Denver Completes Divestment from Fossil Fuel Companies
A month after Mayor Michael Hancock announced that the City and County of Denver planned to dump its investments in fossil fuel companies, the divestment process is finished.In a press release issued Tuesday, April 23, climate activist group 350 Colorado, whose members have long lobbied Hancock and other officials to divest from fossil fuels, hailed the city’s decision. A spokesperson for Denver's Department of Finance confirmed that the city's fossil fuel investments have been sold. As of earlier this year, its various portfolios had included about $50 million in corporate bonds issued by fossil fuel giants Exxon Mobil and Chevron, though in previous years that figure had been higher.ADVERTISING“This is a powerful statement to our children, grandchildren and future generations that we care about them and want to invest in their future,” said 350 Colorado boardmember Barbara Donachy.
Speaking at a mayoral forum at the Alliance Center last month, Hancock said his administration had begun the process of selling off those assets, and pledged that future investments made by the city would better “align with our values around sustainability and equity.”As of this month, the Department of Finance, which oversees Denver’s $5.3 billion Consolidated Portfolio and other specially designated funds, has completed the liquidation of the city’s investments in Exxon and Chevron, according to activists and city officials. As those investments made up only a small fraction of Denver’s holdings, the divestment process was able to be completed quickly.
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