Victory! New York State’s Pension Fund Divests From Fossil Fuel Investments

The divestment movement achieved a big win today as the New York State Pension Fund agreed to move the fund valued at $226 billion away from investments in the fossil fuel industry. New York State Comptroller, Thomas P. DiNapoli, announced today that the fun will divest from the riskiest oil and gas companies by 2025 and fully from the fossil fuel industry by 2040.

DiNapoli is using a systematic approach to review each fossil fuel company and industry to determine where divestments can be made. An already completed review of the coal industry this year resulted in the fund divesting from 22 different companies. A review of Canada’s Tar Sands is expected to conclude later this month. Fracking, oil and gas pipelines, and other projects will be reviewed in the future as well.

“Today’s announcement from the Comptroller is an exciting, bold, and responsible leadership position, one that sets a high bar in a vital year for climate action. The New York State Common Retirement Fund is the third largest pension fund in the country, and when it takes action, people pay attention,” said New York State Senator Liz Krueger in a press release.

“New York State is sending a global signal that economic recovery goes hand in hand with transformative climate action. This is a victory for all of us fighting for a safe climate, quality jobs, and an equitable society that holds fossil fuel companies accountable. Comptroller Tom DiNapoli, Senator Liz Krueger, and Assemblymember Felix Ortiz should be proud to celebrate their climate leadership alongside New Yorkers,” said 350.org Executive Director, May Boeve.

The work comes 8-years after the creation of the #DivestNY campaign. Over 40 organizations have taken part and New Yorkers responded in droves, letting government leaders know they supported divestment away from fossil fuels.

Source: 350.org/Youtube

There is still work to be done for the #DivestNY campaign, however. Next on their list is the New York State Teachers’ Pension Fund, valued at $120 billion.

Sign this petition to tell u.s. banks to divest our money from fossil fuels and reinvest in clean energy.

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