Climate change poses a risk to communities and their investments. There is a growing toolbox of measures cities can take to combat climate change. One of these tools, divestment from fossil fuels, is ethical, viable, and a moral imperative. Successful divest/invest strategies are a matter of political will. Steps a city can take: determine if they have funds that should be divested; reinvest the capital moved from fossil fuel stocks to a Green Bank or Revolving Loan Fund; identify what opportunities there are to attract “fossil free” investments to sustainable projects via green bonds or other mechanisms; ensure that any jobs created through this process are quality jobs.
Matthew Braunginn, James Irwin, and Satya Rhodes-Conway. Reducing Carbon Risk & Investing in Local Economic Strength. Mayors Innovation Project, 2019.