1 “If it’s wrong to wreck the climate, it’s wrong to profit from that wreckage.” A message to Lexington Town Meeting from former Lexingtonian Bill McKibben.

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Presentation transcript:

1 “If it’s wrong to wreck the climate, it’s wrong to profit from that wreckage.” A message to Lexington Town Meeting from former Lexingtonian Bill McKibben :

2 We All Know We Have a Problem 7

3 How can we this chaos?

4 World Leaders Set Limit at 2°C

5 Business as Usual

6 Lexington Has Always Been a Leader

7 Divestment is a Proven Strategy

8 Divestment is a Growing Movement Seattle, WA San Francisco, CA Portland, OR Berkeley, CA Santa Fe, NM Eugene, OR Madison, WI Providence, RI Richmond, CA Boulder, CO Byfield, WI Ithaca, NY State College, PA New London, CT Ann Arbor, MI Santa Monica, CA Providence, RI London, UK Paris, France Minneapolis, MN

9 Divestment is a Massachusetts Movement Cambridge* Boston Concord* Truro Sudbury* Northampton Framingham Somerville Brookline* Amherst Provincetown Lowell * = AAA rating

10 Article 44: Fossil Fuel Divestment* *Fossil fuel divestment is the sale of existing investments in coal, oil, and natural gas. Retirement System: $138 million Public Trusts Fund: $11 million 1. Assess Lexington’s Retirement and Public Trusts funds for exposure to fossil fuel investments.

11 2. If deemed financially responsible, to divest over a 5- year period by selling any direct holdings in the 200 publicly traded companies with the largest carbon reserves, and

12 3. Fund managers are asked to find fossil-free mutual funds with returns comparable to current funds. Our Retirement Board and Trustees of Public trusts still decide if these fossil-free funds meet their fiduciary requirements. Article 44 is a non-binding Resolution.

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14 3. Support Statewide Divestment 12

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16 If an investment is a BET on the future. What kind of future do we want to BET on? Article 44 is endorsed by: Lexington Global Warming Action Coalition Citizens for Lexington Conservation Sustainable Lexington Mothers Out Front 16.

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18 YES = urges trustees to find fossil free funds with comparable returns to present investments and are more consistent with our efforts to curb climate change NO = trustees may continue investing in companies whose products create substantial risk of harm to the health and well being of our citizens and environment. PLEASE VOTE YES ON ARTICLE 44!

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