We gathered because the urgency to act on climate and cut ties to all fossil fuel companies has never felt as urgent as it feels right now.
Divest New York from Fossil Fuels
We ♥ NY. But what we don't love is New York's investments in fossil fuel companies driving climate destruction. It's time to divest New York.
To New York Comptrollers DiNapoli and Stringer:
We want you to do more for our climate future. It’s time to divest New York’s pension funds from fossil fuels. Direct the six New York State and City pension funds, in total $350 billion, to:
- Immediately stop any new investments in the top 200 fossil fuel companies,
- Drop coal, oil and gas from your investment portfolio by divesting from the top 200 fossil fuel companies by 2020, and
- Commit to and prioritize reinvesting at least 5 percent of your portfolio into climate solutions defined as, but not limited to, renewable energy, energy efficiency, clean technology, community adaptation funds, transit, and clean energy access.
“It’s wrong for New Yorkers’ money to be invested in the same companies that caused Superstorm Sandy, while the city we love is still rebuilding from the devastation.”
Betamia Coronel, Queens
New York City and State’s pension funds, combined worth over $350 billion, are amongst the largest in the United States and world. The funds contain billions of dollars of investments in fossil fuel companies, including climate criminals like ExxonMobil, fracking companies and the companies backing the Dakota Access Pipeline.
Despite the significant climate impacts New York has endured, these investments remain in place. New Yorkers have faced the hottest year on record, with droughts, floods and extreme heat alerts. To this day, New Yorkers are still rebuilding from the devastation caused by Superstorm Sandy in 2012 — a record $65 billion in damages.
With a regressive and anti-climate federal administration, and as one of the financial centers of the world and shining light for progress and diversity, it’s more critical than ever for New York City and State to divest and cut ties from climate-destroying fossil fuel companies and reinvest in a sustainable economy that works for all.
Why not just go directly for the fossil fuel companies?
The nature of the international funding of fossil fuel companies is a complicated web. Divestment is a tool which has proven successful in other movements such as the anti-apartheid movement, and anti-tobacco.
What is fossil fuel divestment anyway?
What’s wrong with the fossil fuel industry?
We all live in the fossil fuel era, but it needs to come to an end, and soon — before more irreparable damage is done to our world. Fossil fuels are the main driver of climate change, and other major catastrophes for society, such as oil spills, air pollution, contaminated drinking water from fracking, etc. Moreover, companies like ExxonMobil are under investigation for having deliberately misled the public, shareholders and governments over climate change science and risk for decades to protect their profits.
Responsible Endowments Coalition
Food and Water Watch
NYS Sustainable Business Council
Divest Invest Network
Divest Invest Philanthropy
Stop NY Fracked Gas Pipeline
Healthcare Without Harm
Divestment Student Network
Hip Hop Caucus
NY Progressive Action Network
Pathway to Paris
New York Communities for Change
New York Lawyers for the Public Interest
American Sustainable Business Council