DC Public Pension Divests Fossil Fuel Assets — It’s Really Just An ‘Empty Gesture’

The Daily Caller | June 6, 2016 | Chris White

Washington, D.C.’s $6.4 billion public retirement pension announced Monday it fully purged direct investments from the U.S.’ top 200 fossil fuel companies, even though the pension has few direct investments in oil assets.

The District of Columbia Retirement Board’s (DCRB) decision brings all of the divestment proponents out of the woodwork, many of whom have worked to get Washington, D.C, among other cities, to divest fossil fuels.

Direct holdings, however, are only a sliver of the city’s pension investment portfolio. The city is invested heavily in mutual funds, commingled funds, and private equity – D.C. will not divest these assets.

In fact, according to the city’s most recent Private Investments Update, the D.C. pension fund has newly-sunk treasure in Lime Rock Partners VII, LP, a private equity investor that is solely focused on the upstream oil and gas sector, but is not considered a “direct holding.”

Divestment critics argue the move is much ado about nothing.

“It’s odd to see divestment activists celebrate yet another ’empty gesture’ announcement,” Matt Dempsey, a spokesman with Divestment.org, told The Daily Caller News Foundation.

Read the full story here.