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HomeMy WebLinkAboutNO Markups 10-26-20 _ Resolution 13-01 Divest from Fossil Fuels OCTOBER 26, 2020 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. That extra heat is driving regional and seasonal temperature extremes, reducing snow cover and sea ice, intensifying heavy rainfall, increasing the prevalence of wildfires and hurricanes, and changing habitat ranges for plants and animals; and WHEREAS, scenarios presented in the IPCC Special Report on 1.5 °C (2018) suggest a decline in the use of coal to 18% of 2020 levels in 2050, oil to 34% and natural gas to 57% (median values); and WHEREAS, almost every government in the world has agreed through the 2009 Copenhagen Accord that any warming above a 2°C (3.6°F) 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, in its "Untapped potential for climate action"report, the International Renewable Energy Agency found that countries will need to at least double their annual investment in renewables in order to limit global warming to within 2 degrees Celsius by 2100. 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 "Unbumable 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, renewable energy investments exhibit higher returns showing 66% in 5 years and 192% in 10 years versus fossil fuel investments showing -9.6% and 97% in the same timeframe; 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 22"d, 2012; and an update on March 10, 2020; and WHEREAS, the Oshkosh Sustainability Plan advises the City of Oshkosh that"Shifting away from fossil fuels has the significant benefit of avoiding pollution that negatively impacts health and increases greenhouse gases (Energy: Introduction)"; and WHEREAS, the Oshkosh Sustainability Plan advises that the City of Oshkosh "Encourage energy efficiency and promote the use of renewable energy(Energy: Renewable Energy)"; and WHEREAS, the Oshkosh Sustainability Plan advises that the City of Oshkosh "Collaborate with local companies emitting air pollutants, exploring ways to continue to improve their pollution reduction practices and technology (Atmosphere: Air Quality Improvements)"; 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.