Photo: Courtesy of the City of Boston
BOSTON (WBZ NewsRadio) — Boston Mayor Michelle Wu signed her first bill into law Monday as the city's mayor, a measure to require the city of Boston to divest from fossil fuels.
The ordinance, originally co-sponsored by Wu when she was still a city councilor, will prohibit public funds from being invested in any company that gets more than 15 percent of its revenue from fossil fuels. This includes things like coal, oil, and natural gas.
Along with fossil fuels, the law prevents investment in companies with more than 15 percent revenue from tobacco products and private prisons. As a part of the plan, the city will have to fully divest from these companies by 2025
Mayor said this step in the fight against climate change was personal and important for her.
"My older son Blaze was born in the first year I served in this building and the first year we started to hear this was the hottest year on record," Mayor Wu said. "Since then his six years alive on this planet have each been our hottest year on record."
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The bill was co-sponsored by City Councilors Lydia Edwards and Matt O'Malley as well. Councilor Edwards spoke at the bill signing about the impacts of the legislation.
"Upon signing, this is moving $65 million dollars immediately away from fossil fuels and preventing any more investments going forward," Edwards said.
State lawmakers are looking to adopt a similar plan as well. State Treasurer Deb Goldberg plans to take a similar approach by using the state's hundred billion dollar pension fund to push companies to be more climate-friendly.
WBZ's Madison Rodgers (@madisonwbz) reports.
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