Boston mayor divests vulnerable city from fossil fuels

BOSTON (AP) — Boston Mayor Michelle Wu signed an ordinance Monday designed to divest the city from fossil fuels.

The ordinance will prohibit the use of public funds from being invested in the stocks, securities or other obligations of any company that derives more than 15% of its revenue from fossil fuels.

The ordinance also extends to companies deriving more than 15% of revenue from tobacco products or private prison industries.

Wu, a former city councilor sworn in as mayor last week, said the move is the culmination of a yearslong push to distance Boston from the fossil fuels that are helping drive the climate change that is threatening the coastal city.

“This is deeply personal for many of us and urgent,” Wu said during a signing ceremony at Boston City Hall. “My older son Blaise was born in the first year they I served in this building and the first year that we started to hear it was the hottest year ever on record. Since then, his six years alive on this planet have each been our hottest on record.

“We’re moving quickly to make sure that Boston will set the tone for what is possible for that brightest greenest future for all of our kids," Wu added.

The ordinance will pull $65 million immediately out of the fossil fuel industry, said Boston City Councilor Lydia Edwards, a supporter of the ordinance. The measure was unanimously approved by the Boston City Council last week.

U.S. Sen. Edward Markey said leaving fossil fuels in the past is good for the city and its residents.

“We are making the correct investment decision for our country,” said the Democrat and supporter of the national Green New Deal. ““What Boston represents here today is the future.”

Environmentalist and author Bill McKibben also hailed the...