Virginia City to Divest Budget Funds From Fossil Fuels
Officials in Charlottesville, Virginia, have voted to divest the city’s operating budget investments from any entity involved in the production of fossil fuels or weapons.
WVIR-TV reports the City Council voted 4-1 last week to complete those divestments within the next 30 days.
Supporters of divestment argued that weapons and fossil fuels do not align with the city’s strategic plan goals, including being responsible stewards of natural resources.
Officials said fossil fuel and weapons companies make up only a small portion of the city’s operating fund investment portfolio. They said the divestment will have little or no financial impact on the city.
Several cities worldwide have fully committed to divestment from fossil fuels according to 350.org’s Fossil Free project, including other college towns like Ann Arbor, Michigan, and Berkeley, California.