Mayor Wu today signed an ordinance - which she helped draft as a city councilor - to have the city sell off any securities it holds in companies that make at least 15% of their revenue from fossil fuels, tobacco or private prisons.
Wu and outgoing District 6 City Councilor Matt O'Malley first began pushing for such divestment in 2014. The City Council approved the proposal last week, calling for city money managers to sell off any such securities by the end of 2025.
In a statement, Wu said:
Divesting from harmful industries to invest in sustainable and healthy jobs is not only the pathway to a green and resilient future; it’s also the most responsible stewardship of taxpayer dollars.