the agenda and this is item number 4. we ask that you fill out a speaker card at the table and hand them to me and i ll hand them to the president and the president will call folks in the order we receive them. we will call up folks after they receive the cards if you would like to speak anonymously. (role call). call (commissioner chu is(role. we have a quorum. great. good evening and thank you for coming out to this very important meeting of the commission on the environment. as is normal for our january meeting, we do more administrative items like reviewing and approving the department budget, reviewing and approving the annual report and officer elections. before i get started, i wanted to say what a busy and productive year 2019 was for the commission. we joined supervisor mendlemam in tea clearin declaring a climy and seems like the world mobilized under the leadership of greta thunberg. i was fortunate enough to participate and attend the women for climate confere
Victor makras with whom wed be nowhere. When the board of supervisors passed this fossil free sf was born. And it was born as me going alone to the retirement board and getting glared at. Luckily things changed shortly thereafter and its only continued to grow and grow and grow. As youve heard the retirement board has been recalcitrant to say the least. So i want to thank you supervisor avalos and peskin and the staff of the offices for getting us to this point. I dont really have anything to say besides this is an exceptionally common sense measure. We need to put the citys money where its mouth is and i guess to lee hepners point in terms of specifying the motion i want to provide an example of the retirement board and the commitments they make and the follow through. So one of the milestones was to divest from coal as a good first step. They have been forced to do that by the legislature. So they took a vote, i believe december 2015 to divest from coal. Staff would come back with an
Transition and quote their study they said investing in assets clouding fossil fuels on balance literacy suggests there does not seem to be an investment penalty from fossil fuel screens specifically. Again, in my personal opinion id reit reiterate if you look at the body of evidence it reaches the same conclusion. Itee body of evidence it reaches the same conclusion. Jed holtzman, 350 bay area. Thank you very much. President bermejo and commissioners. My name is jed holtzman. Im a senior policy analyst for 350 bay area working on several projects in the nine county bay area to try to keep Greenhouse Gases in the ground. Id like to thank commissioner ahn and hoyos for this measure. Debbie, the commission, putting this in front of you all and Victor Makras with whom wed be nowhere. When the board of supervisors passed this fossil free sf was born. And it was born as me going alone to the retirement board and getting glared at. Luckily things changed shortly thereafter and its only conti
Look at the body of evidence it reaches the same conclusion. Itee body of evidence it reaches the same conclusion. Jed holtzman, 350 bay area. Thank you very much. President bermejo and commissioners. My name is jed holtzman. Im a senior policy analyst for 350 bay area working on several projects in the nine county bay area to try to keep Greenhouse Gases in the ground. Id like to thank commissioner ahn and hoyos for this measure. Debbie, the commission, putting this in front of you all and Victor Makras with whom wed be nowhere. When the board of supervisors passed this fossil free sf was born. And it was born as me going alone to the retirement board and getting glared at. Luckily things changed shortly thereafter and its only continued to grow and grow and grow. As youve heard the retirement board has been recalcitrant to say the least. So i want to thank you supervisor avalos and peskin and the staff of the offices for getting us to this point. I dont really have anything to say be
Investment group did a 25year study and looked at the spear speared period and a divested portfolio would have slightlyimproved performance and no risk in terms of volatility. In depend independently there was another conclusion. Again, two pieces of historical evidence pointing towards divestment honoring the fiduciary duty standard. Ideally youd have a study that looks at fossil fuel divestment conducted by academics and look back further to the historical track record. Thankfully such a study was conducted last year at the university of grogenheim and looked at it before the Great Depression to the great recession. I have the study if anyone wanted to look at it, if you look at the length and the vigor and the methodology, this is hand down the best in terms of look at the issue and the result quote sunday divestment did not reduce riskadjusted returns and these findings can be explain the fact that fossil fuel Company Portfolios do not generate above Market Performance and they pro