Local group to protest St. Pete's investments in fossil fuels
As diplomats try to reach an agreement in Paris about how to limit the adverse effects of climate change, a St. Petersburg activist group will gather at City Hall on Friday to protest the city's investment in fossil fuels.
Awake Pinellas will hold a demonstration at the steps of City Hall at noon on Friday asking the city to divest in any investment in fossil fuels, said organizer Kofi Hunt.
State Rep. Dwight Dudley is scheduled to speak.
Anne Fritz, the city's finance director, said the city's $450 million investment portfolio has about $5.6 million in energy-related bonds, including BP Capital and Florida Power--or about 1 percent.
Those bonds will mature by 2017, meaning unless the city buys more fossil fuel-related bonds it will be divested in two years.
That total doesn't include the city's pension fund, which is controlled by a separate board or about $20 million in index funds, which track broad trends in the market, Fritz said.