Fossil Free New York

Why New York?

The world is watching New York.  New York is one of the world’s financial capitals and home of some of the USA’s largest pension funds. We can’t keep investing in the industries of the past, as we seek to build a better, more just future. With New York stepping into its climate leadership and inspiring a nation, the state pension fund sets a high bar of action that challenges other pension funds and financial institutions to match.

What are details of Comptroller DiNapoli’s Climate Action Plan

• Review of all fossil fuel companies owned by the Fund, assessing them against minimum standards which have realistic transition plans to get out of fossil fuel production and transportation and are Paris Climate accord aligned. Those that don’t meet these standards will be divested. Sectors to be reviewed include tar sands, shale oil and gas, integrated majors, midstream producers, service and pipeline companies. The reviews will be completed within 4 years.
• Decarbonization of the complete Fund portfolio by 2040 with interim steps. Enhanced engagement with all Fund companies to ensure they have plans to meet this goal. Commitment to vote against directors of companies that do not have adequate climate action plans.
• Rigorous reporting including annual reports and published updated each time a review is started and concluded. Increased staffing to implement this plan.

Full details on the comprehensive climate action plan including divestment can be found here in this background document.

How much $ are we talking?

The total  value of the New York  State is more than $226 billion, making it one of the largest pension funds in the United States and world. Historically, the State Common Retirement Fund had more than $13 billion invested in fossil fuel companies like Exxon, Chevron and dozens of fracking, tar sands companies. Now it will be moving over the next 4 years to review all of these investment and divest from those it determines to be the riskiest for failing to have realistic transition plans to get out of fossil fuel production and not being Paris Climate Accord-aligned.

What is fossil fuel divestment anyway?

Read more about it here on 350.org’s divestment page

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 facing lawsuits by dozens of jurisdictions for having deliberately misled the public, shareholders and governments over climate change science and risk for decades to protect their profits and driving climate change related costs and damages.