B.C. cities seek to end oily investments

UBCM vote calls for alternative, despite challenges

Victoria Coun. Ben Isitt speaks to resolution on fossil fuel-free investing at the Union of B.C. Municipalities convention.

B.C. mayors and councillors voted Thursday to push for an ability to channel their cities’ investments into fossil fuel-free funds to fit their commitments to climate action.

Victoria Mayor Lisa Helps said the aim is to create a new option for cities that want socially responsible investments, but without forcing others to make the same choice.

“If a council so chooses to go ahead and use the finances at their disposal to support the energy systems of the last century they can by all means do so,” Sechelt Coun. Noel Muller said. “But for those of us who wish to move ahead with it we want that option.”

The Municipal Finance Authority of B.C. is the central financing agency for municipalities and regional districts.

It’s studied the idea of divestment from fossil fuels but has so far concluded it would run the risk of generating inferior returns at greater risk from taxpayer dollars.

“It’s complicated, it isn’t as easy as some people think,” said Cariboo Regional District board chair Al Richmond.

He noted other public sector organizations, including universities, have also explored the idea of fossil fuel divestment in recent years but have backed away from it after careful consideration.

Richmond said fossil fuel-free investing may be more viable in equity funds, but MFA hasn’t found another public sector organization in the world that has implemented it in the fixed-income investments that municipalities are required to use.

MFA is required to act in the best interests of its member communities, Richmond added.

Victoria Coun. Ben Isitt said MFA’s definition of the members’ best interests should be broadened to include “the health of ecosystems in communities and the health of future generations.”

The resolution narrowly passed in an electronic vote with 51.6 per cent in favour.

According to an MFA report this month, determining what exactly counts as fossil fuel free may be challenging.

Many big oil companies are also the largest investors in renewable energy, so “excluding them also excludes opportunities to invest in fossil fuel alternatives.”

It also noted many standalone renewable firms have below investment grade credit ratings so MFA is barred from buying their bonds.

 

Just Posted

Saanich wants bunkers to be off limits for cannabis growing

Saanich looks to block cement bunkers on ALR farmland

Heat and smoke raises health risks

Rick Stiebel - Sooke News Mirror Health risks arising from heat and… Continue reading

Victoria police seize over one kilo of fentanyl, guns and cars

Andrew Ritch is facing charges of drug trafficking and firearm offences

UPDATE: Missing Langford teen found safe

The 13-year-old Langford boy reported missing Wednesday has been found

Sooke Harbour Taxi set to return

Rick Stiebel – Sooke News Mirror The absence of Sooke Harbour Taxi… Continue reading

Updated: ‘Queen of Soul’ Aretha Franklin has died

Publicist Gwendolyn Quinn reports Franklin passed Thursday at 9:50 a.m. at her home in Detroit

B.C. golfer, just 23, scores the rare albatross

Six-million-to-one shot a first for the Terrace club

Fredericton widow swears at Trudeau during condolence call

Widow of man killed in Fredericton shooting says she swore at Trudeau during condolence call.

Tim Hortons promises leaky lids on coffee cups to be phased out

Tim Hortons looks to rebuild its brand with better lid, new marketing campaign

‘There’s been a lot of devastation:’ man whose family lost homes in B.C. fire

The provincial government declared a state of emergency Wednesday as more than 550 wildfires burn in every corner of B.C.

Capsized tug now out of the water at the mouth of B.C.’s Fraser River

The 19-metre-long George H. Ledcor capsized late Monday.

Aheadbyacentury looking for Triple Crown breakthrough in the Breeders’ Stakes

The consistent Aheadbyacentury has $513,800 in career earnings, including $311,250 this year thanks in large part to his Triple Crown performances.

Search for mudslide victim becomes recovery mission

Valerie Morris was swept away by a mudslide on Highway 99 near Cache Creek on August 11.

Behind the fire line: B.C. firefighters stalked by cougars

A Keremeos volunteer firefighter talks about what it was like to patrol the Snowy Mountain fire

Most Read