Councillor Geselbracht Motion re:   City of Nanaimo Fossil Fuel Divestment and Ethical Investment Strategy and Policy Development

It was moved and seconded that Staff prepare a report on an investment policy and strategy that can achieve the following considerations: 1. Divest from fossil fuel companies, by supporting fossil fuel free investment portfolios, such as the MFA Fossil Fuel Free Short-Term Bond Fund and build on the examples of fossil fuel free investment strategies from other municipalities such as Vancouver and Victoria; 2. Select investments that make positive contributions to Environmental, Social and Governance (ESG) factors; and 3. Align investment with the Sec. 183 of the Community Charter, and best practices for investing public funds. 4. Provide strategic options with associated budgetary considerations that include options for the immediate divestment of all funds that include holdings involved in the production and distribution of fossil fuels and options that take a more graduated approach.