Alameda County implements Ethical Investment - $32 million divested from Caterpillar

Alameda County to Implement Ethical Investment Policy Following Months of Advocacy Led by Bay Area Divest!

FOR IMMEDIATE RELEASE: 12/10/24

Contact: Aline B.

Email: bayareadivest [at] gmail.com

OAKLAND, CA – Alameda County Board of Supervisors unanimously voted to direct county treasurer, Henry Levy, to create and implement an Ethical Investment Policy, following months of political and community organizing spearheaded by Bay Area Divest! (BAD!). This victory reflects a commitment to divesting from corporations that perpetuate human rights abuses, environmental destruction, and systemic oppression. Bay Area Divest! (BAD!) is a collective of community and union organizers, faith leaders, lawyers, academics, economists, tech workers, and healthcare professionals—all united in their opposition to the investment of public funds in companies that profit from war, oppression, and environmental harm. Over the past months, they have pressured elected officials, collected petitions signed by over a thousand residents, and secured endorsements from more than 80 unions, businesses, and civic organizations.

“This victory is the result of months of dedicated effort and collaboration within our community,” said Aline B., a representative of Bay Area Divest! and an Alameda County resident of Palestinian descent. “As part of a growing global movement, we worked at the local level to build a broad collective and mobilize support to demand accountability. This decision sends a powerful message that public funds must align with our shared values of equity, justice, and human dignity.”

The resolution first appeared on the Alameda County Board of Supervisors regular meeting agenda to be a subject to a vote on November 12th and was deliberately delayed, leading to concerns about oppositional organizing as the motivating force of the action. Groups in favor of the item mobilized in the following weeks, resulting in the Supervisors unanimously voting to move forward with the Ethical Investment Policy on Tuesday Dec 10th. The policy directs the county treasurer to work with community stakeholders—naming communities of color and unions specifically—to define, implement, and finalize criteria for investments to be deemed permissible and ethical. County Treasurer Henry Levy announced today that the county had begun the divestment process, starting with $32 million from Caterpillar Inc., a company identified for its role in human rights violations.

“Ethical Investment Policies mark a fundamental shift in how we approach public investments,” said economist Michelle Williams, a member of Bay Area Divest!. “These policies set a powerful precedent, as a way of combining fiscal and social responsibility to ensure profits don’t come at the cost of human lives. By cutting ties with corporations that perpetuate harm and reallocating funds to more responsible alternatives, we demonstrate the power of using public investments to challenge systems of war, oppression, and exploitation, and demand accountability.”

Bay Area Divest! now calls on other counties, municipalities, and institutions across the U.S. to adopt similar ethical investment practices.