(WBBM NEWSRADIO) — A joint Chicago City Council committee has unanimously voted to pull most of the city’s investments out of fossil fuel companies.
City Treasurer Melissa Conyears-Ervin has already divested some $70 million of Chicago’s investments from fossil fuels. But that’s a relative drop in the bucket. Now, she and Mayor Lori Lightfoot are asking to broaden the scope to include employee pension funds.
With few questions and positive comments about the idea, the committee unanimously supported keeping much of Chicago’s more than $8 billion in assets out of companies dealing in fossil fuels.
Melissa Brice with the group 350,org testified at the hearing and said divesture is not risky.
“Thankfully, economists and financiers around the world have found that a well-diversified investment portfolio without fossil fuels is not only possible but profitable,” she said.
Brice said fossil fuels are actually volatile investments.
The measure is expected to go before the full Chicago City Council on Wednesday.
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