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

School District 8 votes to move Grade 9 from LVR to Trafalgar

The board also delayed a decision on reconfiguring grades at Slocan schools

Storm prompts travel warning for Boundary, West Kootenay

Up to 25 cm expected on high mountain passes

Cops seize load of pot near Salmo

Traffic stop nets hundreds of pounds of cannabis

VIDEO: Octopus, bald eagle battle after bird ‘bites off more than it can chew’ in B.C. waters

B.C. crew films fight between the two feisty animals in Quatsino off north Vancouver Island

Raptors fans show Kawhi the love in his return to Toronto

Leonard receives championship ring, leads new club to win

Process to identify those killed in Gabriola plane crash could take days

Canadian flight museum suggests Alex Bahlsen of Mill Bay died in Tuesday’s crash

‘Honest mistake:’ RCMP says B.C. cannabis shop can keep image of infamous Mountie

Sam Steele wearing military, not RCMP uniform in image depicted in Jimmy’s Cannabis window

B.C. conservation officers put down fawn blinded by pellet gun on Vancouver Island

Young deer found near construction site in Hammond Bay area in Nanaimo, B.C.

Laid-off forest workers converge on B.C. legislature

Loggers call for action on strike, provincial stumpage

B.C. guide fined $2K in first conviction under new federal whale protection laws

Scott Babcock found guilty of approaching a North Pacific humpback whale at less than 100 metres

Feds urge Air Canada to fix booking problems as travel season approaches

The airline introduced the new reservation system more than three weeks ago

Almost 14,000 Canadians killed by opioids since 2016: new national study

17,000 people have been hospitalized for opioid-related poisoning

Most Read