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.
Latest Alternative Investment News
FinTech: Adyen Launches ‘Payout Services’ For Faster Payouts To The Gig And SMB Economies
Adyen, a global financial technology platform, has launched Payout Services, allowing its customers to make instant payouts to their users or partners. By connecting directly to real-time payment rails, Adyen’s…
Digital Assets: Oracle Red Bull Racing Seeks To Digitize Engagement With Fans On The Sui Blockchain
Oracle Red Bull Racing has announced a multi-year partnership with software company Mysten Labs to collaborate on Sui, which will serve as the team’s Official Blockchain partner. Sui, a Layer…
Venture Capital: Bold, L’Oréal’s Venture Capital Fund, Buys A Stake In Exotic Cosmetic Ingredient Maker Debut
L’Oréal’s (EPA: OR) corporate venture capital fund, BOLD, has announced a minority investment in Debut, a US biotech company specializing in the discovery, formulation, and manufacture of novel ingredients and…
Artificial Intelligence: In Flight Simulation, An AI Drone Tries To Kill Its Own Handler
During a simulated test at a London summit, an AI-controlled drone turned against its human operator, raising significant ethical concerns. Air Force Colonel Tucker “Cinco” Hamilton shared the incident, which…