The City of Madison’s Mayor Paul Soglin became one of 11 mayors across the country to actively discourage the investment of city funds in fossil fuels after joining a nationwide campaign Friday.

According to a statement, Soglin joined others to launch the city’s divestment campaign in an effort to discourage cities and states from investing in fossil fuels and the companies that produce them.

The campaign is part of a coordinated effort between the international climate campaign 350.org and the mayor’s Innovation Network, the statement said.

Soglin’s spokesperson Katie Crawley said the mayor decided to join the campaign because the city has already been working toward divestment in the industry. The city does not currently invest in any fossil fuel companies, she said.

“We are embracing sustainable approaches for the economy and for the community,” Crawley said. “[Soglin] understands the impact of climate change and understands the importance of everyone doing their part.”

In addition to being good for the environment, Crawley said divestment has a financial payoff as well.

A study by the Aperio Group, a financial advisory firm, found the financial risk of divestment is around 0.01 percent, the statement said. Divestment also encourages investment in sustainable sources of energy, the statement said.

“[Divestment in fossil fuels] can lead to sustainable jobs and is better for both the city and the environment,” Crawley said. “It’s a win-win.”

This combined effort between mayors is the next step in the fossil fuels divestment campaign that has already gained traction on more than 300 college campuses across the country, the statement said. Cities are the next targets for divestment and starting to lead action against climate change, the statement said.

Crawley explained the campaign will not change much policy in the city itself since Madison does not currently invest city funds in the fossil fuel industry. 

Soglin is planning to introduce a resolution that encourages the Madison Metropolitan School District, Dane County, the University of Wisconsin and the state of Wisconsin to also work toward this type of divestment, she said.

The resolution will also be taken up by City Council. Many of the alders have expressed interest in signing on as sponsors, Crawley said. The resolution would prevent the city treasurer from making new investments in fossil fuels in the future, she said.