Many individuals are divesting from fossil fuels and the City of Nanaimo should do the same, says letter writer. (Stock photo)

Many individuals are divesting from fossil fuels and the City of Nanaimo should do the same, says letter writer. (Stock photo)

LETTER TO THE EDITOR: City of Nanaimo should set example with greener investments

Over time, socially responsible investing will be a money maker, says letter writer

To the editor,

Re: Councillors recommend against socially responsible investing, Oct. 27.

Socially responsible investing by the City of Nanaimo is critical. Not only should our city be a model for other municipalities, we need to realize that many individuals, banks, organizations, etc., are quickly divesting from fossil fuels so that portion of Nanaimo’s investment portfolio will depreciate. Over time, socially responsible investing will be a money maker – in some cases, it already is. We need to be part of the shift.

Our city officials need to know what we are supporting with our investments. If this is not possible, then they should immediately, or at least ASAP, move away from the guaranteed investment certificates and invest our money thoughtfully. City council has already declared we are in a climate emergency. Let’s take appropriate action.

Updating the city’s policy to allow only socially responsible investments seems wise and with foresight: we should not delay/deny a better future for this generation and beyond. Although fiscal responsibility may seem to be a mandate of city council, a more important consideration is for our city to take responsibility of doing the right thing that benefits all its citizens now and into the future. Fiscal policy desperately needs to be updated to include protection of our precious eco-systems.

Lynn Burrows, Nanaimo


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