HomeMy WebLinkAbout06-23-2015 C5 ChristieCOUNCIL MEETING:
ITEM NO.: CS
To: Mejia, Anthony
Subject: RE: Consent Agenda 6/23/15 - Socially Responsible Investing
From: Santa Lucia Chapter of the Sierra Club [ mailto:sierraclub8Caogmail.com]
Sent: Monday, June 22, 2015 8:40 PM
To: Council ALL
Subject: Consent Agenda 6/23/15 - Socially Responsible Investing
June 22, 2015
SIERRA
CLUB
FOUNDED 1892
RE: Consent Agenda 6/23/15, Socially Responsible Investing
Dear Councilmembers,
JUN 2 3 ?V`3
Santa Lucia Chapter
P.O. Box 15755
San Luis Obispo, CA 93406
(805) 543 -8717
www.santalucia.sierraclub.oria
On June 4, Georgetown University voted to cease making or continuing any direct investments of endowment funds in
companies whose principal business is mining coal for use in energy production. "We are called to powerfully engage
the world, human culture, and the environment - bringing to bear the intellectual and spiritual resources that our
community is built upon," said Georgetown President John J. DeGioia.
We urge the City to follow this example by divesting itself of its fossil fuel investments and embracing socially
responsible investing (SRI).
Billy Parish, president of Mosaic, a clean- energy investment platform, writes: "Asset managers and financial researchers
are learning that returns on investments in clean infrastructure can match or exceed returns on investments in the fossil
fuel industry. Moreover, local infrastructure investments would provide pension fund managers with a welcome way to
hedge against volatility and inflation in global markets."
Parish also notes that divestment is prudent and practical: "The consideration is as much financial as ethical. Recent
reports from groups such as Standard & Poor's and HSBC have warned that the fossil fuel industry faces immense
1, ystemic risks. If grovernments follow through on commitments to reduce carbon emissions, most of the world's reserves
of oil and coal will have to remain underground — a write -off of assets that could cost fossil fuel investors trillions of
dollars.... We need to start now to prepare our infrastructure for a world of rising sea levels, droughts and fires. We also
need to dramatically accelerate the transition to clean energy and transportation systems."
Best Regards,
Andrew Christie, Chapter Director
Santa Lucia Chapter of the Sierra Club
P.O. Box 15755
San Luis Obispo, CA 93406
(805) 543 -8717