US. Boston to Divest From Fossil Fuels, Tobacco, Private Prisons
Boston Mayor Michelle Wu has signed into law an ordinance to divest the city from the fossil fuel, tobacco, and private prison industries by the end of 2025. The ordinance prohibits using public funds to invest in the stocks, securities, or other obligations of any company that derives more than 15% of its revenue from those industries.
Under the new law, fossil fuel investments are defined as investments in any company that derives more than 15% of its revenue from the combustion, distribution, extraction, manufacture, or sale of fossil fuels, including coal, oil and gas, or fossil fuel products. It also includes electric distribution companies with corporate affiliates that derive revenue from fossil fuels.
The ordinance also requires the issuance of a report to track the city’s investments, including plans to improve its holdings 120 days after the law’s passage. In 2014, Wu presided over a Boston City Council hearing that examined the potential effects of fossil fuel divestment and its relation to the city’s economy. She also provided testimony at the state in support of city/state divestment from fossil fuels.
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