FOR IMMEDIATE RELEASE
November 23, 2020
Contact: Olivia LaVecchia
(802) 734-0617
Mayor Weinberger Announces Support for Divesting City of Burlington from Fossil Fuel Companies
Burlington, VT – At tonight’s City Council meeting, the Council will consider a resolution requesting that the City divest from fossil fuel companies. In response, Mayor Miro Weinberger released the following statement:
“It is time for the City of Burlington to join the growing number of cities around the world that are fully divesting from fossil fuel companies. I support Councilor Jane Stromberg’s resolution before the City Council tonight that would initiate that process, and look forward to working with the Board of the Burlington Employee Retirement System (BERS) and the City Council to see it implemented.
“In recent years, my Administration has worked both to stabilize the City’s finances and lead the nation in responding to the climate crisis at the local level. We’ve seen that, increasingly, investments in climate mitigation and resiliency aren’t just the right thing to do – they also make good economic sense in both the short- and long-term.
“As we examine divestment, it is critical that we also carefully steward the retirement savings of employees who have dedicated their careers to serving the City of Burlington. The good news is that it has become empirically clear that it is possible to pursue divestment without sacrificing returns or our low-cost, passive investment strategy. Even further, a growing number of investment professionals are coming to see investments in fossil fuel companies as carrying greater risk. As the Mayors Innovation Project puts it, ‘we shouldn’t be funding our retirement by investing in companies whose operations ensure we won’t have a safe planet to retire on.’
“I am appreciative of Councilor Stromberg’s leadership in bringing this item forward, and her collaboration with the Administration throughout this process. Thank you also to Councilor Karen Paul for her hard work to ensure a strong and prudent resolution. ”
# # #
