SEATTLE, WA — Seattle Mayor Mike McGinn sent a letter to the city’s two chief pension funds on friday, formally requesting that they “refrain from future investments in fossil fuel companies and begin the process of divesting our pension portfolio from those companies.”
There is a clear economic argument for divestment. While fossil fuel companies do generate a return on our investment, Seattle will suffer greater economic and financial losses from the impact of unchecked climate change. Our infrastructure, our businesses, and our communities would face greater risk of damages and losses due to turbulent weather that climate change causes. As a waterfront city, several of our neighborhoods and industrial districts are at risk if climate change causes a significant rise in sea level.
I believe that Seattle’s pension funds should be invested in companies that can provide a good return on our investment without putting our city and our future at risk. I am ready to work with the City Council and the pension board to make this happen.
Mayor of Seattle