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RESOLUTION NO. 5109 <br />A RESOLUTION IN SUPPORT OF FOSSIL FUEL DIVESTMENT. <br />The City Council of the City of Eugene finds that: <br />A. <br />The climate crisis is a serious threat to current and future generations here in <br />Eugene and around the world. <br />B. <br />The Intergovernmental Panel on Climate Change (IPCC) Fourth Assessment <br />Report found that global warming is already causing costly disruption of human and natural <br />systems throughout the world including the melting of Arctic ice, the ocean’s rise in acidity, <br />flooding and drought. <br />C. <br />Almost every government in the world has agreed through the 2009 Copenhagen <br />Accord that any warming above a 2C (3.6F) rise would be unsafe, and that humans can only <br />pour about 565 more gigatons of carbon dioxide into the atmosphere to maintain this limit. <br />D. <br />For the purposes of this resolution, a “fossil fuel company” shall be defined as <br />any of the two hundred publicly-traded companies with the largest coal, oil and gas reserves as <br />measured by the gigatons of carbon dioxide that would beemitted if those reserves were <br />extracted and burned, as listed in the Carbon Tracker Initiative’s “Unburnable Carbon” report. <br />E. <br />In its “Unburnable Carbon” report, the Carbon Tracker Initiative found that fossil <br />fuel companies possess proven fossil fuel reserves that would release approximately 2,795 <br />gigatons of CO2 if they are burned, which is five times the amount that can be released without <br />exceeding 2C of warming. <br />F. <br />The City of Eugene has a responsibility to protect the lives and livelihoods of its <br />inhabitants from the threat of climate change. <br />G. <br />The City of Eugene adopted Resolution No. 5064 in support of reducing <br />greenhouse gas pollution under the Clean Air Act. <br />H. <br />The City of Eugene is considering an Ordinance on Climate Recovery. <br />I. <br />The City of Eugene believes that its investments should support a future where all <br />citizens can live healthy lives without the negative impacts of a warming environment. <br />J. <br />The City of Eugene does not now directly invest in any fossil fuel companies. <br />NOW, THEREFORE, <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a <br />Municipal Corporation of the State of Oregon, as follows: <br />Resolution -Page 1of 2 <br />