City of Denver divests from oil and gas companies

by 350 Colorado

Denver Mayor Michael Hancock announced that the City of Denver has begun 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 – totaling approximately $179M. 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.”

Read more: https://350colorado.org/city-of-denver-divests-from-oil-and-gas-companies/

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