Divest County funds from dirty banks
SoCoCAN!
Dear Mr. Roeser,
In December of 2019, the Sonoma County Board of Supervisors passed a Socially Responsible Investing Resolution requesting that you, Mr Roeser, our county treasurer “…make no new or renewed investments in fossil fuel development corporations to the extent that other, more socially responsible investments achieve substantially equivalent safety, liquidity, and yield."
It has come to our attention that, following the passage of this Resolution, you have to date invested $526,927,000 in major commercial banks that invest in and profit from "fossil fuel development corporations.” These banks are listed in the annual Fossil Fuel Finance Report.
As an example, the Q-1 Sonoma County Treasury Pooled Investment Inventory Report (as of March 31, 2021) shows the following new investments in banks found in the Fossil Fuel Finance Report:
$10 million -- Toronto Dominion
$25 million -- Nordea Bank NY
$10 million -- UBS Financial
$20 million -- Rabobank
$65 million -- Total
Given the urgency of the climate crisis and given our County's ongoing experience of devastating climate-driven drought, wildfires, and flooding, it is unconscionable that you would defy the directive of the Board of Supervisors and the wishes of their constituents. The Sonoma County Climate Activist Network (SoCoCAN!) is a network of over 50 Sonoma County climate activist groups, over 100 individuals, and hundreds of local group members. We urge you to immediately divest from the above-listed banks and make no future investments with our tax dollars in banks listed in the Fossil Fuel Finance Report.
We urge you to respect the direction of your Board of Supervisors and of the people of Sonoma County whom they represent.
Thank you.
Sonoma County Climate Activist Network (SoCoCAN!)
467 Sebastopol Ave.
Santa Rosa, CA 95401