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
Impact of fossil fuel usage. Second, the committee is encourages by the sixpoint recommendation for taking action on this topic, but would like to request more information regarding specific timelines for each of the action items lefted in the staff plan. The committee would like to communicate their grave concern regarding the possibility of a mass divestment of fossil fuels within a short time frame. The committee would advocate that the board undertake no such rash action until completing a complete analysis of the Financial Impact the effect it would have on pension performance and costs. We appreciate and understand the desire to divest from fossil fuels from different entities, but we must understand the implications of such a decision before its made. Sorry. Time. Thank you very much. Again, everyone has 1 minute. Were going to announce loudly when you are at your 1minute mark. Understand the constraints we have. Sara greenwald, are you present . Seeing shes not here. I will set
That we double up in this category then . You are a consultant. You are giving us advice for now and in the future. So if you believe its going to go up, why was that not in the recommendation that came before the board . Everybody in this room needs to understand that you hold securities in two places. You give them to managers and those managers make the decision on if the security is attractively valued or not. As a consultant, why dont you recommend us investing more money in the field if you think its going to go up . Were not recommending adding Additional Energy to the portfolio unless a manager hired to make that recommendation determines that thats what they should do. Were arguing that you dont take away that choice from them. The figures i quoted to you do not embed an expectation that Energy Prices will increase. What they do embed is taking energy away diversifies the portfolio. You made a statement that were making a political statement. Could you please back that up . My
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