Burlington’s city council approved a task force Monday to investigate the possibility of divesting city funds from major fossil fuel companies.
The vote comes two weeks after the council declined to put the question of divestment on the ballot for Town Meeting Day.
The task force will be made up of city councilors, members of the city’s retirement board, representatives from city employees’ unions, administration officials and “citizen experts.” It will explore the possibility of divesting all city funds, including the city's retirement pension fund, from the top 200 fossil fuel companies sometimes known as the "Carbon Underground 200."
Common arguments against divestment include a lower return on funds, though there are differing opinions on whether those arguments are based in fact - a question City Councilor Tom Ayres said he hopes the task force will tackle.
The task force’s report is due to be presented to the city’s retirement board in December 2015, though a number of councilors and members of the public at the meeting expressed a need for a faster timeline, citing the need to address climate change as soon as possible.
