Fossil fuels are a major contributor to rising amounts of carbon dioxide, and global warming is already approaching dangerous levels, Yurdin noted. He also stressed the local impacts of climate change, According to a report from URI Coastal Resources Center, Narragansett Bay is both warming and rising at rates above the global average.
The resolution instructs the Board of Investment Commissioners to divest from the worlds largest coal, oil, and gas companies within five years, and to immediately cease any new investments in fossil fuel companies. Divestment is a proven strategy that has repeatedly helped bring about positive social change, said Council President Solomon. Divestment was instrumental to the toppling of the apartheid government in South Africa and, more recently, in 2006, the Providence City Council joined governments around the world in a successful campaign to divest from companies supporting or benefitting the Sudanese government and their atrocities in Darfur.
This is just the latest in a long line of environmental proposals spearheaded by Councilman Yurdin and passed by the Council. Since being elected in 2006, Yurdin has sponsored legislation improving air quality, lowering carbon emissions, creating new recycling goals, and establishing the Citys first ever Sustainability Director.
The resolution is co-sponsored by Council President Michael Solomon, Councilman Michael Correia, Councilman Kevin Jackson, Councilman Wilbur Jennings, Councilman Nicholas Narducci, Jr., Councilman David Salvatore, and Councilman Davian Sanchez and will be introduced at the Council meeting on Thursday, June 20, at 7 pm. The meeting will be held in the Council Chambers on the third floor of City Hall.