Tue October 22, 2013
Mayors Argue To Cut Fossil Fuel Stock, But Skeptic Urges Softer Approach
Investment advisors from across the country met on Friday in Seattle in hopes of cutting fossil fuels from the stock portfolios they manage.
Seattle Mayor Mike McGinn organized the forum on divesting from coal, oil and gas companies. McGinn wants to the city employees’ pension fund to divest because of fossil fuels’ impact on the global climate.
“Isn’t it fiscally irresponsible as well as morally irresponsible to invest in companies whose very business model depends upon destroying the climate we depend upon?” McGinn said.
McGinn doesn’t have control over Seattle’s more than $2 billion in pension funds. That’s controlled by a seven-member board.
No pension board members attended Friday’s forum. ...
Read and listen to the complete story at KUOW.org, where this story first appeared.