HomeCarbon NewsBoston Divests from Fossil Fuels

Boston Divests from Fossil Fuels

With unanimous approval, newly sworn-in Boston Mayor, Michelle Wu, signed an ordinance to divest the city from fossil fuels. Under the ordinance, public funds cannot be invested in any company that receives more than 15% of its revenue from fossil fuels, tobacco products, or private prison industries.

The ordinance is expected to reduce investments within the fossil fuel industry by $65 million. As of Monday, Boston officials did not say whether current assets would be impacted.

During the signing ceremony, Wu stated, “This is deeply personal for many of us and urgent. My older son Blaise was born in the first year that I served in this building, and the first year that we started to hear it was the hottest year ever on record. Since then, his six years alive on this planet have each been our hottest on record.

Wu went on to say, “We’re moving quickly to make sure that Boston will set the tone for what is possible for that brightest greenest future for all of our kids.”

According to Wu, the goal is to distance Boston from fossil fuels that are a driving force behind climate change. Since Boston is a coastal city, climate change, if not addressed, is a direct threat.

Boston joins a growing number of cities and organizations that are looking to keep their investments green:

• The Ontario Teacher’s Pension Plan recently said that they are focusing on green investments.
• Harvard University President Lawrence Bacow announced they will move away from fossil fuel investments.
• New York City officials announced that their two city work pensions funds will pull fossil fuel investments to focus on clean energy – which is about $4 billion worth of funds.
• Canadian Pension Plan Investment Board and Conservation International have partnered to invest in high-quality carbon offset projects.

As cities begin to look for ways to be a part of the climate change solution – net-zero goals seem more within reach. Per Senator Edward Markey, “What Boston represents here today is the future.”

Most Popular
LATEST CARBON NEWS

Tesla Signs A Landmark Multi-Billion Dollar 15 GWh Megapack Deal

While Tesla's energy storage segment is smaller than its automotive business, it has been experiencing significant growth. This segment has rapidly accelerated and expanded...

Nickel Market in Turmoil: BHP to Halt Operations Due to Price Plunge

In recent developments within the global nickel market, the trajectory of prices has undergone a significant downturn. Consequently, nickel prices have plummeted from the highs...

HSBC Opens New Unit For Low-Carbon Finance, Alongside $1 Trillion Pledge

Global financial services group HSBC is launching a new business unit, HSBC Infrastructure Finance (HIF), to focus on infrastructure financing and project finance advisory...

Sungrow and Algihaz Join Forces for 7.8 GW Energy Storage in Saudi Arabia

Sungrow Power Supply, a Chinese photovoltaic inverter manufacturing giant recently announced to partner with Saudi Arabia’s Algihaz Holding for a massive energy storage project....
CARBON INVESTOR EDUCATION

The Ultimate Guide to Understanding Carbon Credits

Everything you need to know about carbon credits, voluntary and compulsory carbon markets, and carbon investment...

Top 4 Carbon Stocks To Watch In 2024

Carbon stocks, credits and capture technology are getting a lot of interest from investors. Companies will attract even more capital in 2023.

What Is COP28? Key Issues to Watch Out at 2023 Climate Summit

After a record-breaking year of devastating effects of climate change, from record wildfires in Greece and Canada to floods in Libya, the United Nations...

Climate Disclosure: New Corporate Standards for a Net Zero World

As part of the world’s continued efforts to combat climate change and transition towards net zero, one important piece of the puzzle is new...