Alameda County half-adopts ethical investment policy amid concerns around Gaza war

Alameda County officials adopted an ethical investment policy but postponed its immediate implementation for further analysis. The policy discourages investments in companies generating over 10% of revenue from fossil fuels, firearms, and industries with poor human rights records, particularly impacting companies supporting the Israeli government. This specific clause mobilized hundreds to attend the meeting and prompted thousands of emails to officials. Treasurer Henry Levy previously divested from Caterpillar, which provides equipment used by the Israeli military, and he noted that the current policy is based on 25 community meetings and expert guidance. The board's majority expressed concerns over financial risks and potential biases, leading to the decision for a review.

Supervisor Nikki Fortunato Bas opposed the delay, advocating for immediate adoption. Levy voiced frustration over public misconceptions regarding his management of the county's $10 billion investment fund. He predicted that any external review would ultimately leave the decision of handling public controversy to the board.