Shelly Browning and Philip Beard, THE PRESS DEMOCRAT
In December 2019, following a spirited discussion by supervisors and citizen commentators, the Sonoma County Board of Supervisors adopted unanimously a remarkable resolution. Making note of the manifest connection between burning fossil fuels and the appalling frequency of catastrophic wildfires, they directed Treasurer-Tax Collector Erick Roeser in part as follows:
“… Investment in the fossil fuel industry is inconsistent with (environmental/social/governance) investment principles. (The supervisors) request that the County Treasurer make no new or renewed investments in fossil fuel development corporations to the extent that other, more socially responsible investments achieve substantially equivalent safety, liquidity, and yield.”
The Sonoma County treasurer manages money on behalf of scores of public agencies. They entrust surplus resources to the Sonoma County Pooled Investment Fund to guarantee secure, responsible management of public money. To name just a few: Animal Welfare, the Office of Education, Health Services, Homeless Emergency Aid, Public Health and virtually all fire and school districts.
As the fund’s manager, Roeser enjoys considerable latitude and bears fiduciary responsibility in deciding where and how to invest these funds.
Since December 2019, however, Roeser has contravened the spirit of the supervisors’ resolution by maintaining and adding to the county’s deposits in several large banks that appear prominently in the Fossil Fuel Finance Report 2020. The report, published by the Rainforest Action Network, lists the major banks financing fossil fuels globally. Roeser’s new or renewed certificates of deposit in these banks amount to $236 million of Sonoma County pooled investment funds in the third quarter of 2020 alone.
Continue reading “Op-Ed: Divest public funds from fossil fuels”