denver Mayoral Candidate Forum, where all Mayoral candidates responded enthusiastically when asked if they would divest the city from fossil fuel.
Jerry Tinianow, Denver’s Chief Sustainability Officer,says that Denver’s Mayor announced in March 2019 that the City would liquidate all debt instruments issued by non-renewable energy companies in its reserve fund. By April all had been sold, and the City was looking to replace them with debt instruments of comparable quality from energy efficiency and renewable energy companies. “We never held stock in coal, oil or gas companies, and our Mayor has no control over the employee pension fund, so he did what he could with the assets he controlled,” shared Tinianow. “We are proud of Denver’s action on divestment. Local 350 Colorado representatives played a major role in helping us decide what the right thing to do was.”
The divestment movement has been quickly growing globally, with over 1000 institutions representing more than $8 trillion in assets committing to divestment thus far. Denver joins over 43 cities that have passed resolutions or ordinances to partially or fully divest from fossil fuels.
In the first-quarter of 2018, New York State, New York City and London called on their public pensions to divest. The World Bank is ending its lending to fossil fuel projects. Governments are also looking at fossil fuel divestment, including Ireland and Norway. Colorado has the opportunity to follow suit, showing bold leadership in a state that can lead the way in investing in cleaner, renewable energy technology.
“Our 350 Denver members, especially those who have worked on calling for Denver City divestment over the past years, are heartened to learn of Denver’s decision to divest its fossil-fuel holdings including ExxonMobil and Chevron. This is a powerful statement to our children, grandchildren and future generations that we care about them and want to invest in their future,” shared Barbara Donachy, a 350 Colorado board member and a lead volunteer calling on Denver to divest. “We are grateful to Mayor Hancock for this bold step. We at 350 Denver want to encourage even bolder steps that would include divesting our holding in the banks, currently JPMorgan Chase and Wells Fargo, that are key funders of fossil fuel infrastructure projects that is fueling the climate crisis and infringing on indigenous rights.”
Donachy is referencing the Banking on Climate Change report released last month highlighting that global banks poured $1.9 Trillion into fossil fuel financing since the Paris Agreement was adopted, with JPMorgan Chase and Wells Fargo contributing the largest amounts.
As lawmakers, including in Colorado, are passing legislation and having serious discussions about the scientific consensus that we need to transition significantly away from fossil fuels by 2030, public investment portfolios need to rapidly shift out of fossil fuel investments to mitigate risk. That is why 350 Colorado has joined others to call on the state pension fund, PERA, to follow Denver’s lead.
“Our 350 Denver members, especially those who have worked for Denver City divestment over the past years, are heartened to learn of Denver’s decision to divest its fossil-fuel holdings from Exxon-Mobil and Chevron. No doubt about it, this is an historic move! Denver has joined over 34 cities that have passed resolutions or ordinances to partially or fully divest from fossil fuels. And, Denver has surpassed the resolutions and promises—Denver has done it. This is a powerful statement to our children, grandchildren and future generations that we care about them and want to invest in their future.
We are grateful to Mayor Hancock for this bold step. We at 350 Denver want to encourage even bolder steps that would include divesting our holding in the banks, currently JPMorgan Chase and Wells Fargo, that are funding the fossil fuel pipeline and infrastructure that is fueling the climate crisis and infringing on indigenous rights.
We want to see a permanent change to Denver’s investment policy that will prevent any future investments in the fossil fuel industry and the financial institutions that fund that industry. And we would like to see representation on the City’s investment advisory committee that includes advisors with expertise in socially and environmentally friendly investing.” – Barbara Donachy, 350 Denver Leadership Council Member
“Congratulations to 350 Colorado and the Denver City Administration for taking one small step for Denver City Government and a giant step for citizen investors. Now let us all go and do likewise, and re-deploy our resources of time and money in renewable energy and social justice investments that offer a reliable and secure future.” Libby Comeaux, editor, Loretto Earth Network News
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