According to Paula R. Jackson, president and CEO of the American Association of Black in Energy:
The American Association of Blacks in Energy shares a desire to protect the environment. Divestment from funds upon which our community relies so heavily, though, provides quite literally no public service and manages to do much harm in the pursuit of misleading “feel-good” rhetoric.AAEA also opposes fossil fuel divestment legislation [Washington Examiner] pending before the DC City Council. A hearing on DC Bill 20-481, Fossil Fuel Divestment Act of 2013 was held on Tuesday November 26th.
Forging ahead with such shortsighted policies, like this legislation that mistakes diverting funds as real change, will cause economic harm while distracting from real progress that is being made in the energy sector to improve the environment. The energy sector — and the nearly 10 million Americans that work in its orbit — are at the epicenter of our nation’s economic recovery. (Washington Times, 12/22/2013)
The bill requires the divestment, and prohibits the investment, of public funds in the stocks, securities, or other obligations of certain companies which hold the largest fossil fuel reserves and provides for the identification of companies with the largest fossil fuel reserves. D.C.
Council Chairman Phil Mendelson, along with four others, is sponsoring the measure. This is similar to efforts in other cities.