Minneapolis council moves to ban city investments in Big Oil
No oil industry lobbyists showed up to testify at a Minneapolis City Council committee hearing to ban the city from investing in fossil fuel companies.
But lots of city residents and University of Minnesota students did show up Monday to support the largely symbolic effort.
The resolution bans the city from investing in 200 large fossil fuel extraction and refinery companies and requires that the city urge others to adopt similar policies.
It was approved unanimously by the council's Health, Environment and Community Engagement Committee on Monday and will be considered by the full Minneapolis City Council on March 20.
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The policy was co-sponsored by Council Member Cam Gordon, who said it reinforces the city's goal to reduce carbon emissions by 30 percent by 2020 and 80 percent by 2050.
"It's connected very much so to climate change and avoiding the most devastating impacts of climate change," Gordon said. "It's really important that we hold these global emissions down."
Gordon said the city of Minneapolis won't need to change any practices, since it doesn't currently invest in any fossil fuel companies. But the resolution also includes a provision urging the city to pressure others to divest in fossil fuel companies.
Advocates say similar policies have been adopted by more than three dozen cities including Boulder, Colo., and Seattle, Wash.