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.
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