Farewell to fossil-fuel investments?

On March 5, 2014, in Latest News, by The Somerville Times

Public hearing to address residents’ petition
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By David R. Smith

129 concerned registered voters have weighed in on the issue of divestment from the fossil fuel industry as part of the city’s pension fund by signing a petition asking the Board of Aldermen to act on the matter.

129 concerned registered voters have weighed in on the issue of divestment from the fossil fuel industry as part of the city’s pension fund by signing a petition asking the Board of Aldermen to act on the matter.

A special meeting of the Board of Aldermen will be held at City Hall at 6 p.m. Thursday, March 13, to hold a public hearing on a petition signed by 129 registered voters asking the city’s pension fund to divest from any investments tied to the fossil fuel industry.

“(This) is a growing movement. You’re hearing more about in on the state level, and a variety of cities are starting to agree this is a good idea” Ward 6 Rebekah L. Gewirtz said during the BOA’s Feb. 27 meeting. “We need to take action on our climate emergency, and this is a really great way that our city can do that.”

Alderman At Large Mary Jo Rossetti said she attended the Feb. 19 screening of Do The Math at the Arts at the Armory Cafe. The film addresses the movement to encourage municipalities and corporations from divesting from the fossil-fuel industry.

“It was very powerful, and I’m glad I went,” she said. “It helped better explain to me, who wasn’t up to date, what this is all about.”

A number of the aldermen made of point of saying they wanted to make sure they were available for the hearing, which created some difficulty in nailing down a date.

Ward 4 Alderman Tony Lafuente, after numerous dates were floated and rejected, said as much as he wanted to be part of the hearing, it was fine with him if the meeting was held when he was out of the country. Although he will not be in attendance, he expressed his support for the petition.

“This is extremely important work,” he said. “I have met with these folks, and this is something we need to consider very, very highly.”

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