San Francisco Moves To Divest $1.2B From Companies Financing Dakota Access Pipeline
SAN FRANCISCO (CBS SF) -- The San Francisco Board of Supervisors unanimously voted Tuesday in support of efforts to divest from banks financing the Dakota Access Pipeline.
The board approved a resolution introduced by Supervisor Sandra Lee Fewer urging City Treasurer Jose Cisneros to add the Dakota Access Pipeline to the list of screening factors he considers when making city investment decisions.
Nearly 14 percent of the city's portfolio, or about $1.2 billion, is currently invested with issuers that provide financing to the project, according to Fewer.
Read Also: Tech Company Helps Investors Divest From Dakota Access Pipeline
Cisneros has previously released a statement saying he would consider adding the pipeline to the city's socially responsible investment matrix, a tool used to screen investment choices, during an annual update in October.
Fewer's resolution urges Cisneros to act "with expediency."
Other cities including Seattle, Alameda, Santa Monica and Davis have passed legislation looking at divestment from institutions financing the pipeline.
Fewer said the resolution paves the way for San Francisco to become the first city to actually withdraw funds from companies financing the pipeline.
"Let's hope that our action today in passing this resolution adds volume to the voices across the country condemning the Dakota Access Pipeline," Fewer said.
TM and © Copyright 2017 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2017 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Bay City News Service contributed to this report.