After more than five years of inspiring and creative campaigning from the climate movement, the New York City and State pensions are moving forward to freeze new investments in fossil fuels and divest.
This victory is huge. Combined, the city and state pension funds are worth a whopping $390 billion, making this the largest pension coal, oil and gas divestment in THE WORLD.
This is a major win for New Yorkers, but it is also an undeniable victory for all of us. We’ve been stigmatizing the fossil fuel industry through divestment for years and fighting for our communities -- and we are winning.
Let’s take a moment to thank Governor Cuomo and Comptroller Stringer. This helps support their decision to divest, and will hold them accountable to make this commitment a reality. Sign the thank you letter, or edit with your own words.
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Thank you Mayor de Blasio and Comptroller Stringer:
After more than five years of inspiring and creative campaigning from the climate movement, the New York City has committed to divest its pension funds from fossil fuels.
This victory is huge – New York City is global financial leader, and its pension funds valued at over $200 billion are amongst the largest in THE WORLD.
This is a major win for New Yorkers, but it is also an undeniable victory for all of us. We’ve been stigmatizing the fossil fuel industry through divestment for years and fighting for our communities — and we are winning.
Let’s take a moment to thank New York City Mayor de Blasio and NYC Comptroller Stringer. This helps support their decision to divest, and will hold them accountable to make this commitment a reality. Sign the thank you letter, or edit with your own words.
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The world is watching New York. Under the regressive Trump administration, we need NY to be a true beacon of safety and sanctuary. New York is one of the world’s financial capitals and home some of the USA’s largest pension funds. While New York City is showing climate leadership by moving forward with divesting from fossil fuel and investing in climate solutions, the NY state pension fund thinks remaining invested and talking to Big Oil (and coal and gas) will help solve the climate crisis. ExxonMobil is one of New York State pension fund’s largest investments at over $1billion, even as New York’s own Attorney General leads the charge in investigating the corporation for what could be the worst case of corporate fraud in history. The state also 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 $400 billion, making these amongst the largest pension funds in the United States and world. With more than $13 billion invested in fossil fuel companies like Exxon, Chevron and the companies behind the Dakota Access Pipeline, and the state comptroller actively opposed to divestment, the state pension remains part of the problem. It’s fueling climate destruction. One of the largest holdings in the state pension 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.
Research firm Corporate Knights revealed that the pension fund would be $22 billion richer had it divested from fossil fuel stocks in 2008. That’s almost $20,000 for of each of the pension fund’s 1.1 million members & retirees. It’s time to #DivestNY
New York City Mayor Bill de Blasio makes globally impactful announcement in the fight to stop climate change. NYC will divest $5bn from fossil fuels and launches litigation against some of the world largest oil companies.