To: NYS Senators and Assembly Members
Pass the NYS Fossil Fuel Divestment Act
Co-sponsor and Pass the Fossil Fuel Divestment Act
(Krueger S. 5873, Ortiz A. 8011)
Why is this important?
"Divestment is financially prudent, morally imperative, responsible policy making, and the time for action is now.
As a state we cannot commit to the steps necessary to prevent climate change while maintaining a financial interest in companies whose profits depend on the continuation of practices that cause climate change.
In the end, the profitability of fossil fuel companies is based solely on their ability to supply far more carbon than the atmosphere can safely absorb, a business plan that is at odds with physical reality, making stockholder engagement a futile endeavor and demonstrating the necessity of divestment."
NYS Senator Liz Krueger
As NYS and global citizens we call upon the NYS Legislature to pass the NYS Fossil Fuel Divestment Act (Krueger S. 5873, Ortiz A. 8011.)
This legislation requires the NYS Comptroller to divest the $180 billion Common Retirement Fund of fossil fuels (coal, oil, gas, top 200 companies Carbon Tracker) by 2020, with coal divestment within one year of enactment. It provides comprehensive justification and a financially prudent blueprint for divestment.
Please visit this link to read the full text of the legislation. http://open.nysenate.gov/legislation/bill/S5873-2015
Continued massive investment in fossil fuels by the NYS Common Retirement Fund concerns all global citizens. GHG emissions, environmental degradation, loss of biodiversity, climate disruption, hardship and suffering are not contained within NY state boundaries, but negatively impact our entire planet.
Continued investment in fossil fuels presents increasing fiduciary risk and instability to the Fund, incurring financial losses to pension holders and beneficiaries. The NYS CRF has already lost over $100 million to coal.
We call upon the NYS Legislature to offer ethical, responsible, financially prudent leadership. Pass the Fossil Fuel Divestment Act - for the economic, environmental and social well being of all.