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SALT LAKE CITY CORPORATION
Resolution No. 21 of 2018
JOINT RESOLUTION ADVOCATING
FOR FOSSIL FUEL DIVESTMENT AND ETHICAL BANKING PRACTICES TO FURTHER OUR CLIMATE
POSITIVE 2040 COMMITMENT
WHEREAS, Salt Lake City acknowledged in the Climate Change Joint Resolution its responsibility for addressing climate change, the risk of expanding fossil fuel infrastructure, and the importance of forging a path forward that protects our economies, societies, and overall well-being; and
WHEREAS, Salt Lake City has a written investment policy under article VIII of policy 2.02.05 stating “the City will not directly invest in the fossil fuel industry;” and
WHEREAS, the Intergovernmental Panel on Climate Change (IPCC) Fifth Assessment Report found that global warming is already causing costly disruption of human and natural systems throughout the world including the melting of Arctic ice, the ocean’s rise in acidity, flooding and drought; and
WHEREAS, in its “Unburnable Carbon” report, the Carbon Tracker Initiative found fossil fuel companies possess proven fossil fuel reserves that would release five times the amount of carbon emissions that can be released without exceeding the danger level of 2°C of warming which means governmental regulations must ensure 80% of their reserves stay in the ground; and
WHEREAS, Salt Lake City believes investments should be consistent with our values and consistent with our Carbon Reduction Resolution stating emission reduction goals; and
WHEREAS, Salt Lake City investment funds are legally regulated by the State Money Management Act which does not provide any Environment Social Government (ESG) risk factor analysis or any Fossil Free Fund choices; and
WHEREAS, Salt Lake City funds, and City bids or contracts may be indirectly supporting the fossil fuel industry.
NOW, THEREFORE, BE IT RESOLVED
that the Salt Lake City Council and Mayor of Salt Lake City reaffirm the policy of the City of Salt Lake to not directly invest in the fossil fuel industry;
BE IT FURTHER RESOLVED
that the Salt Lake City Council and Mayor of Salt Lake City agree to jointly study an Ethical Banking Policy so that certain socially and environmentally responsible banking practices are considered as bid criteria.
Passed by the City Council of Salt Lake City, Utah, this 17th day of April, 2018.