Boston reveals social-investing program

Boston’s Back Bay section as seen from across the Charles River.

From The New England Council (newenglandcouncil.com)

“The City of Boston 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.”’