The city became the fifth in the U.S. to divest from companies and banks that are involved in the oil project.
San Francisco became the latest U.S. city to divest from companies and banks involved in the Dakota Access pipeline, selling US$1.2 billion in investments as Native American tribes push for a divestment campaign against the controversial oil project.
The move was approved unanimously Tuesday by the San Francisco Board of Supervisors after Supervisor Sandra Lee Fewer introduced a resolution calling for divestment from all the banks that have lent money to the Dakota Access.
The resolution states that City Treasurer Jose Cisneros must now add the pipeline to the list of screening factors when making city investment decisions. Fewer’s resolution urges Cisneros to act “with expediency,” the San Francisco CBS Radio reported Tuesday.
“Let’s hope that our action today in passing this resolution adds volume to the voices across the country condemning the Dakota Access Pipeline,” Fewer said.
He added that the resolution would see the city divesting almost 14 percent of the city’s investments, or about US$1.2 billion, that are providing financing to the project.
San Francisco's vote is the latest development in a national fossil fuel divestment effort called Go Fossil Free. The movement seeks to stop fossil fuel companies from exploring for new sources of hydrocarbon-based energy, end fossil fuel corporate lobbying for special privileges and secure a pledge from them to keep 80 percent of their current reserves underground forever.
Source
San Francisco became the latest U.S. city to divest from companies and banks involved in the Dakota Access pipeline, selling US$1.2 billion in investments as Native American tribes push for a divestment campaign against the controversial oil project.
The move was approved unanimously Tuesday by the San Francisco Board of Supervisors after Supervisor Sandra Lee Fewer introduced a resolution calling for divestment from all the banks that have lent money to the Dakota Access.
The resolution states that City Treasurer Jose Cisneros must now add the pipeline to the list of screening factors when making city investment decisions. Fewer’s resolution urges Cisneros to act “with expediency,” the San Francisco CBS Radio reported Tuesday.
“Let’s hope that our action today in passing this resolution adds volume to the voices across the country condemning the Dakota Access Pipeline,” Fewer said.
He added that the resolution would see the city divesting almost 14 percent of the city’s investments, or about US$1.2 billion, that are providing financing to the project.
San Francisco's vote is the latest development in a national fossil fuel divestment effort called Go Fossil Free. The movement seeks to stop fossil fuel companies from exploring for new sources of hydrocarbon-based energy, end fossil fuel corporate lobbying for special privileges and secure a pledge from them to keep 80 percent of their current reserves underground forever.
Source
Responses to "San Francisco Votes to Divest $1.2 Billion from Dakota Access Pipeline"