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AP National Business

Boston mayor divests vulnerable city from fossil fuels

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Published 1:49 PM

By STEVE LeBLANC
Associated Press

BOSTON (AP) — Boston Mayor Michelle Wu has signed an ordinance designed to divest the city from fossil fuels. The ordinance signed Monday by the new mayor will prohibit the use of public funds from being invested in the stocks, securities or other obligations of any company which derives more than 15% of its revenue from fossil fuels. The ordinance also extends to companies deriving more than 15% of revenue from tobacco products or private prison industries. Wu said the move is the culmination of a push to distance Boston from the fossil fuels that are helping drive the climate change that is threatening the coastal city.

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