To The Editor:
I believe that Vermont should move toward energy independence and I want to thank the Vermont House of Representatives for recently passing a resolution in support of divesting from coal and Exxon Mobil. Fossil-fuel divestment is both an ethical and sustainable choice for Vermont and is fiscally responsible. Catastrophic climate change is moving us away from the burning of fossil fuels and Vermont should not be invested in coal companies, who estimate the value of their assets in “reserves” not yet mined. Markets for coal, oil and gas will only continue to plummet, while clean energy projects can only be on the rise. We cannot deny that climate change is happening and we should not delay in making the decision to move away from our shareholder position in a fossil fuel infrastructure that has a nonviable future.
The divestment conversation had resurged to the political forefront which is proof that divestment is wanted, not just by Governor Shumlin but also by Vermonters. In that light, I urge Beth Pearce, the treasurer of Vermont, to be the hero of this story by supporting the divestment movement and safeguarding our fiduciary future.
The Vermont Pension Fund applies to anyone employed by the state, by towns and public school employees. The value of the pension fund is $4.1 billion; about $1.2 million is invested in coal. It is important that public investments that affect these employees reflect a forward-thinking and responsible portfolio.
Consider that divestment campaigns globally have taken $3.4 trillion out of the hands of fossil fuel companies. Vermont should continue its proud history of using divestment as a way to challenge and address big problems beyond our borders: South Africa in 1986 to oppose the horrors of Apartheid; in the late 1990s Big Tobacco which made billions by falsely marketing deadly products; Sudan in 2007 in protest of violence in that country.
Exxon Mobil has hired a corporate lobby firm (MMR) to fight against the divestment campaign in the Vermont State House – if they take it this seriously, than so should we. As a citizen of Vermont, I do not want lobbyist money influencing the decisions that are made when investing public funds. Please stand strong and support the divestment movement; protect our environment while safeguarding Vermont’s fiduciary future.
Martha D. Douglass
Moretown
