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Plan Urging San Francisco To Divest From Oil Companies Moves Forward

SAN FRANCISCO (KCBS) — Activists fighting climate change and the oil companies persuaded a San Francisco Board of Supervisors committee to move forward with a resolution Wednesday for the city's retirement fund to divest from fossil fuel investments.

Supervisor John Avalos called on the retirement board for the San Francisco Employees' Retirement System to dump investments in fossil fuels over the next five years.

"The fossil fuel companies are the root of our climate problem. The retirement board can divest responsibly without affecting the fund's security or yield," Avalos said.

SF Board Resolution To Divest From Fossil Fuel Companies Moves Forward

The pension fund for city workers has more $500 million invested in fossil fuel interests or almost nine percent of fund holdings.

While the effects of divesting from the companies remain under debate, activists at the meeting said the most important thing is saving the planet.

Supervisor Mark Farrell voiced his support for fighting climate change, but wants to make sure the pension board lives up to its fiduciary responsibility to current and future retirees.

The resolution asking the retirement board to divest in the oil companies was sent to the full Board of Supervisors for a vote in two weeks.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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