An Ordinance, referred on March 17, 2021, Docket #0441, relative to the investments of the City Treasury, the committee submitted a report recommending that the ordinance ought to pass in a new draft.
04410441 Councilor Edwards and who offered the following? The Committee on Government Operations, to which was referred on March 17, 2021. Docket number 0441 ordinance relative to the investments of the City Treasury submits a report recommending that the ordinance to pass in a new draft. Just turn you on, right? Yes. Thank you. Thank you. Alex, the chair recognizes Councilor Edwards for for the chair of Committee on Government Operations. Government? Counselor. What? You have the floor. Thank you very much. It's very I'm very excited as the chair, but also as one of the lead sponsors of this ordinance to put our money where our mouth are. This ordinance, as we have restated many times, a budget, is a statement of our values. And also where we invest our money is a statement of our priorities. And this is following the rich history of this city of saying we will not invest in things that are not helpful, that bring about bring about a more equitable future. And now today, don't bring about a more green future and infrastructure that we need. Currently, the Treasury oversees about $2 billion in investment. More than one third already is managed by the state, leaving about $1.3 billion for the city of Boston's complete discretion. And so currently the city of Boston is already investing more than 10% in environmental social governance. However, this is doing more than that. This is saying we will no longer invest in fossil fuels and infrastructure, and I'm very excited about that. This also gives a realistic timeline for this to happen by 2025. And we estimate right now it's about $65 million that will be moved immediately from fossil fuels. Now, this is different from the retirement divestment hearings we've had, and I want to make that very clear. These are our trust funds. These are not our retirement funds. These are funds that are people donated to the city of Boston for investment around guns, all of those different things. So it does not impact state law and it does not impact people who may be looking to retire and whether the return on investment is as high . This goes to what we have the absolute discretion on, and that's why it's so important we act today. I'm beyond excited because this is this is along the lines that we've done with South Africa. This is the same legislation we did it when it came to tobacco products. So adding in the list of things we are no longer going to be investing in is now fossil fuels with these bonds. This law already exists. This is now adding a different condition as well as as prisons. That's also added in the law or before this. So I'm excited. I hope you guys will also understand that this is this is requires your action. And I hope that you will support this. I'm beyond excited that this is filed with Councilor Woo and the other co-sponsor was Councilor O'Malley. And I think that this is something that I have to say is part of your legacy. Councilor O'Malley. When we look to out, we'll be looking to you. And when we look to divesting and again, I won't steal your tagline, but it has to do with fiscal stewarding being in green infrastructure. But I want to say thank you so much for inspiring for pushing and supporting this as well. So I hope that I recommend that the we vote and pass this. And I would love to turn this over now to my co-sponsor. Chair recognizes the co-sponsor. Counsel O'Malley. Counsel O'Malley, you have the floor. Thank you, Mr. Chair. And thank you, Madam Chair, for your great partnership and kind words. I will be brief. It's a it's not only the right thing to do as we talk about investment or divestment, but also we do have to share a responsibility to our pensioners, to our tax payers. And the fact of the matter is, is that the Dow Jones Sustainability Index far outperforms Dow Jones average. This is not only good for the planet, but it is good for our bottom line. And it's really exciting when those two notions converge. Every fiscal conservative should be environmentalist. I have said it time and time again and here's proof positive of that. So this is something that incredibly proud for the partnership with Chair Edwards, incredibly proud for the partnership with Mayor Wu. We did our first resolution on this when she was a freshman councilor back in 2014, and it's exciting to sort of bookend both of our careers on this body with this important step. So urge your passage. Thank you for your partnership and your leadership, particularly you, Madam Chair. Thank you, Mr. Chair. Thank you, Councilor O'Malley. Is there anyone else looking to speak on this matter? Not seeing any chair. Edwards and Counsel O'Malley seek acceptance of the committee report and passage of dockets 0441 in a new draft. All those in favor say aye aye high. All those opposing the ayes have it. You can clap. Let's do it. Thank you. Thank you all. And thank you, Mr. Chair. We are now moving right along to docket 1023. Mr. Clark, would you please place it before our body? Duncan Amber 1023 The Committee on Planning, Development and Transportation, to which was referred on September 29th, 2021. Docket number 1023a Communication Received from Susan L. Sullivan, Executive Director of Newmarket Business Association, regarding the proposed petition for Newmarket Business Improvement District, submits a report recommending the order ought to pass.