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WHEREAS the states of Colorado, Illinois, Maine, Minnesota, New York, Washington, California, and <br />Nevada have frameworks for inclusion of the social cost of carbon in their regulatory decisions; and <br /> <br />WHEREAS, the economic outlook for fossil fuel companies is compromised by improved energy <br />efficiency, transition to renewable energy sources, the magnitude of their externalized costs, and the <br />potential for stranded assets; and <br /> <br />WHEREAS, in January, 2018, after two years of studying these and other deleterious factors and in <br />fulfillment of their fiduciary responsibility, Mayor Bill de Blasio, Comptroller Scott M. Stringer and <br />other trustees of the City’s $189 Billion pension funds have announced a goal to divest New York City <br />funds from fossil fuel reserve owners within five years; and <br /> <br />WHEREAS, the North Carolina State Treasurer, as the fiduciary of over 20 funds worth about 100 <br />billion dollars, invests these funds for the benefit of residents of North Carolina; and <br /> <br />WHEREAS, the North Carolina State Treasurer's fiduciary responsibility, in accordance with NC <br />General Statutes § 36E-3, requires consideration of expected total return from income and the <br />appreciation of investments and to preserve capital; and <br /> <br />WHEREAS, investments in fossil fuel companies are incompatible with the NC State Treasurer's <br />fiduciary responsibility to the citizens of North Carolina. <br /> <br />THEREFORE, BE IT RESOLVED that the Orange County Board of County Commissioners calls <br />upon the State Treasurer of North Carolina to immediately stop new investments in fossil fuel <br />companies, to take steps to divest all holdings from fossil fuel companies and to release periodic <br />updates to the public, detailing progress made toward full divestment; and <br /> <br />BE IT FURTHER RESOLVED that the Orange County Board of County Commissioners send a copy <br />of this resolution to the Governor of the State of North Carolina and members of the state Senate and <br />state Assembly representing Orange County, asking support for institutional divestment from fossil <br />fuels and for this resolution. <br />