Connect with us

Hi, what are you looking for?

CleanTechnica

Fossil Fuels

New Yorkers Challenge State & City Officials To Divest Pension Funds

New Yorkers have issued a challenge to their state and city officials to divest New York’s combined $350 billion in pension funds from fossil fuels.

According to global divestment initiative 350.org and Divest New York, a new challenge has been issued to New York City Comptroller Scott Stringer and New York State Comptroller Tom DiNapoli to divest New York’s combined $350 billion in pension funds from fossil fuels, and tp reinvest the money into climate solutions. Eighteen organizations and individuals from New York, across a broad spectrum of society, sent a letter (PDF) to the comptrollers requesting “that the New York State and New York City pension funds fully divest from fossil fuels.”

A similar petition has been set up by Divest New York so that New Yorkers can lend their voice to the cause.

Both the letter and accompanying petition are intended to highlight the importance of fossil fuel divestment as a means to stem climate change by pointing to the $63 billion in damages caused by Superstorm Sandy, which happened four years ago. The challenge to officials also points out news reported earlier this year that the New York State Common Retirement Fund has already lost over $5.3 billion over the last three years by remaining invested in fossil fuels.

“It is wrong for NY to invest our pension funds in fossil fuel companies which threaten the quality of life for our residents,” said Mark Dunlea, chair of the state divestment committee for 350NYC. “Decades of shareholder advocacy have proven ineffective to curb corporate misbehavior. We need Stringer and DiNapoli to step up and provide the leadership needed to position New York as a world leader in confronting climate change.”

 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

You May Also Like

Batteries

NineDot Energy, a leading developer of community-scale energy projects that creates innovative urban energy solutions that support a more resilient grid and deliver economic...

Clean Transport

A couple weeks ago, we heard from the US Departments of Energy and Transportation that all 50 states had submitted initial plans to review...

Clean Transport

Electric school buses are experiencing rapid growth in the United States, with a nearly 10-fold increase in commitments by school districts and fleet operators in the...

Climate Change

Across the United States, the majority of states lack laws that require flood damages be fully disclosed to home buyers. The consequences can be financially ruinous...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.