A South Coast city may start including social responsibility in its investment decisions.
The City of Santa Barbara is looking at adding a clause to its current policy which would discourage investing in businesses involved in weapons, tobacco products, nuclear power, and fossil fuel. The City’s Finance Committee developed the proposal which goes to the full city council Tuesday.
Some members of the public have been calling on the city to move more than two million dollars in investments. They say Santa Barbara should stop doing business with two banks because of their involvement with the controversial Dakota Access Pipeline project, an 1100 mile pipeline being built which is creating serious environmental concerns.