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Board urges retirement system to cease new fossil‑fuel investments and divest public holdings within five years
Summary
The San Francisco Board of Supervisors unanimously adopted a nonbinding resolution on April 23 urging the San Francisco Employees’ Retirement System to stop new public investments in fossil‑fuel companies and begin phased divestment of its public holdings within five years.
The San Francisco Board of Supervisors on April 23 unanimously adopted a resolution urging the San Francisco Employees’ Retirement System (SFERS) to stop new investments in publicly traded fossil‑fuel companies and to divest existing public holdings within five years.
Sponsor and vote: Supervisor John Avalos introduced the resolution; it was amended during floor debate and then passed by the full board by unanimous consent. The transcript records a unanimous board outcome.
Why it matters: Sponsors and backers said divestment responds to climate risk and a potential ‘‘carbon bubble’’ in fossil‑fuel valuations. Supporters cited estimates of the Retirement System’s exposure and outside analyses about financial risk from constrained fossil‑fuel extraction.
What the resolution asks: The resolution urges the Retirement…
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