Sponsored by: Gerritt Rosenthal Approved: 11/22/2015
A RESOLUTION OF THE DEMOCRATIC PARTY OF OREGON
Report found that global warming is already causing costly disruption of human andnatural systems throughout the world including the melting of Arctic ice, an increase in ocean acidity, and more frequent episodes of flooding and drought; and
WHEREAS most world governments have agreed, through the 2009 Copenhagen Accord, that any warming above a 2°C (3.6°F) rise would be perilous, and that humans can only pour about 565 more gigatons* of carbon dioxide into the atmosphere before exceeding this limit; and
WHEREAS for the purposes of this resolution, a “fossil fuel company” shall be defined as any of the two hundred publicly traded companies with the largest coal, oil, and gas reserves as measured by the gigatons of carbon dioxide that would be emitted if those reserves were extracted and burned, as listed in the Carbon Tracker Initiative’s “Unburnable Carbon” report; and
WHEREAS recent studies have shown that divestment from fossil fuels funds can be accomplished with minimal disruption to portfolio performance; and
WHEREAS the State of Oregon believes that its investments should support a future where all citizens can live healthy lives without the negative impacts of a warming environment.
NOW, THEREFORE BE IT RESOLVED, THE DEMOCRATIC PATY OF OREGON URGES THE STATE OF OREGON:
1. To immediately cease any new investment in fossil fuel companies (as defined above) or in commingled assets that include holdings in fossil fuel companies.
2. To review their investment portfolio to identify any holdings that include direct or indirect investments in fossil fuel companies.
3. To contact state fund managers and request that the fossil fuel companies be removed from any comingled funds.
4. To ensure that none of its directly held or commingled assets include holdings in fossil fuel public equities and corporate bonds within 5 years as determined by the Carbon Tracker list.
5. To evaluate the potential for reinvesting divestment monies into non-fossil fuel energy technologies for energy production.
Further, the Democratic Party of Oregon requests that the Chair of the Democratic Party of Oregon consider the creation of an ad hoc committee for the purpose of advocating this policy to the Legislature and the Oregon State Treasurer.