Minneapolis City Council Passes Fossil Fuel Divestment Resolution

We are thrilled to announce yet another milestone where our city councilors have taken courageous action for climate justice!

Our Coalition partners MN 350 have been mobilizing for a resolution for Minneapolis to endorse the divestment of financial assets from fossil fuel companies that use their windfall profits to lobby elected officials against clean energy solutions. See http://gofossilfree.org/top-200/   For more information on the campaign from MN350, click here.
 
On March 2nd, the 6 council members of the Health Environment and Community Engagement Committee (HE & CE) held a public hearing on this bold resolution and passed it unanimously.  Click Here to read the resolution language.

On Friday March 20th the divestment resolution passed the full City Council on an 11-2 vote. This is a win that reinforce the message to Xcel and Centerpoint that our City is serious about the "clean" in Clean Energy Partnership.

Minneapolis will be joining in with thirty-seven US cities, (including San Francisco, CA; Seattle, WA; Ithaca, NY; Portland, OR; Boulder, CO; and Madison, WI, Eugene, Ore., Richmond, Calif., Berkeley, Calif.,) who have divested. 
We thank the 11 City Council members Minneapolis who have joined the fastest growing divestment movement history and helping the city live up to the promise of the Climate Champion award from the While House last year!

 

Why Fossil Fuel Divestment Matters 

 The Minneapolis Divestment resolution is low-risk and high-reward. On one hand, the resolution will have negligible effect on the internal finances of the city itself which has no assets in fossil fuels. On the other hand, the resolution will provide some much-needed leverage toward getting local institutions like the University of Minnesota, as well as charitable funds, mutual funds and the State of Minnesota to take their investments out of these fossil fuel companies. The student governments of Augsburg College and the University of Minnesota- Twin Cities have already endorsed divestment !

The intent of divestment is to downsize the lobbying power of the fossil fuel industry and make owning stocks in these companies socially disreputable. For example, many colleges will not buy tobacco company stock because it would damage the prestige of their institution

 According to Seattle Mayor Mike McGinn “Divestment is just one of the steps we can take to address the climate crisis. Cities that do so will be leaders in creating a new model for quality of life, environmental sustainability and economic success."

 

 

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