Joint Committee: Finance; Environmental Protection and Energy

Chicago City Council

Environment

Finance

Politics

Monday, March 21, 2022
2:00 p.m. CDT

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Reporting

Edited and summarized by the Chicago - IL Documenters Team

Note-taking by Caroline Kubzansky

Divesting city funds from coal, oil and fossil fuel industries

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Live reporting by Erin Rusmi

Divesting city funds from coal, oil and fossil fuel industries

Erin Rusmi @ErinRusmi

Hi, I’ll be live-tweeting today's City Council Joint Committee meeting - Finance, Environmental Protection, and Energy - for #CHIdocumenters @CHIdocumenters

02:00 PM Mar 21, 2022 CDT

Erin Rusmi @ErinRusmi 2/26

Today's single agenda item is: "A communication recommending the approval of a proposed amendment to Municipal Code of Chicago Chapter 2-32 by adding new Section 2-32-515 regarding City investments in coal, oil, and gas reserve-owning companies."

Erin Rusmi @ErinRusmi 3/26

The meeting is starting now. Waguespack, La Spata, Dowell, King, Sawyer, Harris, Quinn, Lopez, Mitchell, Moore, Curtis, O'Shea, Taylor, Tabaras, Burnett, Ervin, Villegas, Sposato, Napolitano, Reilly, Tunney, Cappelman, Martin, Hadden, Silverstein, Hairston, Nugent, Cardona...

Erin Rusmi @ErinRusmi 4/26

and Rodriguez-Sanchez are present.

Erin Rusmi @ErinRusmi 5/26

This meeting is about divesting from fossil fuels. Chairman Cardenas thank 350 for their work. He says this is just one step in a transition toward better sustainability.

Erin Rusmi @ErinRusmi 6/26

"We're talking about infrastructure... not bonding" (What does this mean?) Divesting from fossil fuels "as soon as is practical"

Erin Rusmi @ErinRusmi 7/26

Treasurer Melissa Conyears-Ervin thanked Chairman Cardenas, Alderwoman Hadden, and Alderman La Spata for leading the city council in this effort. The city treasurer has divested "all applicable funds" from the top fossil fuel companies

Erin Rusmi @ErinRusmi 8/26

All future treasurers will make an exclusion list for the worst fossil fuel companies (but not all of them apparently)

Erin Rusmi @ErinRusmi 9/26

"Moving away from fossil fuels is smarter investing" - Treasurer Conyears-Ervin. Over 100 fossil fuels declared bankruptcy in North America during the pandemic

Erin Rusmi @ErinRusmi 10/26

Shaska Chirinos senior specialist at Principals for Responsible Investment. Climate change is causing dangerous and widespread disruption to human wellbeing and the health of the planet. Investors can use investment and divestment, stewardship, and policy engagement

Erin Rusmi @ErinRusmi 11/26

Net zero by 2050 requires end to new exploration of oil and gas resources and investment in alternatives. This presenter really emphasized the financial benefits of divestment, which I guess makes sense for a finance committee meeting.

Erin Rusmi @ErinRusmi 12/26

Thomas Kuh is the next speaker. The energy sector is most volatile in the US economy, it is shrinking, and governments and companies are moving away from fossil fuels. The energy sector is declining overall. Bankruptcies have largely wiped out the coal industry.

Erin Rusmi @ErinRusmi 13/26

"Net zero" means and equilibrium between new greenhouse gases added and existing ones removed from the environment.

Erin Rusmi @ErinRusmi 14/26

Gavin Taves from the mayor's office, climate and energy project manager. Whole government approach is needed. SCC required private sectors to publish their investing. (Taves was a fast talker. I missed a lot and I'm not confident in my summary. :( )

Erin Rusmi @ErinRusmi 15/26

Melissa Brice from 350 Chicago: shutting down capital supply is a good way to make the transition to renewable energy. Divestment is "not only possible but profitable". Price hikes hit low and middle income Chicagoans. The city of Chicago declared a state of climate emergency

Erin Rusmi @ErinRusmi 16/26

Do these speakers have a time limit? They're all talking fast and I'm struggling to keep up. Captioning these meetings would be very helpful to me and many others.

Erin Rusmi @ErinRusmi 17/26

Alderman La Spata: even if not for the financial benefits, we have a moral imperative to preserve the quality of life for all Chicagoans. Look at the Chicago Climate Action Plan.

Erin Rusmi @ErinRusmi 18/26

Alders Taliaferro and Mitts were added to the roll.

Erin Rusmi @ErinRusmi 19/26

Thomas Kuh is part of Morningstar owns one of the largest ESG providers in the world. He says some ESG funds have had exposure to Russian bonds and companies but it is less than the broader market.

Erin Rusmi @ErinRusmi 20/26

Treasurer Conyears-Ervin: the purpose of the ordinance isn't to negatively affect labor. The investments of Treasurer's office in corporate bonds are "friends of labor"

Erin Rusmi @ErinRusmi 21/26

Chairman Cardenas says "putting your money where your mouth is is so important", and it's important for markets and labor to have time to adjust. This is a transition period, creating new opportunities for a new economy.

Erin Rusmi @ErinRusmi 22/26

They just approved the ordinance by saying aye or nay. I forgot to mention earlier there seemed to be a significant number of alderfolks absent at the beginning, but some joined in later. There were 70 viewers at the end of the meeting.

Erin Rusmi @ErinRusmi 23/26

Oops, I broke my thread. Here's the rest of it:

twitter.com/ErinRusmi/stat…

Erin Rusmi @ErinRusmi 24/26

Broke the thread again. It continues here:

twitter.com/ErinRusmi/stat…

Erin Rusmi @ErinRusmi 25/26

Wow, I am great at this...

twitter.com/ErinRusmi/stat…

Erin Rusmi @ErinRusmi 26/26

Meeting adjourned at 2:54 p.m. This concludes the Chicago City Council Joint Committee meeting of the Finance Committee and Environmental Protection and Energy Committee. For more meeting coverage, check out documenters.org.

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Agency Information

Chicago City Council

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@ChiCouncil

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