Vermont-based Green Mountain Power (GMP) is planning to divest its $180 million pension fund from fossil fuel companies.
The firm’s pension fund is 99.2 percent divested, with the remaining divestments to be finalized by the end of 2020.
Mary Powell, GMP president and CEO, made the announcement alongside environmentalist Bill McKibben during a Climate Week divestment event in New York City in September. GMP’s retirement board made the official decision at its quarterly meeting on Sept. 5.
“This is an important step we can take to make sure the dollars invested for our union and non-union employees are not only invested wisely but in a way that is doing good for the planet and addresses the climate crisis,” said Powell. “As a certified B Corp business, we are committed to using energy as a force for good to help our communities, our environment and our employees, and divesting is the right thing to do.”
The divestment efforts follow GMP’s earlier commitment to provide the people of Vermont with 100 percent carbon-free power by 2025 and 100 percent renewable power by 2030. In September, GMP took action to reduce carbon emissions by 1 million pounds, the equivalent of removing 100 cars from the road.
“Divestment began with colleges and churches — it’s truly a watershed moment when a utility firmly turns its financial back on the fossil fuel era,” said McKibben.
GMP serves approximately 265,000 residential and business customers in Vermont.
