Today’s single agenda item is: “A communication recommending the approval of a proposed amendment to Municipal Code of Chicago Chapter 2-32 by adding new Section 2-32-515 regarding City investments in coal, oil, and gas reserve-owning companies.”

The meeting is starting now. Waguespack, La Spata, Dowell, King, Sawyer, Harris, Quinn, Lopez, Mitchell, Moore, Curtis, O’Shea, Taylor, Tabaras, Burnett, Ervin, Villegas, Sposato, Napolitano, Reilly, Tunney, Cappelman, Martin, Hadden, Silverstein, Hairston, Nugent, Cardona…

and Rodriguez-Sanchez are present.

This meeting is about divesting from fossil fuels. Chairman Cardenas thank 350 for their work. He says this is just one step in a transition toward better sustainability.

“We’re talking about infrastructure… not bonding” (What does this mean?) Divesting from fossil fuels “as soon as is practical”

Treasurer Melissa Conyears-Ervin thanked Chairman Cardenas, Alderwoman Hadden, and Alderman La Spata for leading the city council in this effort. The city treasurer has divested “all applicable funds” from the top fossil fuel companies

All future treasurers will make an exclusion list for the worst fossil fuel companies (but not all of them apparently)

“Moving away from fossil fuels is smarter investing” - Treasurer Conyears-Ervin. Over 100 fossil fuels declared bankruptcy in North America during the pandemic

Shaska Chirinos senior specialist at Principals for Responsible Investment. Climate change is causing dangerous and widespread disruption to human wellbeing and the health of the planet. Investors can use investment and divestment, stewardship, and policy engagement

Net zero by 2050 requires end to new exploration of oil and gas resources and investment in alternatives. This presenter really emphasized the financial benefits of divestment, which I guess makes sense for a finance committee meeting.

Thomas Kuh is the next speaker. The energy sector is most volatile in the US economy, it is shrinking, and governments and companies are moving away from fossil fuels. The energy sector is declining overall. Bankruptcies have largely wiped out the coal industry.

“Net zero” means and equilibrium between new greenhouse gases added and existing ones removed from the environment.

Gavin Taves from the mayor’s office, climate and energy project manager. Whole government approach is needed. SCC required private sectors to publish their investing. (Taves was a fast talker. I missed a lot and I’m not confident in my summary. :( )

Melissa Brice from 350 Chicago: shutting down capital supply is a good way to make the transition to renewable energy. Divestment is “not only possible but profitable”. Price hikes hit low and middle income Chicagoans. The city of Chicago declared a state of climate emergency

Do these speakers have a time limit? They’re all talking fast and I’m struggling to keep up. Captioning these meetings would be very helpful to me and many others.

Alderman La Spata: even if not for the financial benefits, we have a moral imperative to preserve the quality of life for all Chicagoans. Look at the Chicago Climate Action Plan.

Alders Taliaferro and Mitts were added to the roll.

Thomas Kuh is part of Morningstar owns one of the largest ESG providers in the world. He says some ESG funds have had exposure to Russian bonds and companies but it is less than the broader market.

Treasurer Conyears-Ervin: the purpose of the ordinance isn’t to negatively affect labor. The investments of Treasurer’s office in corporate bonds are “friends of labor”

Chairman Cardenas says “putting your money where your mouth is is so important”, and it’s important for markets and labor to have time to adjust. This is a transition period, creating new opportunities for a new economy.

They just approved the ordinance by saying aye or nay. I forgot to mention earlier there seemed to be a significant number of alderfolks absent at the beginning, but some joined in later. There were 70 viewers at the end of the meeting.

Oops, I broke my thread. Here’s the rest of it:

https://twitter.com/ErinRusmi/status/1505986076778930179?s=20&t=97oCBpWY_IjGUwDSP28oQw

Broke the thread again. It continues here:

https://twitter.com/ErinRusmi/status/1505986516035715075?s=20&t=ceoBwGqQewGSZEckWRu94Q

Wow, I am great at this…

https://twitter.com/ErinRusmi/status/1505986752993021954?s=20&t=97oCBpWY_IjGUwDSP28oQw

Meeting adjourned at 2:54 p.m. This concludes the Chicago City Council Joint Committee meeting of the Finance Committee and Environmental Protection and Energy Committee. For more meeting coverage, check out http://documenters.org.