The $181 billion NYS Common Retirement Fund (CRF) is the third largest public pension fund in the USA. The CRF invests heavily in the fossil fuel industry, causing irreversible environmental degradation, loss of biodiversity, climate disruption, suffering and death. Our public funds should not invest in harm and danger. Our public funds should be used to promote common good - health, safety and survival. .
Here in New York state, like many places across the planet, local communities are being threatened and destroyed by extreme energy such as fracking, liquefied "natural" gas pipeline expansion, compressor stations, export terminals and bomb trains. For years, citizens have demanded safe, clean, renewable energy - to benefit the environment, people and the economy.
The NYS Wind, Water and Sun Plan (Jacobson Plan) demonstrates that NY can convert to 100% renewable energy by 2030 using existing technologies. The green energy sector needs to be fully capitalized. The green energy sector is rapidly growing and is market competitive. There now exist Fossil Free Index Funds for institutional investors such as the NYS CRF.
As the sole trustee of the CRF, Comptroller DiNapoli is in a unique and powerful position. Mr. DiNapoli can continue to...
- defend his failed policy of shareholder engagement with immoral fossil fuel companies, such as Exxon Mobil and Arch Coal.
- invest in destructive, antiquated fossil fuels.
- lose millions to coal holdings.
- place the CRF at great fiduciary risk, not abiding by the "prudent man" rule.
Or, Comptroller DiNapoli can act as an ethical, visionary and prudent leader. Comptroller DiNapoli can immediately divest the CRF of all fossil fuels holdings and re-invest those funds into beneficial planetary solutions.
As UN Secretary General Ban Ki-moon stated: "I am asking you to lead. We must cut emissions. We must work together to mobilise money and move markets. We need all public finance institutions to step up to the challenge. Let us invest in the climate solutions available to us today."
Comptroller DiNapoli we demand authentic climate action now. Divest. Responsibly invest.
Act for common good and shared survival now.