The home of tennis star May Sutton, astronaut Sally Ride, and actor Glenn Ford is divesting from fossil fuels.
We’d been hearing rumors for a couple months that Santa Monica had divested from fossil fuels, but it’s only in the last few weeks that we’ve gotten all the details on the lengths this sunny, sea-side California city has gone to clean up its portfolio. Last November 27, just weeks after we kicked off the national fossil fuel divestment campaign with the Do The Math tour, Santa Monica City Councilmember Kevin McKeown brought forward a resolution directing city staff to “evaluate how best to divest fossil fuel investments from the City’s portfolios, and return with policy options as part of the February mid-year budget review.”
In February, city staff presented the council with their findings. Santa Monica didn’t currently invest it’s city funds in the fossil fuel industry, so there was no money there to divest. The city’s pension fund was tied up in CalPERS, California’s mega pension plan, so while the city could help push for divestment at the state level, there was no immediate step they could take on that front, either. There was one city fund that did have a substantial amount of money that could be divested, however: the Cemetery and Mausoleum Perpetual Care Fund.