Chicago to Divest from Oil, Gas Investments Under Measure Backed by Mayor, Treasurer

If approved, Chicago will become the second largest city to full divest from fossil fuel companies, following New York.

The measure, which could become law in March, ratifies decisions made by Conyears Ervin after her 2019 election to stop new investments in oil and gas firms while moving $70 million in investments, officials said.

The passage of this ordinance will signal that Chicago is “permanently leaving dirty energy in the past and welcoming a clean energy future for generations to come,” Conyears Ervin said. The measure would enshrine Conyears Ervin’s rules into law and ensure city money is not reinvested in fossil fuels, officials said. It would also require the city treasurer to update the list of coal, oil and gas reserve owners that the city is prohibited from investing and report annually on changes to the City Council’s Finance Committee.

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