NY Pension Fund loses more than $850 million on fossil fuel stocks this year
The New York State Common Retirement Fund (Fund) has lost more than $850 million on just 18 oil and gas…
NYC bans all fossil fuel projects
Local organizer, Dominique Thomas, explains below We did it! Moments ago, Mayor Bill de Blasio announced a ban on all new fossil fuel…
New York Pension Funds 101
New York’s pension funds are wholly controlled by State Comptroller Tom DiNapoli, an elected official. Comptroller DiNapoli prefers remaining invested in fossil fuel companies and attempting to engage their boards to act on climate despite engagement having no track record of success on climate. There has been no significant action on climate change from shareholder advocacy over the last two decades.
Major milestone: 1000+ divestment commitments
In less than 5 years, the global fossil fuel divestment movement has won over 1000 commitments worth nearly $8trillion from institutions ranging from universities and banks, to the world’s largest sovereign wealth funds and major capital cities.
New York State Pension $ 22 Billion Poorer By Not Divesting 10 Years Ago
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