City of Boston Commits to Investing in Socially Responsible Companies
The City of Boston, an
NEC member, has revealed a plan to invest in companies with strong environmental,
social, governance (ESG) practices. Under the new policy, the city will invest
up to $150 million of its operating funds in fixed-income securities of
socially responsible companies.
Boston will make these investments by partnering with the
Ceres Investor network, a sustainability nonprofit headquartered in Boston.
Ceres uses its advocates using its investor network to address challenges such
as climate change, water scarcity, pollution, and human rights abuses. Beyond
investing in socially responsible companies, the city will pursue a “Community
Bank Investment Initiative,” where the city will commit at least $100 million
to Boston’s community banks and local financial institutions.
Boston’s Chief Financial Officer Emme Handy said, “This
policy allows us to – while we are providing those critical core municipal
services – build on that to support other valuable ESG businesses in our
community banks. . . And we think it’s a great way to leverage our taxpayer
dollars in a new way that supports the values of the city of Boston.”
The Council commends the City of Boston and its strategy to
increase investment in its community and values.