On Monday night, the Eugene City Council voted unanimously to develop a new investment strategy that will eliminate the city’s fossil fuel stock holdings.
The move was engineered by Mayor Kitty Pierce who brought the proposal before the council. City Manager Jon Ruiz will now develop a new investment plan that will have to be approved by the city council.
Eugene is the latest in wave of progressive cities that have decided to divest from fossil fuel companies because of growing concerns over climate change. The trend has been spearheaded by groups like 350.org and the Mayors Innovation Project. The movement, which began with colleges and universities, is modeled on international divestment from South Africa in the 1970s and 1980s that helped pressure the country to end apartheid.
While the move appears to enjoy wide support in Eugene, some people – including City Councilor Mike Clark – are skeptical about the viability of the plan.
Do you support or oppose Eugene’s decision to divest from fossil fuels? What effect do you expect the movement will have?