The business model of the fossil fuel industry is in no way compatible with a safe climate.This May, #DivestNY is coming together with divestment organizers across the globe to demand that our institutions show their leadership and acknowledge the damage fossil fuels cause.
It’s time to divest from the industry that’s wreaking havoc on our communities.
There’s a big battle brewing in New York, home to half a dozen of the largest pension funds in the country. We love NY, but we don’t love that one of our most progressive states is still investing billions in the likes of Exxon, and the companies funding the Dakota Access and Keystone pipelines.
New York must break ties with this rogue industry if we are going to embrace a future that is clean, socially just and economically fair.
Tell NY Comptrollers DiNapoli and Stringer it’s time to divest:
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.
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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 already 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 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.
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.