Jersey City Council Votes To Ban Fossil Fuel Investment

JERSEY CITY, NJ — The Jersey City Municipal Council voted unanimously on Wednesday to ban investment in fossil fuels from the Jersey City’s ERS Pension Fund. The move makes Jersey City the first municipality in the state to call for a divestment in fossil fuels.

The resolution was introduced by Ward E Councilman James Solomon and calls for the New Jersey State Legislature, the New Jersey State Investment Council, and the Pension Committee for the Employees' Retirement System of Jersey City to divest from current fossil fuel investments and ban future investments in corporations who profit off climate pollution.

Several residents called into Wednesday night's meeting to express support for the resolution and noted that banning fossil fuel investments would send a strong message that Jersey City is taking steps to combat climate change. One speaker, Tina Weishaus, who works with a statewide divestment group and collaborated with Solomon on the resolution, said "If passed this would make Jersey City the leading municipality in the state to call upon investment boards of your two pension systems to stop underwriting the toxic fossil fuel industry through its investments."

The resolution highlights that Jersey City is particularly vulnerable to the effects of climate change as sea levels increase and natural disasters like Hurricane Irene and Superstorm Sandy took devastating tolls on property and power in the city.

Ward D Councilman Yousef Saleh voiced gratitude for the resolution and noted that his alma mater made similar changes.

"We need justice when it comes to our climate, we need to do this," Saleh said, "My alma mater Rutgers has already done this and we need to continue to put our money where our mouth is and to build a sustainable future."

Solomon said the resolution benefits the environment in making fossil fuel companies less lucrative by pulling and banning investments and protects employee pensions as fossil fuel investments become less profitable.

"My sincere hope is that this resolution is going to spark resolutions in other municipalities across the state," Solomon said, "It is one step of many towards getting action from the state investment council, the governor and the legislature."

The full resolution can be read online.