Boston Mayor Michelle Wu Signs Ordinance To Change How The City Invests

BOSTON (CBS) -- Boston Mayor Michelle Wu signed an ordinance on Monday to change how the city invests.

The ordinance prohibits public funds from being invested in stocks, securities, or companies that get more than 15% of its revenue from fossil fuels, tobacco products, or carceral facilities, like jails or prisons by the end of 2025.

The goal is to grow "a low-carbon, resource efficient, and socially inclusive economy," said a statement from Wu's office.

The ordinance was unanimously passed in the City Council last week.