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HomeMy WebLinkAboutItem V _ Fossil Fuels OCTOBER 7, 2013 RESOLUTION 13-01 (CARRIED LOST LAID OVER WITHDRAWN ) PURPOSE: DIVEST FROM FOSSIL FUELS INITIATED BY: SUSTAINABILITY ADVISORY BOARD WHEREAS the climate crisis is a serious threat to current and future generations in Oshkosh and around the world; and WHEREAS, the Intergovernmental Panel on Climate Change (IPCC) Fourth Assessment Report found that global warming is already causing costly disruption of human and natural systems throughout the world including the melting of Arctic ice, the ocean's rise in acidity, flooding and drought; and WHEREAS, almost every government in the world has agreed through the 2009 Copenhagen Accord that any warming above a 2°C (3.67)rise would be unsafe, and that humans can only pour about 565 more gigatons of carbon dioxide into the atmosphere to maintain this limit; and WHEREAS, for the purposes of this ordinance, a "fossil fuel company" shall be defined as any of the two hundred publicly-traded companies with the largest coal, oil and gas reserves as measured by the gigatons of carbon dioxide that would be emitted if those reserves were extracted and burned, as listed in the Carbon Tracker Initiative's "Unburnable Carbon"report; and WHEREAS, in its "Unburnable Carbon"report, the Carbon Tracker Initiative found that fossil fuel companies possess proven fossil fuel reserves that would release approximately 2,795 gigatons of CO2 if they are burned, which is five time the amount that can be released without exceeding 2°C of warming; and WHEREAS, as more countries reduce their fossil fuel needs the risks of staying invested in the fossil fuel industry will increase; conversely whereas renewable energy sources are becoming more prevalent in the marketplace the investment in renewable energy sources becomes more financially stable; and WHEREAS, the City of Oshkosh has a responsibility to protect the lives and livelihoods of its inhabitants from the threat of climate change; and WHEREAS, the Oshkosh Common Council approved the Oshkosh Sustainability Plan on May 22nd, 2012; and WHEREAS, the Oshkosh Sustainability Plan advises that the City of Oshkosh "Encourage and support development of renewable energy sources and increase the portion of imported energy from renewable sources (Energy: Renewable Energy);" and WHEREAS, the Oshkosh Sustainability Plan advises that the City of Oshkosh "Encourage local companies emitting air pollutants to continue to improve their pollution reduction practices and technology(Atmosphere: Air Quality Improvements);" and WHEREAS, the Oshkosh Sustainability Plan advises the City of Oshkosh "Given that fossil fuel burning is the largest source of greenhouse gases, the city and its occupants should seek energy conservation improvements, build and purchase with energy efficiency in mind, and develop renewable energy options (Atmosphere: Greenhouse Gas Production);" and WHEREAS, the City of Oshkosh believes that its investments should support a future where all citizens can live healthy lives without the negative impacts of a warming environment; THEREFORE, BE IT RESOLVED, by the Sustainability Advisory Board of the City of Oshkosh that the municipal government of the City of Oshkosh should immediately cease any new investments in fossil fuels, and divest from direct ownership and any commingled fund that include fossil fuel public equities and corporate bonds within 5 years. LET IT BE FURTHER RESOLVED, that the Sustainability Advisory Board of the City of Oshkosh suggests that the municipal government of the City of Oshkosh seek out investments in clean technology, renewable energies, sustainable companies and projects, and sustainable communities.