Chicago City Council Bans Fossil-Fuel Investments
Posted On March 24, 2022
The Chicago City Council on Wednesday voted to ban city investments in coal, oil and gas companies in an effort to combat climate change.
The measure was supported by Chicago Mayor Lori Lightfoot and Treasurer Melissa Conyears-Ervin, who manages investments for the city as well as its pension funds and oversees $9 billion in assets. The city plans to create a list of companies that are coal, oil, and gas-reserve owners, ranked by potential carbon emissions. The treasurer won’t invest any city funds and will divest securities or other obligations of the companies on the list, according to the ordinance.