John,
Last week, I reached out to let you know about a new petition targeting state legislators and governors in all 50 states with a bold demand: divest your public pension funds from all fossil fuel companies.
Well today, I've got some exciting news: yesterday, New York State Comptroller Tom DiNapoli announced he will divest from 27 major coal companies if they are found unable to adapt to a low-carbon future by a review of his office1.
New Yorkers have been fighting for over a decade to divest the $210 billion public pension fund. This is a major step in the right direction, and it's all thanks to massive grassroots pressure our movement has sustained over the years.
Nearly all public pension funds in the U.S. are invested in fossil fuel companies. These irresponsible businesses aren't just actively destroying our communities and climate, they're also projected to become more and more financially risky over time.
That means state governments have a moral and fiduciary duty to divest. The money they invest in fossil fuels in our name not only harms people and the planet, it also puts pensioners' retirement funds at risk.
It doesn't have to be this way. Pension money invested in fossil fuels could instead be used to invest in a just transition to 100% renewable energy. This would result in healthier retirement funds for pensioners, countless green jobs for our communities, and a healthier planet for all of us.
Forward,
Richard
1 - "NYS Comptroller DiNapoli Announces Coal Investments Under Review", Office of the New York State Comptroller
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