Officials in Wilmington, North Carolina, have started the process to divest their city funds from dirty energy sources like oil and natural gas.
While the divestment is a step in the right direction, Star News Online noted that it can only work so well, since much of the city's investments are linked to larger entities like U.S. Treasuries, which they cannot control.
The move was pushed for by Councilmember David Joyner and received a 5-2 vote to pass. Luke Waddell Sr. and Charlie Rivenbark, the two opposed to the divestment, were concerned with how these choices could impact the city and its finances.
According to Wilmington's updated investment policy, "The city is committed to responsible financial stewardship and climate-conscious decision-making and aims to align its investment portfolio with its sustainability goals while safeguarding the long-term interests of its residents."
Movements like this have great potential benefit for the planet and all who live on it.
Removing money from the pockets of dirty energy companies makes a statement about the hazards of pollution that result from the continued burning of these energy sources. According to Finance Strategists, "divestment can send a clear signal to companies and policymakers that there is a growing demand for renewable energy and a transition to a low-carbon economy."
Save $10,000 on solar panels without even sharing your phone number Want to go solar but not sure who to trust? EnergySage has your back with free and transparent quotes from fully vetted providers that can help you save as much as $10k on installation. To get started, just answer a few questions about your home — no phone number required. Within a day or two, EnergySage will email you the best local options for your needs, and their expert advisers can help you compare quotes and pick a winner. |
For communities around the world, the heat-trapping pollution released when burning coal, oil, and natural gas is contributing to climate change phenomena like rising sea levels and extreme weather.
For cities like Wilmington that exist along the coast, rising sea levels will cause a number of health, safety, and financial issues. Globally, the average sea level has risen 8 to 9 inches since 1880.
The sea has been rising faster in recent years. Since 1993, the average sea level rise has been 0.12 inches, the Environmental Protection Agency reported. Some estimates claim that sea level could rise 1.6 to 6.6 feet by the end of the century, which would be disastrous for coastal communities as higher sea levels change tides and exacerbate flooding conditions.
In taking steps to cut dirty energy, Wilmington joins other major cities across the country, such as New York, Boston, Seattle, and San Francisco, that have decided to divest from fossil fuels.
TCD Picks » Upway Spotlight
💡Upway makes it easy to find discounts of up to 60% on premium e-bike brands
In a press release, Councilmember David Joyner wrote, "This investment strategy ensures that Wilmington taxpayers' money doesn't undermine our efforts locally by supporting the exact same pollution we're trying to mitigate."
|
Should the government continue to give tax incentives for energy-efficient home upgrades? Click your choice to see results and speak your mind. |
Absolutely 💯 
Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Cool Picks
