Medford Pioneers Fossil Fuel Divestment in Massachusetts

A Bold Step Toward Ethical Investment

In a three-hour-long meeting on Tuesday evening, Medford City Council members took a significant step by passing a first-in-the-state ordinance aimed at divesting city funds from companies that supply weapons, derive revenue from prisons or fossil fuels, or are involved in human rights violations. The measure is designed to ensure that public funds are not used to support activities that dehumanize people or contribute to global conflicts and injustices.

Medford City Council President Isaac Bears, who sponsored the ordinance, emphasized the importance of aligning investments with ethical values. “If we have these public funds, we are not going to invest them in this global effort that disregards and dehumanizes people in so many different ways,” he stated. Bears highlighted the need to break the cycle of destruction and violence that often results from such investments, whether for political gain or private profit.

The "Values-Aligned Local Investments Ordinance" was approved by the council with five votes in favor, one against, and one member absent. This decision makes Medford the third municipality in the country to implement such a policy, following Dearborn, Michigan, and Portland, Maine, and the first in Massachusetts to take this action.

City Councilor Emily Lazzaro praised the decision, calling it a bold move that reflects the community's request. “It would be the first time that a city in Massachusetts did this,” she said. Lazzaro emphasized the moral imperative behind the ordinance, stating that ignoring the community's concerns and ethical standards would not be acceptable.

Community Support and Concerns

Medford resident Claire Sheridan, who attended the meeting, expressed her support for the ordinance. She urged the council to "stand up for humanity here and abroad." At 83 years old, Sheridan voiced her frustration with how her tax money has been used to fund immoral companies that contribute to violence and human rights abuses both locally and internationally.

Benjamin Stein, another Medford resident, echoed these sentiments, advocating for sustainable investment practices. He stressed that he does not want his tax dollars to support fossil fuel companies, weapons manufacturers, prisons, or any entities that knowingly contribute to human rights violations. For Stein, such investments are morally unacceptable.

However, not all residents were in favor of the ordinance. Opponents, like Medford resident Ilana (who did not provide a last name), raised concerns about the financial implications of the policy. She argued that the ordinance prioritizes politics over fiscal responsibility, suggesting that the city’s treasury should focus on sound returns and security for taxpayers rather than activist agendas.

Implementation and Review Process

According to the text of the ordinance, the city’s Treasurer-Collector will use the MSCI ESG Controversies and Global Norms Methodology to determine which investments to divest. This methodology will help identify investments that may violate the criteria set by the ordinance.

Once enacted, the Treasurer-Collector will review the city’s investment portfolio and identify any investments that may be deemed unethical. Funds must be divested by December 31, 2025, as outlined in the ordinance. Additionally, the Treasurer-Collector will conduct an annual review of the city’s investments, and the City Council will assess the MSCI ESG methodology each year to ensure its continued relevance and applicability.

After its passage by the City Council, the ordinance will be presented to Medford Mayor Breanna Lungo-Koehn for final approval.

Looking Ahead

This landmark decision marks a significant shift in how public funds are managed and invested. It reflects a growing awareness of the ethical responsibilities that come with managing taxpayer money. As Medford moves forward with this initiative, it sets a precedent for other municipalities to consider similar measures that align with their values and community expectations.