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.

 

Sign the petition

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:

  1. Immediately stop any new investments in the top 200 fossil fuel companies,
  2. Drop coal, oil and gas from your investment portfolio by divesting from the top 200 fossil fuel companies by 2020, and
  3. 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.

I am a member of the NY STATE retirement system

I am a member of the NY CITY retirement system

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The business model of the fossil fuel industry is in no way compatible with a safe climate. 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 investments in fossil fuel companies, including climate criminals like ExxonMobil, fracking companies and the companies backing the Dakota Access Pipeline.

It’s time to divest from the industry that’s wreaking havoc on our communities.

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 damage.

With a regressive and anti-climate federal government, 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. 

 

 

Questions:

Why New York?

The world is watching New York. Under the regressive Trump administration, we need NY to be a true beacon of safety and sanctuary, but New York city and state pension investments in oil, gas and coal companies fueling the climate crisis stand in the way. ExxonMobil is one of New York State pensions’s largest investments at over $1billion, even as its own Attorney General Eric Schneiderman leads the charge in investigating the corporation for what could be the worst case of corporate fraud in history. The state has over $5 billion invested in companies that frack – poisoning our water, destroying our lands – even though fracking is banned across the state. This is double talk worthy of a Trump not NY. We need New York to step into its climate leadership and inspire a nation.

How much $ are we talking?

The total combined value of the New York City and State is more than $350 billion, making these amongst the largest pension funds in the United States and world. With more than $12 billion invested in fossil fuel companies like Exxon, Enbridge, Chevron and the companies behind the Dakota Access Pipeline – the city and state funds are certainly fueling climate destruction. One of the largest holdings in the state and city funds is the infamous ExxonMobil. Read more about the NY Pension Funds.

What is fossil fuel divestment anyway?

Read more about it here.

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 behind other major catastrophes 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.


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Supporting organizations:

Responsible Endowments Coalition

Food and Water Watch

NYS Sustainable Business Council 

Divest Invest Network

Divest Invest Individual  

Divest Invest Philanthropy

Stop NY Fracked Gas Pipeline 

Healthcare Without Harm 

GreenFaith 

Divestment Student Network  

Hip Hop Caucus  

Rockaways Wildfire

NY Progressive Action Network  

Pathway to Paris

New York Communities for Change

New York Lawyers for the Public Interest

American Sustainable Business Council

350 Brooklyn

350 NYC

Working Families Party

New Economy Project

Sierra Club Atlantic Chapter

Sierra Club New York City Chapter

Grassroots Action New York

Croatan Institute

350.org

 

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