Oil companies might be awfully profitable right now, but political leaders in San Francisco and 10 other U.S. cities want to dump their investments in them anyway.
San Francisco’s Board of Supervisors voted this week to urge the city’s investment fund managers to sell off more than $583 million worth of shares in Chevron, ExxonMobil, and some 200 other fossil-fuel companies. This makes San Francisco the biggest city to join the divestment campaign being pushed by 350.org, which began with a focus on colleges and universities. Seattle was the first city to join the campaign; its mayor got on board late last year. Divestment might still be months or years off, if it happens at all, but civic leaders calling for action is a critical first step.