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Mayor Wu signs Boston fossil fuel divestment ordinance

Mayor Michelle Wu signed an ordinance Monday to divest $65 million in city investments from companies that profit off fossil fuels.

The new ordinance prohibits city 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, tobacco products, or prison facilities.

The policy does not apply to the city's pension fund, which is governed by state laws.

The ordinance was the first signed by the new mayor, who repeatedly called for a "Green New Deal" for Boston during her campaign. She was joined at City Hall to celebrate the city's new policy by members of the Boston City Council, U.S. Sen. Ed Markey, environmentalist Bill McKibben and others.

Watch Wu's speech announcing the new ordinance below:

Wu said the year her oldest son Blaise, 6, was born was the hottest on record for the city of Boston, according to climate scientists, and every year since a new record has been set.

"We're moving quickly to make sure that Boston will set the tone for what's possible for the greatest future for all of our kids," Wu said.

Wu and City Councilor Matt O'Malley recalled the years of work it took to reach the point of divestment, starting with a resolution the pair filed. O'Malley, who is retiring from the council after this term, said not only is divestment an appropriate value statement, but one that makes financial sense for the city given that the Dow Jones Sustainability Index routinely outperforms the Dow Jones Industrial Average.

"This is really big day for this city, and mark my words, other cities will follow suit," O'Malley said.

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