Tell the NY Assembly: Divest New York from Fossil Fuels
The Fossil Fuel Divestment Act would do what State Comptroller DiNapoli has refused to for years: responsibly divest New York State's $210 billion pension fund from fossil fuel companies.
Support for the Fossil Fuel Divestment Act is building in the NYS Assembly. Sign here to urge all Assembly Members to support the Act, and encourage their colleagues to do so as well.
Right now, $10 billion of New York public monies are invested in fossil fuels. These investments are driving the construction of new fracked gas projects, and putting our state at greater risk of climate disasters like Superstorm Sandy and heatwaves — all of which disproportionately affect low-income communities and communities of color. Besides being bad for the climate, these are increasingly risky investments, losing the pension fund billions of dollars
Public money shouldn’t be used to harm New Yorkers. It's time for the state legislature to mandate the divestment of the state pension fund by passing the Fossil Fuel Divestment Act.
Tell the NY Assembly support the Fossil Fuel Divestment Act.
I hope you and your family are well in this challenging time. I am heartened that New Yorkers are pulling together to fight this health pandemic. I am also encouraged that we are not forgetting that other crises loom. As we seek to build out a green and healthy future, I'm writing today to urge you to show your support for the Fossil Fuel Divestment Act - A1536A.
Fossil fuel companies are becoming an increasingly financially risky investment. If Comptroller DiNapoli had divested a decade ago, the New York State Common Retirement Fund would be $22 billion richer today. In the past year, the Fund lost $1.5 billion on just 16 tar sands and fracking companies. In spite of this, DiNapoli continues to keep billions invested in the fossil fuel industry.
The real return on the Fund's dirty energy investments are climate disasters like Superstorm Sandy and the poisoning of local communities’ air and water — both of which disproportionately affect low-income communities and communities of color.
While the Comptroller is slowly reviewing the performance of a handful of coal companies including some that have recently faced bankruptcy, the state pension fund continues to invest and risk billions in the likes of Exxon and fracked gas and tar sands companies. With the Comptroller failing to act fast enough, and financial risk increasing, it’s appropriate for New York legislators to act as responsible fiduciaries and step in to mandate the divestment of the fund.
As a New Yorker, I'm calling on you to do what's fiscally and morally right: support the Fossil Fuel Divestment Act and pull New Yorkers' money out of the industries that are destroying our communities and climate. If you already are a sponsor of the Fossil Fuel Divestment Act, please urge your colleagues in the Assembly to join you. Thank you.
Tell the NY State Assembly: Pass the NY Fossil Fuel Divestment Act
The Fossil Fuel Divestment Act would do what State Comptroller DiNapoli has refused to for years: responsibly divest New York State's $210 billion pension fund from fossil fuel companies. Support for the Fossil Fuel Divestment Act is building in the NYS Assembly. Sign here to urge all Assembly Members to support the Act, and encourage their colleagues to do so as well. Public money shouldn’t be used to harm New Yorkers. It's time for the state legislature to mandate the divestment of the state pension fund by passing the Fossil Fuel Divestment Act.
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Ask New York State Assembly Members to #DivestNY Now!
It’s 2020, and New York’s public pension fund still has billions invested in fossil fuel companies. These investments directly fund climate change and disasters like Superstorm Sandy.
Despite losing billions on risky coal, oil and gas investments, State Comptroller Tom DiNapoli has refused to follow the example of New York City and divest the state’s public pension funds. Believing shareholder engagement can ‘transform’ fossil fuel companies is a losing proposition and risks the pensions of over a million New Yorkers. Since the Comptroller is refusing to act, we need to pass the Fossil Fuel Divestment Act to direct him to do so. Help by sending a message to state Assembly Members now. It’s time to #DivestNY.
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The world is watching New York. Under the regressive Trump administration, we need New York 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. 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 value of the New York State is more than $200 billion, making it one of the largest pension funds in the United States and world. With more than $13 billion invested in fossil fuel companies like Exxon, Chevron and dozens of fracking, tar sands and coal companies, and the State Comptroller actively opposed to divestment, the state pension remains part of the problem. It’s fueling climate destruction. 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 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.
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