WHEREAS:

Fossil fuel companies are doubling down on a bad bet by investing in types of fossil fuels that are intensifying climate change, destroying potable water, and irreversibly destroying ecosystems across the U.S., North America, and globally by extracting tar sands, fracking gas and offshore deepwater oil drilling; and

WHEREAS:

According to the latest science, as much as 80 percent of all known fossil fuel reserves must remain unexploited and unburned if we hope to avoid climate catastrophe; and

WHEREAS:

In practice this means 100 percent of tar sands, 82 percent of coal, 49 percent of gas and 33 percent of oil must be left in the ground, collectively known as the Carbon Bubble, these assets represent billions of stranded assets that our pensions are currently invested in; and

WHEREAS:

Fossil fuel divestment, the removal of investment assets including stocks, bonds and investment funds from companies involved in extracting fossil fuels, had by September 2014, 181 institutions and 656 individuals committed to divest over $50 billion; and

WHEREAS:

Fossil fuel divestment has little or no negative financial effect on investments; and

WHEREAS:

Big oil companies had been touting their investments into solar, wind and biofuels but have since stopped these investments in favor of returning to their “core” function of extracting carbon energy from the Earth; and

WHEREAS:

This is why we feel that shareholder actions, though well-intentioned, will not change the behaviors of these carbon companies; and

WHEREAS:

Climate change is already impacting the budgets of AFSCME and other public institutions across the United States of America; and

WHEREAS:

The 3rd largest public pension fund in New York state, the Common Retirement Fund, has already shifted $2 billion into a new low carbon investment fund; and

WHEREAS:

Our pensions are at least in part invested in these dirty so-called race to the bottom carbon technologies; and

WHEREAS:

Green energy, sustainable technologies, infrastructure upgrades and co­ops are in need of investment dollars and will move us toward a more just and functioning society.

THEREFORE BE IT RESOLVED:

That the AFSCME capital strategies program will recommend divestment of member pension funds from fossil fuels and explore investing in low carbon technologies, co-op development funds and community development funds to the extent consistent with fiduciary obligations for investments and practical in light of some funds’ movement towards low-fee passive investing; and

BE IT FURTHER RESOLVED:

That we call on all our representatives on our respective pension boards, committees, plan managers, retirement systems, and/or associations on public pension boards and like­minded supporters in other public employee unions to rethink our strategy of investing in these fossil fuel extraction corporations; and

BE IT FINALLY RESOLVED:

That AFSCME introduce this idea to other unions to pressure the pension boards we are a part of to leave the carbon companies, and their stranded assets, in favor of building a more stable, just and sustainable tomorrow.

SUBMITTED BY: Jason Heilbrun, President and Delegate

Korie Erickson, Secretary and Delegate

AFSCME Local 88, Council 75

Oregon