New York State is one of the largest and most visible institutional investors in the world. It could also be one of the first to divest from destructive fossil fuels.
At $160 billion, our state's Common Retirement Fund is the third largest pension plan in the country, and it's heavily invested in the fossil fuel industry. Climate change is real, it's here, and it's endangering the biodiversity and natural resources we depend on, as well as the physical infrastructure that makes our state run. So why are we invested in the very companies driving this crisis?
“The State Comptroller is responsible for ensuring that the taxpayers’ money is being used effectively and efficiently to promote the common good.” That's according to Comptroller DiNapoli's own website, and we think it's time he lived up to that promise.
Comptroller DiNapoli has the power to divest New York State from fossil fuels, and we're calling on him to use our money for the common good: to benefit people, the economy, and the environment.
Divestment has the power to rein in the fossil fuel industry and support our transition to a clean energy economy. With the evidence mounting that fossil fuel stocks are overvalued, divestment also protects our public funds from serious financial risks.
Divestment is the smart thing to do and the right thing to do -- for both the pension fund and the planet. It's time to divest New York State from fossil fuels and invest our public money in a sustainable future.