On a High Note: San Diego County Divests From Fossil Fuels
San Diego County has decided to divest its $13 billion investment portfolio from "any corporation that engages in the exploration, production, drilling, or refining of coal, petroleum, or natural gas."
The board suggests that this move is not just environmentally friendly -- it's also fiscally sound. Many nations, including the US, are phasing in more sustainable energy sources, reducing the market for fossil fuels and making investments in emissions-intensive energy sectors riskier.
The investment pool previously held a $5 million stake in ExxonMobil, but the county treasurer sold it at a net loss of $1,850.
This move also bolsters San Diego County’s environmental commitments. Most notably, the county has embarked on a decarbonization plan to cut the region's carbon emissions to net zero through investments in clean energy and transportation.
I think this is very historic that we’re taking action as a board to say that we’re not going to be investing in any more industries that profit from destroying our planet, that profit on the backs of climate change, that profit on the backs of really mortgaging our future for future generations. We’re really going to say no to that and stop those investments in fossil fuels.
Planning & Development Services: County of San Diego Climate Action Plan Update Introduction, February 26, 2021.
Stand: Global fossil fuel divestment surpasses $40 trillion, March 1, 2022.