Bill 44-16 before the Montgomery County (MD) Council would require the country to divest from the fossil fuel industry. Credit goes to Roger Berliner (he’s not ALL bad), Marc Elrich, and Nancy Navarro for co-sponsoring this important legislation. I have already written to all my councilmembers about this. George Leventhal continued his record of being the only councilmember who responds to (my) constituent inquiries, but he is wishy-washy on this issue, writing to me, “This is not an easy call. I understand its symbolic value but I am concerned about anything that may put at risk the county’s ability to keep its promise to retirees.”
I have heard nothing from Nancy Floreen, Hans Riemer, or Tom Hucker, my other reps.
Supporting divestment should be a no-brainer. According to the Washington Post, fossil-fuel investments constitute $65 million, out of a $4-billion MoCo portfolio, or 1.65%. So if we assume that moving those investments elsewhere would produce a rate of return 0.5% lower than leaving them where they are (this is a pessimistic assumption, since there are plenty of well-performing investments outside this industry), the overall impact would come to a 0.008% reduction in the portfolio’s rate of return. Bottom line: even under a pessimistic assumption, the impact would be negligible.