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HomeMy WebLinkAboutrev Final Draft _ Resolution 13-01 Divest from Fossil Fuels (2)DECEMBER 7, 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. Global warming 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) advise a decline in the use of coal to 18% of the 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 WHEREAS, from data based on ‘IPCC report on 1.5 °C’ and 'the Mercator Research Institute on Global Commons and Climate Change (MCC) Carbon Clock', in order to stay below 1.5C from the end of calendar year 2018, the atmosphere could only absorb approximately 420 gigatons (GT) of CO2, and since then human activity has continued so the atmosphere has continued to absorb GT of CO2; now, at the end of 2020, the atmosphere can only absorb approximately an additional 300 GT of CO2 to stay below the 1.5C threshold; and WHEREAS, for the purposes of this resolution, 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 times the amount that can be released without exceeding 2C of warming; 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; 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, according to the report ‘Energy Investing: Exploring Risk and Return in the Capital Markets’ written jointly by the International Energy Agency and the Centre for Climate Finance & Investment, renewable energy investments exhibited higher returns than fossil fuels, showing 66% in 5 years and 192% in 10 years versus fossil fuel investments which earned -9.6% and 97% during those same respective timeframes; 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 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 of any public equities and corporation bonds of companies connected with fossil fuels within 5 years. LET IT BE FURTHER RESOLVED, that the Sustainability Advisory Board of the City of Oshkosh also 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.