Eugene council willing to divest oil investments

Published On: Jan 14 2014 09:21:36 AM PST
Eugene, OR -

The Eugene City Council is interested in withdrawing funds from investments in oil, coal and natural gas companies.

The council directed City Manager Jon Ruiz Monday night to develop a policy that would prevent the city from investing in companies such as ExxonMobil and Peabody Energy.

The Register-Guard reports if the policy is approved it would be implemented over time.

Eugene and other local governments are indirect investors in oil companies through participation in the state-sponsored investment pool.

Mayor Kitty Piercy brought up the divestment discussion out of concern that carbon emissions are changing the climate. She says the city could invest in more desirable industries.