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San Francisco Commission urges retirement board to divest fossil fuel holdings, approves accelerated timetable
Summary
The San Francisco Commission on the Environment on Jan. 23 approved a resolution urging the city’s retirement board to divest from fossil fuel companies, adding amendments that call for immediate sales of poorly performing fossil assets and a timeline for full divestment.
The San Francisco Commission on the Environment voted on Jan. 23 to urge the San Francisco Employees’ Retirement System to divest from fossil fuel companies, adopting amendments that require immediate sale of assets with sustained negative returns and set a deadline for broader divestment.
Commissioner Eddie Ahn, who sponsored the resolution with Commissioner Ollos, framed the item as both a moral and a financial obligation. “The resolution calls for divestment as full and expeditious,” Ahn said during the discussion. Dozens of public commenters — retirees, environmental groups and faith leaders — urged the commission to press the retirement board for faster action.
Victor Makris, a retirement board member who spoke in a personal capacity, told the commission he supports divestment and pressed for clearer transparency from retirement-system staff. “We made a conscious decision not to be in the tobacco industry, and we can do the same without fossil fuels,” he said.
Advocates cited financial analyses showing underperformance in some fossil holdings and urged a near-term schedule. Jed Holtzman of 350 Bay Area called the measure “an exceptionally common-sense” step and noted implementation gaps since the Board of Supervisors’ first divestment request in 2013. Financial advisers and academics who testified cited multiple studies indicating divested portfolios need not underperform.
After debate, the commission adopted two amendments: language calling for immediate divestment of assets that have issued negative returns for five or more years, and an added deadline for full divestment within 180 days as the commission’s requested timetable. The commission then approved the resolution as amended.
The resolution is nonbinding: it urges the retirement board to act and asks the board to report back. Commissioners said the measure is intended to increase pressure on the retirement system and to align public investments with the city’s climate goals. The retirement board is scheduled to consider related action the next day.
