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File #: 13-0867    Version: Name: 9/3/13 - Fossil Fuel Divestment Resolution
Type: Resolution Status: Passed
File created: 9/3/2013 In control: City Council
On agenda: 10/21/2013 Final action: 10/21/2013
Enactment date: 10/21/2013 Enactment #: R-13-317
Title: Resolution to Request City of Ann Arbor Employees’ Retirement System to Divest from the Top 200 Publicly-Traded Fossil Fuel Companies
Sponsors: Margie Teall, Energy Commission
Attachments: 1. AAERS- Fossil Fuel ltr to City Council 10-17-13, 2. Approved Resolution of the Ann Arbor Energy Commission to City Council to Urge City of Ann Arbor Employees 7-9-13, 3. Unburnable-Carbon-Full1.pdf, 4. building_a_carbon_free_portfolio.pdf
Related files: 13-1109
Title
Resolution to Request City of Ann Arbor Employees’ Retirement System to Divest from the Top 200 Publicly-Traded Fossil Fuel Companies
Memorandum
At its July 9, 2013 meeting, the Ann Arbor Energy Commission passed a resolution recommending City Council urge the City of Ann Arbor Employees’ Retirement System to divest from the top 200 publicly traded fossil fuel companies. A copy of the resolution is attached.

Over the last several months several institutions, including universities and 12 municipalities, have begun to divest (remove their investment contributions) from portions of their portfolios from the top 200 publicly-traded coal, oil and gas extraction companies (the “top 200 fossil fuel companies”). The effort has been driven largely by the 350.org movement seeking to reduce global greenhouse gas emissions and activities that enable their continued utilization. The Energy Commission points to historic energy and environmental goals approved by City Council and the Climate Action Plan as a basis for asking City Council to urge the Ann Arbor Employees Retirement Board (“Retirement Board”) both to divest from fossil fuel companies and holdings and to invest proactively in clean technology, renewable energy and sustainable companies and projects.

The Energy Commission is aware of City Council’s limitations with respect to direct authority over the Retirement Board as an autonomous body, but requests City Council to urge the Retirement Board to divest from the top 200 publicly-traded fossil fuel companies as part of a movement of fossil fuel divestment occurring across the country. Those companies are found in the list of the top 200 fossil fuel companies (listed by the top 100 coal and top 100 oil and gas extraction companies) on pages 13-14 of the attached “Unburnable Carbon” report of the Carbon Tracker Initiative.

Financial analyses have been done that show some divestments from fossil fuel companies may have less financial impact than presumed. ...

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