San Francisco supervisors vote to divest from Big Oil

San Francisco took a symbolic step Tuesday toward ridding its retirement holdings of investments in the biggest fossil fuel companies, even if it may be years before divestment is realized.

The Board of Supervisors unanimously passed a resolution by Supervisor John Avalos urging the Employees’ Retirement System to divest about $580 million in holdings from the top 200 fossil fuel companies. The resolution calls for the system to stop any new fossil fuel investments and complete divestment within five years.