Members of Fossil Free Somerville write letters to elected officials asking them to support S.1225, a bill that would require the Massachusetts Pension Reserves Investment Trust to freeze new investments in fossil-fuel companies and urge a transition of new investments to renewable energy-related organizations.. — Photo courtesy Fossil Free Somerville/Facebook

By Jeremy F. van der Heiden

The Somerville Board of Aldermen held a special public hearing Thursday, March 13, after a petition was signed by 129 registered voters that called for the city to take several actions toward divesting from fossil-fuel companies. The specific target of this particular petition was the Somerville Retirement Board.

Although the hearing would have ended with a vote on the item, which included such calls to action as urging the Retirement Board to identify holdings that include fossil fuels and cease any new investments into these firms, among several others, an unexpected statement prevented this right from the outset.

City Solicitor Frank Wright was the first to the podium, and he explained that a letter from the acting counsel to the state Ethics Commission suggested the Board of Aldermen remain silent on the matter and avoid any type of vote on the resolutions contained within the petition. As members of the BOA have financial connections to the Retirement Board because of forthcoming pensions following their service, the Wright read a letter from the counselor who stated that conversations could lead to conflicts of interest.

This was met with a significant amount of frustration and backlash, as several aldermen listed their concerns about not being able to discuss or vote on a resolution that was brought about by more than 100 residents.

However, the hearing still took place, and the BOA recommended that a member of the public bring a record of what was said directly to the Retirement Board while the elected officials await word from the State Ethics Commission.

Other suggestions included in the petition were to recommend that the Retirement Board shed all of their fossil fuel-related investments within the next five years, ask state officials to pass bill S.1225, which would require the Massachusetts Pension Reserves Investment Trust to freeze new investments in fossil-fuel companies and urge a transition of new investments to renewable energy-related organizations.

A solid crowd of concerned Somerville residents took a few moments each to list the reasons why they felt this petition, and the cause it represented, was so important. Fossil Free Somerville, a local group that targets divestments from oil and other carbon-rooted companies, was in attendance and had spearheaded the campaign to make the hearing happen.

Several finance experts spoke regarding the toxicity of fossil-fuel investments in strict terms of longevity and returns. As more action is taken on a global scale to move away from fossil fuels, organizations in the sector have been seen by many consultants as bad selections for long-term investments, especially considering the unknown future of assets that have yet not been cultivated from the ground.

Other members of the public spoke regarding the massive environmental impact fossil-fuel companies are having, most notably in regards to climate change, and the negative effects reliance upon this type of energy is already having on local, state, regional, federal and global levels.

Professors, State Rep. Denise Provost and many other parties offered their endorsements of the divestment plan, and after roughly 30 to 35 members of the public spoke, the hearing was called to a close.

In the coming days and weeks, it will remain to be seen whether the State Ethics Commission allows the Board of Aldermen to take any action. Upon the recommendation of Alderman John Connolly, Board President Bill White tabled the resolution as an item that will be voted on should Wright receive word back from the state that actions can be taken.