District announces divestment of $6.4 billion fund from dirty fuel companies
Historic commitment makes DC a national leader in divestment, addressing climate change
WASHINGTON, D.C. – The District of Columbia government announced today that its $6.4 billion pension fund has fully divested its direct investments in 200 of the world’s most polluting dirty fuel companies. With this action, The District has taken a critical step toward addressing climate change, joining the more than 500 cities, philanthropic organizations, faith groups, universities, and other organizations that have divested funds worth a collective $3.4 trillion.
The decision by the District of Columbia Retirement Board (DCRB) to sell off its dirty fuel investments underscores DC’s growing commitment to protecting environmental quality and ensuring that generations of Washingtonians will inherit a safe and stable climate.
In response to this historic divestment action, Matthew Gravatt, Chair of the DC Chapter of the Sierra Club, released the following statement:
“The hardworking public servants who are beneficiaries of this fund, and the District residents they serve, should applaud the DCRB for taking the commonsense step to divest from increasingly risky and volatile dirty fuel investments. This is a major step forward for the District in responding to the real effects and devastating potential of climate change. The DCRB’s decision to divest its $6.4 billion fund from dirty fuel companies and big polluters makes DC a leader among municipalities taking action to address climate change.”
“DCRB’s decision demonstrates the power of people to organize and effect positive change in their communities and calls attention to the disproportionate effects that climate change is already having on District residents, particularly in low-income and marginalized communities.”
“Following this divestment decision, DC should continue taking steps to protect our communities from the devastating effects of climate change and set a national leadership example for climate action, including committing to get 100% of electricity from clean and renewable sources by 2050, expanding access to solar power in the District, and taking ambitious steps to reduce carbon pollution.”
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The Sierra Club is the oldest, largest, and most influential grassroots environmental organization in the country. The Washington, DC Chapter comprises more than 3,600 members and supporters in Washington, DC and is actively involved in local conservation initiatives and in elections; the Chapter hosts a wide range of environmental and conservation focused events and volunteer opportunities.