More than 1100 academics, scientists and researchers from universities, colleges and institutes across New York and around the United States have written to New York State legislators , including Governor Andrew Cuomo, asking them to urgently pass the Fossil Fuel Divestment Act (FFDA). The FFDA would require the state comptroller Tom DiNapoli to divest the state Common Retirement Fund (Fund) from fossil fuels within 5 years. The Fund, valued at $ 195 billion, remains heavily invested in oil and gas companies including tar sands, fracking and pipeline companies. Many of these companies are increasingly financially risky and costing the Fund billions in lost value due to decreasing returns and poor market performance. The Fund has more than 1 million beneficiaries and is amongst the largest state pension funds in the United States and world.
On September 10, the letter was sent to all New York State Senators and Assembly Members as well as the Governor. Currently the Fossil Fuel Divestment Act has 99 sponsors and is the most advanced piece of divestment legislation in the United States. You can view the media conference where the letter was announced here.
Read the media release
Visit DivestNY.org to read more and join the campaign
