Syracuse, NY — Less than a week after a statewide legislative hearing on the New York Fossil Fuel Divestment Act, Syracuse elected officials, such as Councilors Joe Driscoll and Michael Greene, will make an announcement pertaining to divestment. Syracuse city employees, including elected officials, are members of the $200 billion New York State Common Retirement Fund (NYS-CRF).
The Act currently has 27 Senate and 38 Assembly sponsors, including Senator Michael Gianaris joining last week.
WHAT: Press conference on fossil fuel divestment announcement, statewide action
WHEN: Wednesday, May 8, 2019, 10:30 am. Livestream will be available.
WHERE: Syracuse City Hall, Front Steps, 233 E Washington St, Syracuse, New York 13202
WHO: Key Syracuse elected officials, including Councillors Driscoll and Greene; financial experts, such as Katelyn Kriesel of Hansen’s Advisory Services and the Reinvestment Alliance;community advocates, including Alliance for a Green Economy and Climate Change Awareness and Action
WHY: The New York State pension fund has over $13 billion invested in fossil fuel companies, including $4 billion in fracking companies and more than $1 billion in companies with significant coal reserves. Despite recommendations from an expert panel to swiftly and urgently decarbonize the fund and move to sustainable investments, Comptroller Tom DiNapoli continues to advocate against divestment, instead investing and “engaging” with companies like Exxon. Exxon is currently being sued by the New York State Attorney General for defrauding shareholders, including the state pension fund.