LOS ANGELES (CNS) – Los Angeles City Councilman Bob Blumenfield called today for a review of the city’s civilian pension-fund investments, and for the development of a plan to divest from companies that contribute to the effects of climate change.
“It’s time to look into our collective financial health and, for the sake of future Angelenos, ensure that we no longer invest in companies that are literally killing our world,” Blumenfield said.
According to Blumenfield’s office, the Los Angeles City Employees’ Retirement System has invested more than $100 million in oil companies, many of which “have shown no interest in moving toward renewable energy.”
The councilman argued the city has a responsibility to divest LACERS pension holdings from fossil fuel companies that are unwilling to turn away from the production of oil.
Specifically, the councilman asks LACERS and city departments to report on investments in fossil fuel companies, options to create a climate change watch list on investments in such companies and to develop a strategy to speak with those companies about transitioning their businesses to renewable energy.
He called for the development of a plan to divest from “uncooperative” fossil fuel companies and to reinvest that money, and to create a watch list to identify investments in tobacco and firearm companies that contradict the City Council’s official positions.
The proposal is slated to be heard in the near future by the City Council’s Budget and Finance Committee.