HomeMy WebLinkAboutRESO 9493Resolution No. 9493
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
URGING CALPERS TO DIVEST FROM PUBLICLY TRADED
FOSSIL FUEL COMPANIES
WHEREAS, the climate crisis is a serious threat to current and future generations here in
Palo Alto and around the world; and
WHEREAS, the Intergovernmental Panel on Climate Change (IPCC) Fifth Assessment
Report found that global warming is already causing costly disruption of human and natural
. systems throughout the world including the melting of Arctic ice, the ocean's rise in acidity,
flooding and drought; and
WHEREAS, almost every government in the world has agreed through the 2009
Copenhagen Accord that any warming above a 2°C (3.6°F) rise would be unsafe, and that
humans can only pour about 565 more gigatons of carbon dioxide into the atmosphere to
maintain this limit; and
WHEREAS, for the purposes of this ordinance, a "fossil fuel company" shall be defined as
any of the two hundred publicly-traded companies with the largest coal, oil, and gas reserves as
measured by the gigatons of carbon dioxide that would be emitted if those reserves were
extracted and burned, as listed in the Carbon Tracker Initiative's "Unbumable Carbon" report;
and
WHEREAS, in its "Unbumable Carbon" report, the Carbon Tracker Initiative found that
fossil fuel companies possess proven fossil fuel reserves that would release approximately 2, 795
gigatons of C02 if they are burned, which is five times the amount that can be released without
exceeding 2°C of warming; and
WHEREAS, the City of Palo Alto has a responsibility to protect the lives and livelihoods of
its inhabitants from the threat of climate change; and
WHEREAS, the City of Palo Alto believes that its investments should support a future where
all citizens can live healthy lives without the negative impacts of a warming environment; and
WHEREAS, studies have shown that fossil free portfolios would have performed better than
benchmark indices.
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Palo Alto that the
Council requests CalPERS to join the City in these efforts and:
1. Immediately instruct its asset managers to stop any new investment in companies and
corporations whose operations involve the extraction of fossil fuels; and
2. Ensure that none of its directly held or commingled assets include holdings in fossil fuel
public equities and corporate bonds on or after January 1, 2020; and
3. Publish quarterly updates beginning July 1, 2015, available to the public, detailing
progress made towards full divestment.
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INTRODUCED AND PASSED: FEBRUARY 9, 2015
A YES: BERMAN, BURT, DUBOIS, FILSETH, HOLMAN, SCHARFF, SCHMID,
WOLBACH
NOES:
ABSENT: KNISS
ABSTENTIONS:
ATTEST: /
~~ ~ City Clerk
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EXHIBIT A
Management/Professional Compensation Plan Changes-Effective July 1, 2012
Job Classification Title Grade Control Approx. Hourly
Code Code Point Annual
12 EMS Manager TBD 10,000 120,000 57.69 (title and salary change for the EMS Coordinator)
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