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Baltimore Mayor signs mandate for pension funds to divest from fossil fuels
Investors - OCTOBER 8, 2021

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Baltimore Mayor signs mandate for pension funds to divest from fossil fuels

by Andrea Zander

Baltimore Mayor Brandon Scott, a Democrat, signed a bill Monday that requires the $3.5 billion Baltimore City Fire and Police Employees' Retirement System, the $2.2 billion Baltimore City Employees' Retirement System and the $31 million Baltimore Elected Officials' Retirement System to divest from fossil fuels over a five-year period beginning Jan. 1, 2022.

"The results of runaway greenhouse gas emissions — more severe storms, flooding that threatens neighborhoods, heat island effects, which contribute to health issues and burden the city's infrastructure — are here in Baltimore," said Mark Conway, the city councilmember who sponsored the bill.

Other bills that would align Baltimore with state goals include converting municipal vehicles to electric vehicles, 50 percent by 2030 and 100 percent by 2040; and having municipal buildings adhere to new “cool” roofing requirements.

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