Vermont’s Green Mountain Power Divests from Fossil Fuels

The group’s pension fund will divest its last 0.8% of its pension fund from fossil fuel investments

Green Mountain Power announced that its pension fund would completely divest from fossil fuel companies. Last week, the company’s leadership finalized the reallocation of roughly $13.5 million of its $180 million pension fund.

The firm is no 99.2% divested from fossil fuel stocks and other investments.

Green Mountain Power Announcement

Green Mountain’s President Mary Powell will be stepping down after 12 years with Vermont’s largest electric utility in December. But before Mari McClure takes over, the firm is busy in its divestment strategy. During Climate Week in New York City last week, Powell announced the pension’s divestment, calling it a watershed moment.

“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,” McKibben said.

Powell said the board of directors adopted its plans during its recent quarterly meeting. The firm says it will divest that last 0.8% by the end of 2020.”

“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,” Powell said in a statement.

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…